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MGT 350 Exam 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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MGT 350 Exam 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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MGT 350 Exam 2 | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Planning - choosing a goal and developing a strategy to achieve that goal
S.M.A.R.T. Goals - goals that are specific, measurable, attainable, realistic, and timely
Goal Committment - the determination to achieve a goal
Action Plan - a plan that lists the specific steps, people, resources, and time period needed to attain a
goal
Proximal Goals - short-term goals or subgoals
Distal Goals - long-term or primary goals
Options-Based Planning - maintaining planning flexibility by making small, simultaneous investments in
many alternative plans
Slack Resources - a cushion of extra resources that can be used with options-based planning to adapt to
unanticipated changes, problems, or opportunities
Strategic Plans - overall company plans that clarify how the company will serve customs and position
itself against competitors over the next two to five years
Purpose Statement - a statement of a company's purpose or reason for existing
Strategic Objective - a more specific goal that unifies company-wide efforts, stretches and challenges the
organization, and possess a finish line and a time frame
, Tactical Plans - plans created and implemented by middle managers that specify how the company will
use resources, budgets, and people over the next six months to two years to accomplish specific goals
within its mission
Management by Objectives (MBO) - a four-step process in which managers and employees discuss and
select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment
Operational Plans - day-to-day plans, developed and implemented by lower-level managers, for
producing or delivering the organization's products and services over a thirty-day to six-month period
Single-Use Plans - plans that cover unique, one-time-only events
Standing Plans - plans used repeatedly to handle recurring events
Policies - standing plans that indicate the general course of action that should be taken in response to a
particular event or situation
5 Steps to Making a Plan that Works - set goals, develop commitment, develop effective action plans,
track progress towards goal achievement, maintain flexibility
Procedures - standing plans that indicate the specific steps that should be taken in response to a
particular event
Rules and Regulations - standing plans that describe how a particular action should be performed, or
what must happen or not happen in response to a particular event
Budgeting - quantitative planning through which managers decide how to allocate available money to
best accomplish company goals
Decision Making - the process of choosing a solution from available alternatives
Rational Decision Making - a systematic process of defining problems, evaluating, alternatives, and
choosing optimal solutions
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