Management Test 3 Part 4

Front 1

Heuristics

Back 1

strategies for simplifying decision making

Front 2

Availability heuristic

Back 2

bases a decision on recent information or events

Front 3

Representativeness heuristic

Back 3

bases a decision on similarity to other decisions

Front 4

Anchoring and adjustment heuristic

Back 4

bases a decisions on incremental adjustments from a prior decision point.

Front 5

Framing Error

Back 5

trying to solve a problem in the context in which it is perceived

Front 6

Confirmation Error

Back 6

- occurs when confusing only on information that confirms a decision already made

Front 7

Escalating Commitment

Back 7

the continuation of a course of action even though it is not working

Front 8

Planning

Back 8

process of setting objectives and determining how to accomplish them.

Front 9

Objectives

Back 9

specific results that one wishes to achieve

Front 10

Plan

Back 10

statement of intended means for accomplishing objectives

Front 11

Planning Process

Back 11

1.Define your objectives
2.Determine where you stand vis a vis objectives
3.Develop premises regarding future conditions
4.Analyze alternatives and make a plan
5.Implement the plan and evaluate results

Front 12

o Focus and Flexibility
oAction Orientation
Complacency trap- simply being carried along by the flow of events
oCoordination and Control

Back 12

Benefits of Planning

Front 13

o Long range

Back 13

plans look 3 or more years into the future

Front 14

o Intermediate range

Back 14

covers 1 or 2 more years

Front 15

short plan

Back 15

1 year or less

Front 16

Tactical Plan

Back 16

helps to implement all or parts of a strategic plan

Front 17

Strategic Plan

Back 17

identifies long term directions for the organization

Front 18

vision

Back 18

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

Front 19

Operational Plans

Back 19

identifies short term activities to implement strategic plans

Front 20

Specific
Measurable
Attainable
Challenging
Timely

Back 20

Goal Setting

Front 21

Management by objectives

Back 21

process of joint objective-setting between a superior and subordinate

Front 22

 Policy

Back 22

standing plan that communicates broad guidelines for decisions and actions

Front 23

Procedures or rules

Back 23

precisely describes actions that are to be taken in specific situations

Front 24

budgets

Back 24

simple-use plans that commit resources for specific time periods to activities, projects, or programs.

Front 25

forecasting

Back 25

attempts to predict the future

Front 26

contingency planning

Back 26

identifies alternative courses of action to take when things go wrong.

Front 27

scenerio planning

Back 27

- identifies alternative future scenarios and makes plans to deal with each

Front 28

benchmarking

Back 28

uses external and internal comparisons to plan for future improvements
o Best practices- things people and organizations do that help them achieve superior performance

Front 29

 Improvement objectives-

Back 29

document intentions for improving performance in a specific way

Front 30

 Personal Development Objectives

Back 30

pertain to personal growth activities, often those resulting in expanded job knowledge or skills

Front 31

o Participatory planning

Back 31

includes in al planning steps the people who will be affected by the plans and asked to help implement them