MGMT 309 Exam 2- Wesner Graded A+
Decision Making - Definition: The cornerstone of planning and a catalyst for the planning process; it underlies the
formulation and implementation of all plans.
Planning - Context: Occurs within the environmental context, guided by the organization’s missio...
- Influence other planning aspects (goal-setting improves planning and vice versa).
- Motivate employees through specific, measurable, and moderately challenging goals.
- Serve as a mechanism for evaluation and control.
Kinds of Goals
1. By Level:
- Mission Statement: Articulates the fundamental purpose of the organization.
, - Strategic Goals: Set by/top management; broad goals focused on the organization’s direction.
- Tactical Goals: Set by/middle managers; actions necessary to achieve strategic goals.
- Operational Goals: Set by/lower-level managers; focus on short-term tactical issues.
2. By Area: Goals for different departments such as operations, marketing, finance, human resources,
etc.
3. By Time Frame:
- Long-term Goals: Span over many years (typically five or more).
- Intermediate Goals: Cover one to five years.
- Short-term Goals: Span a year or less.
Responsibilities for Setting Goals
- Who Sets Goals?: All managers are involved in goal setting corresponding to their organizational level.
Managing Multiple Goals
- Optimization: Balancing and reconciling possible conflicts among goals; involves improving efficiency
and effectiveness.
Organizational Planning
- Kinds of Plans:
- Strategic Plan: Outlines resource allocation, priorities, and steps necessary to reach strategic goals.
- Tactical Plan: Aimed at achieving tactical goals, implementing parts of the strategic plan.
- Operational Plan: Focused on executing tactical plans to achieve operational goals.
Types of Planning
- Time Frames:
- Long-range Plans: Cover multiple years.
- Intermediate Plans: Cover one to five years.
, - Short-range Plans: Cover a year or less.
- Action Plans: Operationalize other plans.
- Reaction Plans: Respond to unforeseen events.
Responsibilities for Planning
1. Chief Executive Officer (CEO): Key role in planning and implementation.
2. Executive Committee: Reviews and provides strategic input.
3. Line Management: Offers insights and executes the plans.
Contingency Planning
- Definition: Planning alternative actions if the intended plan is disrupted.
- Crisis Management: Procedures for disaster or unexpected events.
Parts of Contingency Plans
1. Develop a plan considering potential contingency events.
2. Implement the plan while identifying contingency events.
3. Specify indicators for contingency events and develop corresponding plans.
4. Successfully complete either the main plan or contingency plan.
Developing and Executing Tactical Plans
- Understand strategic context and tactical goals.
- Specify resources and timelines.
- Evaluate each action against its goals.
- Monitor communication and resource distribution.
Barriers to Goal Setting and Planning
- Major Barriers:
- Inappropriate goals.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
