Management 300 Week 5 Notes
Management 300 Week 5 Notes Management 300
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This 3 page Class Notes was uploaded by Danielle Grek on Monday February 16, 2015. The Class Notes belongs to Management 300 at Arizona State University taught by in Spring2015. Since its upload, it has received 103 views.
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Date Created: 02/16/15
Management 300 Week 5 Notes The adaptive cvcle Miles amp Snow portrays businesses as continuously cycling through decisions about 3 kinds of business problems 1 Entrepreneurial selecting and making adjustments of products and markets 2 Engineering producing and delivering the products 3 Administrative establishing roles relationships and organizational processes Advantages to deadlines help concentrate the mind to help you make quick decisions are a great motivator and provide a mechanism for giving ourselves feedback Goal objective a speci c commitment to achieve a measurable result within a stated period of time Meansend chain The hierarchy of the goals by management Stratedic goals set by and for top management and focus on objectives for the organization as a whole Tactical goals set by and for middle managers and focus on the actions needed to achieve strategic goals Operational goals set by and for rstline managers and concerned with shortterm matters associated with realizing tactical goals Action plan de nes the course of action needed to achieve the stated goal Marketing or Sales plan Operating plan typically designed for a 1year period de nes how you will conduct your business based on the action plan it identi es clear targets such as revenues cash ow and market share Management by objectives MBO a four step process in which 1 Managers and employees iointlv set obiectives for the employee 2 Managers develop action plans 3 Managers and employees periodicallv review the emplovee39s performance every 612 months 4 The manager makes a performance appraisal and rewards the employee according to the results For the MBO to be successful 3 things must happen 1 Top management must be committed 2 It must be applied organization wide 3 Objectives must cascade cascading objectives down through the organization having objectives that are structured in a uni ed hierarchy becoming more speci c at lower levels of the organization Mission Statement expresses an organization39s purpose or reason for being Main way to remember Mission and vision quotThe main thing is to keep the main thing the main thingquot Covey anning setting goals and deciding how to achieve them and coping with uncertainty by formulating future courses of action to achieve speci ed results 3 types of planning for 3 levels of management 1 Strategic planning bv too manaoement they determine what the organization39s longterm goals should be for the next 15 years with the resources they expect to have available Requires directional and visionary thinking 2 Tactical planning bv middle manaoement they determine what contributions their departments or similar work units can make with their given resources during the next 624 months 3 Operational planning bv rstline manaoement they determine how to accomplish speci c tasks with available resources within the next 152 weeks Panninocontrol cycle has 2 planning steps and 2 control steps 1 Make the plan 2 Carry out the plan 3 Control the direction by comparing results with the plan 4 Control the direction by taking corrective action in 2 ways by correcting deviations in the plan being carried out or by improving future plans Steps to planning amp strateoic manaoement 1 Establish the organization39s mission and vision 2 Formulate the grand strategy 3 Formulate the strategic plans then the tactical and operational plans 4 Implement the strategic plans 5 Control the strategy Cautions of planning 1 Planning requires you to set aside the time to do it 2 You may have to make some decisions with a lot of time to plan Bene ts of planning 1 Planning helps you check on your progress 2 Planning helps you coordinate activities 3 Planning helps you think ahead 4 Planning helps you cope with uncertainty Project planning at IDEO Step 1 De nition Step 2 Planning Step 3 Execution Step 4 Closing Four Basic Strategy Types How organizations respond to uncertainty Miles amp Snow Defenders experts at producing and selling narrowly de ned products or services They stick to what they do best rospectors they focus on developing new products or services and in seeking out new markets rather than waiting for things to happen They create their own opportunities Aggressive Analyzers they let other organizations take the risks of product development and marketing and then imitate or slightly improve on which seems to work best They imitate what works best for other companies Reactors they make adjustments only when nally forced to by environmental pressures They wait until there39s a crisis to react Standing plans plans developed for activities that occur repeatedly over a period of time Poicy a standing plan that outlines the general response to a designated problem or situation Procedure a standing plan that outlines the response to particular problems or circumstances When customer service deals with a situation Rule a standing plan that designates speci c required action Singleuse plans plans developed for activities that are not likely to be repeated in the future rogram a singleuse plan encompassing a range of projects or activities Proiect a singleuse plan of less scope and complexity than a program SMART Goals a goal that is speci c measurable attainable resultsoriented and has target dates Vision Statement expresses what the organization should become and where it wants to go strategically