AFM481 Chapter Notes -Business Process, Business Process Management, Vision Statement

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM481
• Professor: Grant Russell

Document Summary

Organizational vision: core purpose/ideology to guide overall direction and approach regarding various stakeholders. Organizational core competencies: organization"s strengths relative to competitors", creates value to stakeholders. Use swot analysis to determine competencies (strengths, weaknesses, opportunities and threats) Organizational strategies: tactics used by managers to take advantage of competencies to achieve organizational vision. Make decisions, and set in stone or re-evaluate periodically. Operating plans: short-term decisions the govern day-to-day operations. Actual operations: actions taken to achieve results over a period of time. Management control systems: systems/routines used to increase organizational success. Compare actual results against plans (budgets vs actual), performance evaluations and pay relating to long-term and short-term results. Belief systems: inspire/direct employees to do things that are consistent with the organizational vision. Vision statement describes what the organization wants to be. Core values statement summarizes the beliefs that shape the corporate culture. Boundary systems: limits on individual behaviour (code of conduct, budgets, etc. )