Mgt521 - Week2 Summary

Week Two Study Guide: Planning

Readings and Key Terms

• “How the External Environment Affects Managers” subsection in the “The External Environment: Constraints and Challenges” section in Ch. 2 of Management.

      o Environmental uncertainty
      o Stakeholders

• Ch. 8 of Management

    o Goal: Objectives: Desired outcomes or targets
    o Planning: Defining the organization’s goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities
    o Stated goal:
    o Documents that outline how goals are going to be met
    o Official statements of what an organization says, and what it wants its various stakeholders to believe, its goals are
    o Real goals
    o Goals that an organization actually pursues, as defined by the actions of its members


    o Strategic plans
    o Plans that apply to the entire organization and establish the organization’s overall goals
    o Operational plans
    o Plans that encompass a particular operational area of the organization
    o Specific Plans
    o Plans that are clearly defined and leave no room for interpretation
    o Directional Plans
    o Plans that are flexible and set out general guidelines
    o Long-term plans
    o Plans with a time frame beyond three years
    o Short-term plans
    o Plans covering one year or less
    o Single-use plan
        o A one-time plan specifically designed to meet the needs of a unique situation
    o Standing plans
        o Ongoing plans that provide guidance for activities performed repeatedly

    o Traditional goal setting
    o An approach to setting goals in which top managers set goals that then flow down through the organization and become subgoals for each organizational area means-ends chain
        o An integrated network of goals in which the accomplishment of goals at one level serves as the means for achieving the...