BMGT 364 Week 2 Quiz Exam Questions With Verified Answers

BMGT 364 Week 2 Quiz Exam Questions With Verified Answers THEME ONE PLANNING What is planning? The initial step that guides and informs all the others. process of setting goals and defining the actions required to achieve the goals Starts w/ clarity of purpose and goals formalized in the org's vision, mission, and values statements. Vision statement States overarching aspirations of what an org hopes to achieve or become DOES NOT provide specific targets A broad description of the value an org provides. Should inspire and motivate people to want to be a part of the org Should be clear and concise. No longer than a paragraph Examples: Disney- to make people happy IKEA - create a better everyday life for many people Mission statement Describes what the org needs to do now to achieve the vision Must support vision statement and vice versa More specific Defines how the org will be different from other orgs in its industry Indicates where the org competes and how it will compete Should allow leaders to develop coherent goals in support of. Strategic goals Broad goals an org will try to achieve Values statement (Code of ethics) defines what the org believes in and how people in the org are expected to behave—with each other, customers, suppliers, and stakeholders. provides a moral direction for the org that guides decision making and establishes a standard for assessing actions provides a standard for employees to judge violations must be reinforced at all levels of the org and must be used to guide attitudes and actions to be effective Goals derived from the vision and mission statements Benefits of planning provides a guide for action improves resource utilization provide motivation and commitment set performance standards allows flexibility Drawbacks to planning prevents action leads to complacency