Chapter 5 Part 2 Flashcards Preview

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Flashcards in Chapter 5 Part 2 Deck (10)
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Short-term goals or subgoals

Proximal goals


Long-term or primary goals

Distal goals


Keeping options open by making small, simultaneous investments in many alternative plans

Can be adopted to maintain flexibility

Leaves commitments open by maintaining slack resources

Options-based planning


Cushion of extra resources that can be used to adapt to unanticipated changes

Slack resources


Responsible for developing long-term strategic plans

Purpose statement

Strategic objective: Specific goal that:
Unifies company-wide efforts
Stretches and challenges the organization
Possesses a finish line and a time frame

Top management


Declaration of a company’s purpose or reason for existing

Purpose statement


Develop and carry out tactical plans to accomplish strategic objectives using management by objectives

Tactical plans

Management by objectives: Managers and employees:
- Discuss and select goals
- Develop tactical plans
- Meet regularly to review progress

Middle management


Direct behavior, efforts, and attention over the next six months to two years

Tactical plans


Develop and carry out operational plans

Lower-level managers


Day-to-day plans for producing or delivering the organization’s products and services over a 30-day to six-month period

Operational plans