[MGT 1001] - Midterm Exam Guide - Everything you need to know! (12 pages long)

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St. John's University
MGT 1001
MIDTERM EXAM
STUDY GUIDE
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Planning
choosing a goal and developing a
strategy to achieve that goal.
Benefits of Planning
-Employees put forth greater effort when following a
plan.
-Leads to persistence
-Provides direction
-Encourages the development of task strategies.
-Works for companies and individuals.
Pitfalls of Planning
-Impedes change and prevents needed
adaptation.
-Creates a false sense of certainty.
-Detachment of Planners
How to make a plan that works
1. set goals
2. develop commitment
3. develop effective action plans
4. track progress toward goal achievement
5. maintain flexibility.
->revise existing plan or begin planning process anew.
S.M.A.R.T. Goals
goals that are specific, measurable,
attainable, realistic, and timely.
goal commitment
the determination to achieve a goal.
steps to rational decision making
-define the situation and the desired outcome
- research and identify options
-compare and contrast each alternative and its
consequences.
-make a decision/ choose an alternative
-design and implement an action plan
-evaluate results
action plan
a plan that lists the specific steps,
people, resources and time period
needed to attain a goal.
proximal goals
short term goals or subgoals.
distal goals
long term goals or primary goals.
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options- based planning
maintaining planning flexibility by
making small, simultaneous investments
in many alternative plans.
slack resources
a cushion of extra resources that can be used with
options-based planning to adapt to unanticipated
changes, problems, or opportunities.
strategic plans
overall company plans that clarify how the
company will serve customers and position itself
against competitors over the next two to five
years.
purpose statement
a statement of a company's purpose
or reason for existing.
strategic objective
a more specific goal that unifies company-wide
efforts, stretches and challenges the organization,
and possesses a finish line and a time frame.
tactical plans
plans created and implemented by middle
managers that direct behavior, efforts, and
attention over the next six months to two years.
management by objectives
a four-step process in which managers and
employees discuss and select goals, develop
tactical plans, and meet regularly to review
progress toward goal accomplishment.
operational plans
day- to-day plans, developed and implemented by
lower-level managers, for producing or delivering
the organization's products and services over a
thirty-day to six-month period.
single- use plans
plans that cover unique, one-time-
only events.
standing plans
plans used repeatedly to handle
frequently recurring events.
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