MANGMT 3000 1st Edition Lecture 5Outline of Last LectureI. Planninga. Strategy typesb. 3 types of planning for three levels of managementOutline of Current LectureI. GoalsII. PlansIII. MBOCurrent LectureGoals- specific commitment to achieve a measurable result within a stated period of time-Also known as an objectiveStrategic goals- set by and for top management and focus on objectives for the organization as awholeTactical goals- set by and for middle managers and focus on the actions needed to achieve strategic goalsOperational goals- set by and for first line managers and are concerned with short term matters associated with realizing tactical goalsAction plan- defines the course of action needed to achieve the stated goalOperating 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 shareStanding 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 rulesPolicy- outlines the general response to a designated problem or situationProcedure- outlines the response to a particular problem or circumstancesRule- designates specific required actionSingle-use plans- plans developed for activities that are not likely to be repeated in the futureProgram- encompasses a range of projects or activitiesProject- plan of less scope and complexity than a programSMART goals- Specific, measurable, attainable, results oriented, target datesWhat is MBO?1. Jointly set objectives2. Develop action plan3. Periodically review performance4. Give performance appraisal and rewards, if any Cascading objects: MBO from the top down1. Top management must be committed2. It must be applied organization-wide3. Objectives must cascadePlanning/controlling cycle:1. Make the plan2. Carry out the plan3. Control the direction by comparing results with the plan4. Contorl the direction by taking corrective action in two way (correcting deviation/improving future
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