MAN 3025 Chapter Notes - Chapter 5: Peter Drucker, Cash Flow, Performance Appraisal

• School: University of Florida
• Department: Management
• Course: MAN 3025
• Professor: Professor Archambeau

Document Summary

Planning coping with uncertainty: setting goals and deciding how to achieve them. Coping with uncertainty by formulating courses of action to achieve specified results. Business plan: document that outlines proposed firm"s goals, the strategy for achieving them, and the standards of measuring success. Business model: outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses. Strategy large scale action plan: sets the direction for an organization. Represents an educated guess about what must be done in the long term for the survival or prosperity of the organization or its principal parts. Find what customers want, then provide it to them as cheaply and quickly as possible. Needs to be revisited from time to time due to ever changing business conditions. Strategic management: process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals.