MANGMT 3000 1st Edition Lecture 5 Outline of Last Lecture I Planning a Strategy types b 3 types of planning for three levels of management Outline of Current Lecture I Goals II Plans III MBO Current Lecture Goals specific commitment to achieve a measurable result within a stated period of time Also known as an objective Strategic goals set by and for top management and focus on objectives for the organization as a whole Tactical goals set by and for middle managers and focus on the actions needed to achieve strategic goals Operational goals set by and for first line managers and are concerned with short term matters associated with realizing tactical goals Action plan defines the course of action needed to achieve the stated goal Operating plan designed for a 1 year period Defines how you conduct your business based on the action plan Identifies clear targets such as revenue cash flow and market share Standing plans plans developed for activities that occur repeatedly over a period of time 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 Consist of policies procedures and rules Policy outlines the general response to a designated problem or situation Procedure outlines the response to a particular problem or circumstances Rule designates specific required action Single use plans plans developed for activities that are not likely to be repeated in the future Program encompasses a range of projects or activities Project plan of less scope and complexity than a program SMART goals Specific measurable attainable results oriented target dates What is MBO 1 2 3 4 Jointly set objectives Develop action plan Periodically review performance Give performance appraisal and rewards if any Cascading objects MBO from the top down 1 Top management must be committed 2 It must be applied organization wide 3 Objectives must cascade Planning controlling cycle 1 2 3 4 Make the plan Carry out the plan Control the direction by comparing results with the plan Contorl the direction by taking corrective action in two way correcting deviation improving future plans
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