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MGMT 309 Exam 2 TAMU All Answers Graded A+
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MGMT 309 Exam 2 TAMU All Answers Graded A+ Decision Making - Definition: Choosing from alternatives. - Importance: - Cornerstone of the planning process. - Catalyst that drives planning. - Underpins every aspect of goal setting and plan formulation. Planning - Definition: The method of achievin...

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  • August 30, 2024
  • 34
  • 2024/2025
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MGMT 309 Exam 2 TAMU All Answers Graded A+


Decision Making

- Definition: Choosing from alternatives.

- Importance:

- Cornerstone of the planning process.

- Catalyst that drives planning.

- Underpins every aspect of goal setting and plan formulation.



Planning

- Definition: The method of achieving organizational goals.

- Characteristics:

- Every organization engages in planning, but the approach varies.

- Plans exist within an environmental context.

- Goals require corresponding plans for achievement.

- Goals are interconnected with higher-level objectives.



Purpose, Premises, Values, Directions

- Context: The organization's mission statement regarding its environmental context and strategic
orientation.



Types of Goals and Plans

1. By Level: Differentiated by management level within the organization.

- Mission Statement: Outlines the organization's fundamental purpose—broad and overarching.

- Strategic Goals: Established by top management to tackle broad, general issues.

- Tactical Goals: Set by middle management, focusing on how to operationalize strategic goals.

- Operational Goals: Defined by lower-level managers, addressing tactical goal-related issues.



2. By Area: Goals categorized by different functional areas within the organization.

,3. By Time Frame: Goals may be:

- Long-term (5+ years)

- Intermediate (1 to 5 years)

- Short-term (1 year or less) and can include explicit deadlines or be open-ended.



Purpose of Organizational Goals

- Provide unified direction and guidance for employees.

- Positively influence other aspects of planning.

- Motivate employees.

- Serve as a basis for evaluation and control within the organization (Management by Objectives).



Who Sets Goals?

- All employees share managerial responsibility for goal-setting, corresponding to their organizational
level.



Optimizing

- Approach for managing multiple, sometimes conflicting, goals.

- Balances trade-offs and fosters collaborative conflict resolution.



Criteria for Effective Goals

- Specific & Measurable: Clear and quantifiable where possible.

- Key Result Areas: Focus on crucial outcomes (e.g., reducing waste).

- Challenging but Realistic: Goals should be demanding yet attainable.

- Defined Time Period: Tied to designated time frames for evaluation.

- Linked to Rewards: Align with what employees value.



Types of Organizational Plans

1. Strategic Plans:

, - General plans from top management outlining resource allocation and actions to achieve strategic
goals.



2. Tactical Plans:

- Plans aimed at achieving specific tactical goals set by middle management.



3. Operational Plans:

- Short-term plans created by lower-level managers focusing on day-to-day operations.



Time Dimensions of Planning

- Long-range Plans: Cover 5+ years (strategic).

- Intermediate Plans: Span 1 to 5 years (tactical).

- Short-range Plans: Year or less (operational, including action and contingency plans).



Planning Structures and Roles

- Planning Staff: Gather information and coordinate planning activities; typically full-time employees.



- Planning Task Force: Formed temporarily for specific purposes or circumstances.



- Board of Directors: Establishes corporate mission and strategic direction.



- Chief Executive Officer (CEO): Plays a significant role in strategic planning and implementation.



- Executive Committee: A group of top executives that regularly reviews strategic plans with the CEO.



- Line Management: Responsible for executing top management's plans and providing valuable
information for strategy formulation.



Contingency Planning

, - Plans that address alternative actions if initial plans are disrupted.

- Helps navigate uncertainty and change effectively.



Crisis Management

- Procedures for addressing unexpected disasters or calamities (e.g., Hurricane Harvey).



Types of Operational Plans

1. Single-Use Plans: Developed for one-time events or specific projects not intended to be repeated.

- Include Programs (a collection of projects) and Projects (specific tasks).



2. Standing Plans: Ongoing plans used repeatedly over time for activities and situations that occur
regularly.



Standing plans ✔️- Developed for activities that recur regularly over a period of time

(broad to specific)

- Policy (broad)

- Standard operating procedure (follow steps)

- Rules & regulations (most specific)



Barriers to Goal Setting and Planning ✔️managers must understand the barriers that can disrupt them

- managers must also know how to overcome them



Major barriers ✔️- inappropriate goals

- improper reward system

- dynamic and complex environment

- reluctance to establish goals

- resistance to change

- constraints

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