MGMT 2100 Chapter Notes - Chapter 5: Performance Appraisal, Revamp, Cash Flow

• School: University of Iowa
• Department: Management
• Course: MGMT 2100
• Professor: All

Document Summary

Planning is defined as setting goals and deciding how to achieve them. It can also be defined as coping with uncertainty by formulating future courses of action to achieve specific results. It is necessary in keeping a check on progress, coordinating activities, helping in thinking ahead, and coping with uncertainty. Mission statement: defines the organization"s reason for being. Vision statement: defines what the organization wants to become and how it intends to get there. Strategic planning: performed by top managers for the next 5 years. Strategic goals are set with a focus on the objectives of the organization as a whole. Tactical planning: performed by middle managers for the next 2 years. Tactical goals are set with a focus on those actions that are required to achieve strategic goals. Operational planning: performed by first line managers for the next 1 year. Operational goals are set keeping in mind actions needed to achieve tactical goals.