Chapter 5 Definitions
- James Madison University
- Business Management
- Business Management 300
- Chapter 5 Definitions
Last Modified: 2011-11-03
- Establish the organization's mission and vision
- Formulate the grand strategy
- Formulate the strategic plans, then the tactical and operational plans
- Implement the strategic plans
- Control the strategy
- Planning requires you to set aside the time to do it
- You may have to make some decisions without a lot of time to plan
- Planning helps you check on your progress
- Planning helps you coordinate activities
- Planning helps you think ahead
- Planning helps you cope with uncertainty
- Mission Statement: What is our reason for being?
- Vision Statement: What do we want to become?
- Strategic Planning: Done by top managers for the next 1-5 years.
- Tactical Planning: Done by middle managers for the next 6-24 months
- Operational Planning: Done by first line managers for the next 1-52 weeks.
- Managers and employees jointly set objectives for the employee
- Managers develop action plans
- Managers and employees periodically review the employee's performance
- The manager makes a performance appraisal and rewards the employee according to results.
- Improvement Objectives - Express performance to be accomplished in a specific way for a specific area.
- Personal Development Objectives - Express personal goals to be realized.
- Maintenance Objectives - Express the intention to maintain performance at previously established levels.
- Top management must be committed
- It must be applied organization-wide
- Objectives must "cascade"
- Make the plan
- Carry out the plan
- Control the direction by comparing results with the plan
- Control the direction by taking corrective action in two ways:
- By correcting deviations in the plan being carried out
- By improving future plans
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