MGT 305 1st Edition Lecture 23 Outline of Last Lecture I Design Thinking II Decision Makers III Biases and Errors Outline of Current Lecture I Planning II Benefits III Types of Goals and Plans IV Traditional Goal Setting Current Lecture Planning Set goals establish strategies for achieving those goals and develop plans to integrate and coordinate activities Formal Planning Specific goals covering a specific time period are defined Benefits of Planning Provides direction Reduces uncertainty Minimizes waste redundancy Establishes standards Formal Planning These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Associated with positive financial results Quality over quantity External Environment Takes approximately 4 years for formal plans to give financial benefit Goals objectives Plans actions Number of Goals A single goal doesn t work Types of Goals Stated official statements about the organization s goals Real goals the organization is actually pursuing Types of Plans 1 Breadth Strategic Operational 2 Time Frame Long term Intermediate Short term 3 Specificity Specific Directional 4 Frequency of Use Single use Plan Standing Plan Traditional Goal Setting Goals set by top managers Goals flow down through the organization Goals reflect responsibilities of the level that wrote them Performance evaluated on these goals Management by Objective MBO PERK Technique
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