Chapter 5 Part 2 Flashcards Preview

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Flashcards in Chapter 5 Part 2 Deck (10)
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1

Short-term goals or subgoals

Proximal goals

2

Long-term or primary goals

Distal goals

3

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

4

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

Slack resources

5

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

6

Declaration of a company’s purpose or reason for existing

Purpose statement

7

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

8

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

Tactical plans

9

Develop and carry out operational plans

Lower-level managers

10

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

Operational plans