MGT 300 FINAL EXAM STUDY GUIDE
QUESTIONS WITH COMPLETE
SOLUTIONS
Planning - CORRECT ANSWER✔✔-process of establishing objectives and goals and
| | | | | | | | |
how to achieve them
| | | |
Three planning steps - CORRECT ANSWER✔✔--Setting an objective
| | | | | | | |
-Identifying and Assessing | | |
-Developing and Approach to achieve the Objective
| | | | | |
Setting an Objective - CORRECT ANSWER✔✔--address the issue of what you hope
| | | | | | | | | | |
to achieve
| | |
-objectives may be set in areas such as profitability, market share, projects to be
| | | | | | | | | | | | | |
completed
Identifying and Assesing - CORRECT ANSWER✔✔--conditions related to the
| | | | | | | | |
objective
-recognizes the important variables that influence objectives
| | | | | | |
ex. a car manufacturer needs to predict the direction and speed of change in
| | | | | | | | | | | | | |
corporate average fuel economy standards and whether the electric car will help
| | | | | | | | | | | |
achieve new targets | |
,Developing an Approach to Achieve the Objectives - CORRECT ANSWER✔✔-the
| | | | | | | | | |
responsibilities for achievement and includes answers to such questions as who
| | | | | | | | | | |
will do what, how, on what schedule , and what anticipated results.
| | | | | | | | | | |
-MOST IMPORTANT STEP | |
Other Steps in the Planning Process - CORRECT ANSWER✔✔--Define
| | | | | | | |
mission/vision(leading)
|
-Implementing plan (organizing and leading) | | | |
-Monitoring Implementation (controlling) | |
-Evaluating Effectiveness (controlling) | |
Centralized Planning - CORRECT ANSWER✔✔--done by a single person or group
| | | | | | | | | | |
such as a corporate planning department
| | | | | |
-not usual for large organizations to have 50 or more employees in such a
| | | | | | | | | | | | | |
department |
-allows flexibility |
Decentralized Planning - CORRECT ANSWER✔✔--each division or department is
| | | | | | | | |
responsible for planning its own operations with little if any guidance from the
| | | | | | | | | | | | |
central planning group | | |
-more common in large-scale organizations with multiple product lines
| | | | | | | | |
-dangerous bc of overlaps or conflicts in planning
| | | | | | |
Short Range Plans - CORRECT ANSWER✔✔--1st line managers
| | | | | | | |
-from 1 day to 1 year
| | | | | |
, -known as "Operational Planning"
| | |
Intermediate Range Plans - CORRECT ANSWER✔✔--Middle managers | | | | | | |
-from 1 to 3 years
| | | | |
-known as "Tactile Planning"
| | |
Long Range Plans - CORRECT ANSWER✔✔--Top Managers
| | | | | | |
-3 to 5 or more years
| | | | | |
-known as "Strategic Planning"
| | | |
-eventually become short range plans as time goes on; as this happens new plans
| | | | | | | | | | | | | |
take place
|
What affects planning? - CORRECT ANSWER✔✔--how often plans are reviewed/
| | | | | | | | | |
revised |
-resources available |
-degree of accuracy required by management
| | | | |
Strategic Mapping/Planning - CORRECT ANSWER✔✔-activities that involve
| | | | | | |
defining the organizations vision, mission, setting objectives, and developing
| | | | | | | | |
strategies to enable it to operate successfully in the environment
| | | | | | | | | |
-decision making by top management | | | |
-ultimate allocation of large amounts of resources (money, labor, time)
| | | | | | | | |
-has significant long term impact
| | | | |
-deals with issues that are future oriented
| | | | | |
QUESTIONS WITH COMPLETE
SOLUTIONS
Planning - CORRECT ANSWER✔✔-process of establishing objectives and goals and
| | | | | | | | |
how to achieve them
| | | |
Three planning steps - CORRECT ANSWER✔✔--Setting an objective
| | | | | | | |
-Identifying and Assessing | | |
-Developing and Approach to achieve the Objective
| | | | | |
Setting an Objective - CORRECT ANSWER✔✔--address the issue of what you hope
| | | | | | | | | | |
to achieve
| | |
-objectives may be set in areas such as profitability, market share, projects to be
| | | | | | | | | | | | | |
completed
Identifying and Assesing - CORRECT ANSWER✔✔--conditions related to the
| | | | | | | | |
objective
-recognizes the important variables that influence objectives
| | | | | | |
ex. a car manufacturer needs to predict the direction and speed of change in
| | | | | | | | | | | | | |
corporate average fuel economy standards and whether the electric car will help
| | | | | | | | | | | |
achieve new targets | |
,Developing an Approach to Achieve the Objectives - CORRECT ANSWER✔✔-the
| | | | | | | | | |
responsibilities for achievement and includes answers to such questions as who
| | | | | | | | | | |
will do what, how, on what schedule , and what anticipated results.
| | | | | | | | | | |
-MOST IMPORTANT STEP | |
Other Steps in the Planning Process - CORRECT ANSWER✔✔--Define
| | | | | | | |
mission/vision(leading)
|
-Implementing plan (organizing and leading) | | | |
-Monitoring Implementation (controlling) | |
-Evaluating Effectiveness (controlling) | |
Centralized Planning - CORRECT ANSWER✔✔--done by a single person or group
| | | | | | | | | | |
such as a corporate planning department
| | | | | |
-not usual for large organizations to have 50 or more employees in such a
| | | | | | | | | | | | | |
department |
-allows flexibility |
Decentralized Planning - CORRECT ANSWER✔✔--each division or department is
| | | | | | | | |
responsible for planning its own operations with little if any guidance from the
| | | | | | | | | | | | |
central planning group | | |
-more common in large-scale organizations with multiple product lines
| | | | | | | | |
-dangerous bc of overlaps or conflicts in planning
| | | | | | |
Short Range Plans - CORRECT ANSWER✔✔--1st line managers
| | | | | | | |
-from 1 day to 1 year
| | | | | |
, -known as "Operational Planning"
| | |
Intermediate Range Plans - CORRECT ANSWER✔✔--Middle managers | | | | | | |
-from 1 to 3 years
| | | | |
-known as "Tactile Planning"
| | |
Long Range Plans - CORRECT ANSWER✔✔--Top Managers
| | | | | | |
-3 to 5 or more years
| | | | | |
-known as "Strategic Planning"
| | | |
-eventually become short range plans as time goes on; as this happens new plans
| | | | | | | | | | | | | |
take place
|
What affects planning? - CORRECT ANSWER✔✔--how often plans are reviewed/
| | | | | | | | | |
revised |
-resources available |
-degree of accuracy required by management
| | | | |
Strategic Mapping/Planning - CORRECT ANSWER✔✔-activities that involve
| | | | | | |
defining the organizations vision, mission, setting objectives, and developing
| | | | | | | | |
strategies to enable it to operate successfully in the environment
| | | | | | | | | |
-decision making by top management | | | |
-ultimate allocation of large amounts of resources (money, labor, time)
| | | | | | | | |
-has significant long term impact
| | | | |
-deals with issues that are future oriented
| | | | | |
