One
of the four major functions of management. It is the process of
defining organizational objectives and then articulating
strategies, tactics, and operations necessary to achieve those
objectives.
A
process of intuitively deciding on objectives and the activities
needed to achieve them without rigorous and systematic
investigation.
The
process of using systematic criteria and rigorous to establish
objectives, decide on activities, and formally document
organizational expectations.
The
reason a company exists; it is the fundamental rational for
being in business.
Performance
targets or the end results that managers seek to attain through
organizational efforts.
Performance
targets relating to long term endeavors, such as growth,
profitability, and the position of a firm in its industry.
Medium
term performance targets for achieving limited results, such as
annual sales, quarterly profits, or increment changes in
products or services.
Immediate
short term performance targets for daily, weekly, and monthly
activities that, when attained, will reinforce tactical planning
objectives.
A
technique used in planning and controlling in which subordinates
determine their objectives jointly with superiors and evaluation
follows periodic monitoring and performance reviews.
These
are plans used on a continuous basis to achieve consistency in
organizational activities; they include polices, procedures, and
rules that can be repeated.
These
plans are developed for unique activities and are seldom
repeated exactly; they include programs, projects, and budgets.
A
standing use plan that provides a general framework for decision
making.
An
explicit set of actions, often sequential in nature, required to
achieve a well defined result.
A
statement that tends to restrict actions or prescribes specific
activities with no discretion.
A
single use plan with multiple activities that can be
orchestrated to achieve one important objective.
A
single use plan with a specific short term objective that is
seldom repeated.
A
plan transformed into quantitative terms (such as money or
units) to allocate performance expectations in measurable terms,
and provide control documents for monitoring progress.
A
commitment of resources and labor to tasks with specific time
frames.
An
alternative plan to replace the preferred plan if conditions
change.
Those
considerations taken into account by managers that will likely
affect plans or activities.
The
total involvement of an organizational in systematic planning at
all levels to integrate objectives and coordinate formal
planning processes.
The
prevalent approach to planning in which a centralized group of
executives or staff assumes the primary planning
responsibilities.
An
approach to planning in which authority to establish objectives
and planning responsibilities is delegated to lower level
managers, who are expected to initiate planning activities.
A
participative approach to planning whereby planning teams
comprising managers and staff specialists initiate plans and
formulate organizational objectives.
