Mgt Chapter 5

Front 1

What is the movie 27 Dresses an example of?

Back 1

Time management

Front 2

Planning

Back 2

The process of setting performance objectives and determining how to accomplish them

Front 3

5 Steps in the Planning Process

Back 3

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

Front 4

Objectives

Back 4

Specific results that one wishes to achieve

Front 5

Plan

Back 5

A statement of intended means for accomplishing objectives

Front 6

Good Planning Makes Us...(4 Things)

Back 6

1. Action oriented
2. Priority oriented
3. Advantage oriented
4. Change oriented

Front 7

Complacency Trap

Back 7

Being lulled into inaction by current success or failures

Front 8

Hierarchy of Objectives Definition

Back 8

lower-level objectives help to accomplish higher-level ones

Front 9

Hierarchy of Objectives (from bottom to top)

Back 9

1. Top Mgmt Objective
2. Middle Mgmt Objective
3. Senior Mgmt Objective
4. Top Mgmt Objective
5. Mission and Purpose

Front 10

Short-range Plans

Back 10

Usually cover a year or less

Front 11

Long-range Plans

Back 11

Usually cover 3+ years

Front 12

Strategic Plan

Back 12

Identifies long-term directions for the organization

Front 13

Vision

Back 13

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

Front 14

Operational/Tactical Plan

Back 14

Sets out ways to implement a strategic plan (shorter-term than strategic plans)

Front 15

Functional Plan

Back 15

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

Front 16

5 Types of Functional Plans

Back 16

1. Financial
2. Facilities
3. Marketing
4. Human resource
5. Production

Front 17

Production Plans Definition

Back 17

The methods and technology needed by people in their work

Front 18

Facilities Plans Definition

Back 18

Deals with facilities development and work layouts

Front 19

Policy

Back 19

A standing plan that communicates broad guidelines for decisions and action

Front 20

Procedure (or rule)

Back 20

Precisely describes actions to take in specific situations

Front 21

Budget

Back 21

A plan that commits resources to projects or activities

Front 22

5 Types of Budgets

Back 22

1. Financial
2. Operating
3. Nonmonetary
4. Fixed
5. Flexible

Front 23

Financial Budgets

Back 23

Project cash flows or expenditures

Front 24

Operating Budgets

Back 24

Plot anticipated sales or revenues against expenses

Front 25

Nonmonetary Budgets

Back 25

Allocate resources such as labor, equipment, and space

Front 26

Fixed Budget

Back 26

Allocates a fixed amount of resources for a specific purpose

Front 27

Flexible Budget

Back 27

Allows resources to vary in proportion with various levels of activity

Front 28

Zero-Based Budget

Back 28

Allocates resources as if each budget was brand new

Front 29

Forecasting

Back 29

The process of predicting what will happen in the future

Front 30

Contingency Planning

Back 30

Identifies alternative courses of action to take when things go wrong

Front 31

Scenario Planning

Back 31

Identifies alternative future scenarios and makes plans to deal with each (long-term version of contingency planning)

Front 32

Benchmarking

Back 32

Uses external comparisons to gain insights for planning

Front 33

Best Practices

Back 33

Methods that lead to superior performance

Front 34

Participatory Planning

Back 34

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

Front 35

Stretch Goals

Back 35

Performance targets that we have to work extra hard and stretch to reach

Front 36

5 Great Goals

Back 36

1. Specific
2. Timely
3. Measurable
4. Challenging
5. Attainable