This document discusses managerial planning and goal setting. It defines goals as desired future states and plans as blueprints for achieving goals. There are three levels of goals and plans - strategic, tactical, and operational. Goals should be specific, measurable, time-bound, and challenging. Effective planning involves developing plans, translating them into tactical objectives and strategies, executing the plans, and monitoring results. Management by objectives (MBO) is described as a process for defining and monitoring goals at the corporate, department, and individual levels. Single-use and standing plans are also discussed.
This document discusses managerial planning and goal setting. It defines goals as desired future states and plans as blueprints for achieving goals. There are three levels of goals and plans - strategic, tactical, and operational. Goals should be specific, measurable, time-bound, and challenging. Effective planning involves developing plans, translating them into tactical objectives and strategies, executing the plans, and monitoring results. Management by objectives (MBO) is described as a process for defining and monitoring goals at the corporate, department, and individual levels. Single-use and standing plans are also discussed.
This document discusses managerial planning and goal setting. It defines goals as desired future states and plans as blueprints for achieving goals. There are three levels of goals and plans - strategic, tactical, and operational. Goals should be specific, measurable, time-bound, and challenging. Effective planning involves developing plans, translating them into tactical objectives and strategies, executing the plans, and monitoring results. Management by objectives (MBO) is described as a process for defining and monitoring goals at the corporate, department, and individual levels. Single-use and standing plans are also discussed.
This document discusses managerial planning and goal setting. It defines goals as desired future states and plans as blueprints for achieving goals. There are three levels of goals and plans - strategic, tactical, and operational. Goals should be specific, measurable, time-bound, and challenging. Effective planning involves developing plans, translating them into tactical objectives and strategies, executing the plans, and monitoring results. Management by objectives (MBO) is described as a process for defining and monitoring goals at the corporate, department, and individual levels. Single-use and standing plans are also discussed.
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CHAPTER 7: MANAGERIAL PLANNING AND GOAL
SETTING
*1) What is the definition of goal?
A goal is a desired future state that the organization attempts to realize. Goals specify future ends. Goals should be aligned using a strategy map *2) What is the definition of plan? A plan is a blueprint for goal achievement and specifies the necessary resource allocations, schedules, tasks, and other actions. Plans specify today’s means *3) How many levels of goals and plans? There are 3 levels: - Strategic goals/plans: + are the responsibilities of top managers + reflect a commitment to both organizational efficiency and effectiveness + affect the whole organization + long-term (3-5 years) - Tactical goals/plans: + are the responsibilities of middle managers + affect major divisions or functional units or departments + medium-term (1-3 years) - Operational goals/plans: + are the responsibilities of first-line managers + affect employees and staffs + short-term (<1 year, daily, monthly, quarterly) *4) What are the differences between mission and vision? - Mission: + present + answer 3 questions: * who are we? * about our products? * our commitment to the customers, the society + reason for existence 1 - Vision: + future + company in the future 5) The organizational planning process There are 5 steps: 1. Develop the plan - define vison, mission - set goals 2. Translate the plan - define tactical plans and objectives - develop strategy map - define contingency plans and scenarios - identify intelligence teams 3. Plan operations - define operational goals and plans - select measures and targets - set stretch goals - crisis planning 4. Execute the plan Use: - management by objectives - performance dashboards - single-use plans - decentralized responsibility 5. Monitor and learn - hold planning reviews - hold operational reviews *6) What are the planning approaches that managers use? - Management-by-Objectives (MBO) - Single-use plans - Standing plans *7) What are the characteristics of effective goal setting? - are specific and measurable - have a defined time period - cover key result areas 2 - are challeging but realistic - are linked to rewards *8) What is MBO? - defined in 1954 by Peter Drucker - method for defining goals and monitoring performance - 4 major activities make MBO successful: 1. Set goals + Corporate strategic goals + Departmental goals + Individual goals 2. Develop action plans + An action plan defines the course of action needed to achieve the stated goals. Action plans are made for both individuals and departments. 3. Review progress + Review progress + Take corrective action (if there is something wrong, go back to step 2) 4. Apprise overall performance + Evaluate whether annual goals have been achieved for both individuals and departments. 9) What are the MBO benefits? - Focuses manager and employee efforts on activities that will lead to goal attainment - Can improve performance at all company levels - Improves employee motivation - Aligns individual and departmental goals with company goals 10) What is the problem using MBO? Likely to create unethical cases *11) What are single-use plans? - achieve one-time goals - include: + Program + Project *12) What are standing plans? - ongoing plans 3 - include: + Policy + Rule + Procedure *13) What are the plans used for a turbulent environment? - Contingency planning: planning for emergencies, setbacks, or unexpected conditions - Building scenarios: a forecasting technique to look at current trends and discontinuities and visualize future possibilities - Crisis planning: unexpected events that are sudden and devastating