Business Management Exam 2 Questions And Answers

Business Management Exam 2 Questions And Answers Strategy - ANS a large scale action plan that sets the direction for the organization Strategic Management - ANS a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals Vision - ANS a long-term goal describing what an organization wants to become; a clears sense of the future and the actions needed to get there Strategic Planning - ANS when top managers determine what the organization's long term goals should be for the next 1-5 years with the resources they expect to have available Tactical Planning - ANS middle managers determine what contributions their departments or similar work units can make w/ their given resources in the next 6-24 months Operational Planning - ANS the first line managers determine how to accomplish specific tasks w/ available resources in the next 1-52 weeks Means-End Chain - ANS the accomplishment of low level goals having affect on the goals of the higher levels of management Standing Plans - ANS plans developed for activities that occur repeatedly overtime SMART - ANS Specific Measurable Attainable Results-Oriented Target Dates Peter Drucker's Management by Objectives (MBO) - ANS 1. Managers and employees set objectives for the employee 2. Managers develop action plans 3. Managers and employees periodically review employee performance 4. Managers makes a performance appraisal and rewards the employee according to results