MGT 305 1st Edition Lecture 23Outline of Last LectureI. Design ThinkingII. Decision MakersIII. Biases and ErrorsOutline of Current Lecture I. PlanningII. BenefitsIII. Types of Goals and PlansIV. Traditional Goal-SettingCurrent LecturePlanning-Set goals, establish strategies for achieving those goals and develop plans to integrate and coordinate activitiesFormal PlanningSpecific goals covering a specific time period are definedBenefits of Planning-Provides direction-Reduces uncertainty-Minimizes waste/ redundancy-Establishes standardsFormal PlanningThese 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 workTypes of Goals-Stated: official statements about the organization’s goals-Real: goals the organization is actually pursuingTypes of Plans:1) BreadthStrategicOperational2) Time FrameLong-termIntermediateShort-term3) SpecificitySpecificDirectional4) Frequency of UseSingle use PlanStanding PlanTraditional 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
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