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47 terms

mgmt-planning & decision making

STUDY
PLAY
benefits of planning
intensified effort, persistence, direction, creation of task strategies, encourages to think of better ways to perform
pitfalls of planning
can impede change and prevent or slow needed adaptation, can create false sense of certainty, detachment to planners.
setting goals
set goals, develop commitment, develop effective action plans, track progress toward goal achievement, maintain flexibility
SMART goals
specific, measurable, attainable, realistic, and timely
goal commitment
determination to achieve a goal, buy in, get employees to buy in by setting goals themselves
increases goal commitment
going public, having individuals or work unit tell others about their goals, obtain top management's support
action plans
lists the specifics steps, people, resources, and time period for accomplishing goal
proximal goals
short term goals
distal goals
long term or primary goals
tracking progress
set proximal and distal goals, and gather to provide performance feedback
options based planning
keep options open by making small, simultaneous investments in many options or plans
slack resources
cushion resources, such as extra time, people, money, or production capacity, that can be used to address and adapt to unanticipated changes
learning based planning
assumes that action plans need to be continuously tested, changed and improved
strategic plans
clear how the company will serve customers and position itself against competitors in the next two to five years
vision
statement of a company's purpose or reason for existing, broad
mission
which flows from the vision, is more specific foal that unifies company wide efforts, stretches and challenges the organization, and posses a finish line and time frame
tactical plans
specify how a company will use resources, budgets, and people to accomplish specific goals within its mission
management by objectives 1
discuss possible goals
management by objectives 2
participatively select goals that are challenging, attainable, and consistent with the company's overall goals
management by objectives 3
jointly develop tactical plans that lead to the accomplishment of tactical goals and objectives
management by objectives 4
meet regularly to review progress toward accomplishment of those goals
operational plans
day to day plans for producing or delivering the organizations products and services
single use plans
deal with unique, one time only events
standing plans
save managers time because once the plans are created, they can be used repeatedly to handle frequent recurring events
policies
indicate the general course of action that company managers should take in response to a particular event or situation
procedures
more specific than policies because they indicate the series of steps that should be taken in response to a particular event
rules and regulations
even more specific than procedures because they specify what myst happen or not happen
budgeting
quantitative planning because it forces managers to decide how to allocate available money to best accomplish company goals
perfect practice
makes perfect
jack welsh
pick a general direction and implement like hell
decision making
process of choosing a solution from available alternatives
rational decision making
systematic process of defining problems, evaluating alternatives, and choosing optimal solutions
problem
gap between a desired state and an existing state
decision criteria
standards used to guide judgements and decisions
absolute comparisons
process in which each decision criterion is compared to a standard or ranked on its own merits
relative comparisons
process in which decision criterion is compared directly with every other criterion
bounded rationality
decisions making process restricted by real world by limited resources, incomplete and imperfect information, and mangers, limited decision making capabilities
maximizing
choosing the best alternative
satisficing
choosing a good enough alternative
groupthink
occurs in highly cohesive groups when group members feel intense pressure to agree with each other so that the group can approve a proposed solution
c type conflict
cognitive, focuses on problem and issue related differences of opinion
a type conflict
affective conflict, refers to the emotional reactions that can occur when disagreements become personal rather than professional, results in hostility, anger, resentment, and distrust
dialectical inquiry
creates c type conflict by forcing decision makers to state the assumptions of a proposed solution and then generate a solution that is the opposite of the proposed solution
nominal group technique
members write down as many problem definitions and alternative solutions as possible
delphi technique
members of a panel of experts respond to questions and to each other until reaching agreement on an issue
stepladder technique
begins with discussion between two group members who share their thoughts, ideas, and recommendations before jointly making a tentative decisions
brainstorming
which group members build on others ideas, it is a technique for generating a large number of alternative solutions