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MAN 320F Exam 3 with correct Answers 2024
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MAN 320F Exam 3 with correct AnswersPlanning - Answer -Choosing a goal and developing a strategy to achieve that goal
What are the advantages to planning? - Answer --Intensified effort
-Persistence
-Direction
-Creation of task strategies
-Has been proved to work for both companies and individuals
There is no better way to improve the performance of the people who work in a company that to have them set ______ and developing strategies for achieving those _________. - Answer -goals; goals
What are the disadvantages of planning? - Answer --Can impede change and prevent or slow needed adaptation
-Can create a false sense of certainty
-Detachment of planners
Plans are meant to be __________ for action, not abstract theories. - Answer -
guidelines
What is the first step in planning? - Answer --Setting goals
-To direct behavior and increase effort, goals need to be specific and challenging
S.M.A.R.T. goals - Answer --Goals that are Specific, Measurable, Attainable, Realistic, and Timely
What is the second step in planning? - Answer --To develop commitment to goals
-Goal commitment- determination to achieve a goal
-Most popular approach is goal commitment is to set goals participatively rather than assigning goals to workers.
-Another technique for gaining commitment to a goal is to make the goal public.
-Lastly, a way to gain commitment is to obtain top management's support.
What is the third step in planning? - Answer --To develop effective action plan
-action plan- a plan that lists the specific steps, people, resources, and time period needed to attain the goal What is the fourth step in planning? - Answer --To track progress toward goal achievement
-Two accepted methods of tracking progress:
1.) Set proximal and distal goals (proximal = short term and distal = long term)
2.) Gather and provide performance feedback
-For planning to be effective, workers need both a specific, challenging goal and regular
feedback to track their progress.
-Research shows that the effectiveness of goal setting can be doubled by the addition of
feedback.
What is the fifth and final step of planning? - Answer --Maintaining flexibility
-One method of maintaining flexibility while planning is to adopt an options-based approach
-Options-based planning- goal is to keep options open by making small, simultaneous investments in many alternative plans
What is the opposite of options-based planning? - Answer --Traditional planning
-Purpose of an action plan is to commit people and resources to a particular course of action, the purpose of options-based planning is to leave those commitments open by maintaining slack resources
Slack resources - Answer -A cushion of resources, such as extra time, people, money, or production capacity, that can be used to address and adapt to unanticipated changes, problems, or opportunities
Plans work best when the goals and action plans at the bottom and middle of the organization support the goals and action plans at the ________ of the organization. - Answer -Top
____ management is responsible for developing long-term strategic plans. - Answer -
Top
Strategic plans - Answer -Overall company plans that clarify how the company will serve
customers and position itself against competitors over the next two to five years.
Strategic planning begins with the creation of an __________________________. - Answer -Organizational purpose
Purpose statement - Answer --A statement of a company's purpose or reason for existing
-Also known as an organizational mission or vision
-Should be brief, enduring, inspirational, clear, and consistent with widely shared company beliefs and values
-Clear mission can help employers prioritize better and work more efficiently
Strategic objective - Answer --Flows from the purpose -A more specific goal that unifies company-wide efforts, stretches, and challenges the organization, and possessed a finish line and time frame
___________ management is responsible for developing and carrying out tactical plans to accomplish the organization's strategic objective. - Answer -Middle
Tactical plans - Answer --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
-Used to direct behavior, efforts, and attention more short term
Management by objectives - Answer --Used to develop and carry out tactical plans
-4 step process:
1.) Discuss possible goals
2.) Collectively select goals that are challenging, attainable, and consistent with the company's overall goals
3.) Jointly develop tactical plans that lead to the accomplishment of tactical goals and objectives
4.) Meet regularly to review progress toward accomplishment of those goals
_______________ managers are responsible for developing and carrying out operational plans. - Answer -Lower-level
Operational plans - Answer --Day-to-day plans for producing or delivering the organization's products and services
-Direct the behavior, efforts, and priorities of operative employees for periods ranging thirty days to six months
What are the three kinds of operational plans? - Answer -1.) Single-use plans: deal with unique, one-time-only events
2.) Standing plans: save managers time because once the plans are created, they can be used repeatedly to handle frequently recurring events. 3.) Budgeting: quantitative planning through which managers decide how to allocate available money to best accomplish company goals
What are the three kinds of standing plans? - Answer -1.) Policies: indicate the general course of action that company mangers should take in response to a particular event or situation
2.) Procedures: more specific than policies because they indicate the series of steps that should be taken in response to a particular event
3.) Rules and regulations: even more specific than procedures because they specify what must happen or not happen and describe precisely how a particular action should be performed
Decision making - Answer -The process of choosing a solution from available alternatives
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