MGMT 3000 (UGA LYONS) Chapter 5 |
Latest Version | 2024/2025 | 100%
Verified
What is the primary focus of the planning function in management?
Setting goals and determining the best way to achieve them.
How does a mission statement influence strategic planning?
It defines the organiza...
MGMT 3000 (UGA LYONS) Chapter 5 |
Latest Version | 2024/2025 | 100%
Verified
What is the primary focus of the planning function in management?
✔✔ Setting goals and determining the best way to achieve them.
How does a mission statement influence strategic planning?
✔✔ It defines the organization's purpose and guides long-term objectives.
What is the role of contingency planning in management?
✔✔ Preparing alternative courses of action for unforeseen events.
What is the difference between strategic and operational planning?
✔✔ Strategic planning focuses on long-term goals, while operational planning deals with day-to-
day operations.
What is the significance of environmental scanning in strategic planning?
✔✔ It involves monitoring external factors to identify potential opportunities and threats.
1
, What is the role of tactical planning in achieving organizational goals?
✔✔ Translating strategic plans into specific, short-term actions.
How do strategic goals differ from tactical goals?
✔✔ Strategic goals are broad, long-term aims, while tactical goals are more specific and short-
term.
What is the function of a business plan in management?
✔✔ To outline the company's strategy, goals, and the steps needed to achieve them.
What is the importance of establishing a vision statement in management?
✔✔ It provides a future-focused declaration of where the organization aspires to be.
How does strategic planning differ from operational planning?
✔✔ Strategic planning sets the long-term direction, while operational planning focuses on
executing specific day-to-day tasks.
2
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 SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.83. You're not tied to anything after your purchase.
