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Management and Leadership Chapter 5
Action Plan - correct answer-Defines the course of action needed to achieve the stated goal
Business Model - correct answer-Outlines the need the firm will fill, the operations of the
business, its components and functions, as well as the expected revenues and expenses
Business Plan - correct answer-A document that outlines a proposed firm's goals, the
strategy for achieving them, and the standards for measuring success
Cascading - correct answer-Objectives are structured in a unified hierarchy, becoming more
specific at lower levels of the organization
For MBO to be Successful: - correct answer-(1) Top management must be committed
(2) It must be applied organization wide
(3) Objectives must "cascade"
Goal - correct answer-(Objective) A specific commitment to achieve a measurable result
within a started period of time
Management by Objectives (MBO) - correct answer-A four-step process on which (1)
managers and employees jointly set objectives for the employee, (2) managers develop
action plans, (3) managers and employees periodically review the employee's performance,
and (4) the manager makes a performance appraisal and rewards the employee according
to results
Means-end Chain - correct answer-In the chain of management (operational, tactical,
strategic) the accomplishment of low-level goals is the means leading to the accomplishment
of high-level goals or ends
Mission - correct answer-An organization's purpose or reason for being
Mission Statement - correct answer-Expresses the purpose of the organization
Operating Plan - correct answer-Is typically designed for a one-year-period, defines how you
will conduct your business based on the action plan; it identifies clear targets such as
revenues, cash flow, and market share
Operational Goals - correct answer-Set by and for first-line managers and are concerned
with short-term matters associated with realizing tactical goals
Operational Planning - correct answer-First-line managers determine how to accomplish
specific tasks with available resources within the next 1-52 weeks
Planning - correct answer-Setting goals and deciding how to achieve them
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