Management Test 1 Vocab

Front 1

Planning

Back 1

Is the process of setting performance objectives and determining how to accomplish them

Front 2

Objectives

Back 2

Are specific results total one wishes to achieve step one in planning

Front 3

Plan

Back 3

Is a statement of intended means for accomplishing objectives

Front 4

Complacency trap

Back 4

Is being lulled into inaction by current success or failure, planning avoids this

Front 5

Hierarchy of objectives

Back 5

Lower level objectives help to accomplish higher level ones

Front 6

Planning fallacy

Back 6

Underestimating through time required to complete a task

Front 7

Short range plan

Back 7

Year or less

Front 8

Long range plans

Back 8

Looks ahead threw years or more

Front 9

Strategic plan

Back 9

Identifies long term directions for the organization

Front 10

Vision

Back 10

Clarifies the purpose of the organization and expresses what it hopes to be in the future

Front 11

Operational or tactical plan

Back 11

Sets out ways to implement a strategic plan for organizations

Front 12

Functional plan

Back 12

Identifies how different parts of an enterprise will contribute to accomplishing strategic plans in business

Front 13

Policy

Back 13

Is a standing plan that communicates broad guidelines for decisions and actions

Front 14

Procedures

Back 14

Rule precisely describes actions to take in specific situations

Front 15

Budget

Back 15

Plan that commits resources to projects or activities

Front 16

Zero based budget

Back 16

Allocates resources as if each budget was brand new

Front 17

Forecasting

Back 17

Attempts to predict the future

Front 18

Contingency planning

Back 18

Identifies courses of action to take when things go wrong

Front 19

Scenario planning

Back 19

Identifies alternative future scenarios and makes plans to deal with each

Front 20

Benchmarking

Back 20

Uses external comparisons to gain insights for planning

Front 21

Best practices

Back 21

Methods that lead to superior performance

Front 22

Stretch goals

Back 22

Are performance targets that we have to work extra hard and stretch to reach

Front 23

Learning goals

Back 23

Set targets to create the knowledge and skills required for performance

Front 24

Outcome goals

Back 24

Set targets for actual performance results

Front 25

Participatory planning

Back 25

Includes the persons who will affected by plans or who will be asked to implement them