Chapter 7managerial Planning And Goal Setting 2016 Cengage Learning ✓ Solved
Chapter 7 Managerial Planning and Goal Setting © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Planning is Fundamental All of the other management functions stem from planning How do you plan for an undefined future? No plan is perfect Without plans and goals, organizations flounder 2 © 2016 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Goals and Plans 3 A goal is a desired future state that the organization attempts to realize A plan is a blueprint for goal achievement and specifies the necessary resource allocations, schedules, tasks, and other actions PLANNING © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
7.1 Levels of Goals and Plans 4 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7.2 The Organizational Planning Process 5 © 2016 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Goal-Setting in Organizations Organizational mission – the organization’s reason for existence Strategic goals – official goals, broad statements describing the organization’s future Strategic plans – define the action steps the company will take Goals should be aligned using a strategy map 6 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7.4 A Strategy Map for Aligning Goals 7 © 2016 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Operational Planning Direct employees and resources Guide toward efficient and effective performance Includes planning approaches: Management-by-Objectives (MBO) Single-Use Plans Standing Plans 8 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
7.5 Characteristics of Effective Goal Setting 9 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7.6 Model of the MBO Process Defined in 1954 by Peter Drucker Method for defining goals and monitoring performance 10 © 2016 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7.7 MBO Benefits 11 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Single-Use and Standing Plans Single-Use Plans Achieve one-time goals Programs and projects Standing Plans Ongoing plans Policies, rules, procedures 12 © 2016 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Types of Single-Use and Standing Plans Single-Use Plans Program: building new headquarters, converting paper files to digital Project: renovating the office, setting up a new company intranet 13 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Types of Single-Use and Standing Plans Standing Plans Policy: Sexual harassment policies, Internet and social media policies Rule: No eating rule in areas of company where employees are visible to public Procedure: Procedures for issuing refunds, Procedures for handling employee grievances 14 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7.8 Major Types of Single Use and Standing Plans 15 © 2016 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Benefits and Limitations of Planning Goals and plans provide a source of motivation and commitment Goals and plans guide resource allocation Goals and plans are a guide to action Goals and plans set a standard of performance Goals and plans can create a false sense of certainty Goals and plans may cause rigidity in a turbulent environment Goals and plans can get in the way of intuition and creativity 16 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Planning for a Turbulent Environment Contingency Planning Planning for emergencies, setbacks, or unexpected conditions Building Scenarios A forecasting technique to look at current trends and discontinuities and visualize future possibilities Crisis Planning Unexpected events that are sudden and devastating 17 © 2016 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7.9 Essential Stages of Crisis Planning 18 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Set Stretch Goals for Excellence Stretch goals are highly ambitious Clear, compelling, and imaginative Require innovation Goals must be seen as achievable Like Big Hairy Audacious Goal (BHAG) from 1996 article on “Building Your Company’s Vision†As times move faster and become more turbulent, these are important 19 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Use Performance Dashboards Dashboards keep track of key performance metrics align and track goals can be applied throughout the company on the factory or sales floor. 20 © 2016 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7-10 A Performance Dashboard for Planning 21 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Deploy Intelligence Teams Intelligence teams cross-functional group of managers work together gain a deep understanding of a specific competitive issue offer insight and recommendations for planning 22 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Discussion 10 Reflection As you reflect on the final report and summary presentation of the company you analyzed, consider which of your earlier BBA courses provided insightful understanding of the challenges and issues that your company faced. In your initial post, describe how the disciplines of these courses enlightened your examination of this company.
Below are 3 discussions for above, please write a peer response for each discussion support by 2 academic scholars for each. Give your ideas and points of view and be supportive to these discussions and add new ideas. DQ 1 Through the Business Decision analysis course I learned that decision making is the process of selecting a logical choice from the available options (Business Dictionary.2017). There are many ways to make a decision. Rational, logical, quantitative or qualitative.
Decisions can be solution(ed) by using the five to seven steps of the problem solving process (Anderson, D et all. 2016. Page 31). Decision making ends with the choosing of an alternative, which is the act of making the decision (Anderson, D et all. 2016.
Page 31). One method that I like to use for bigger decisions is the seven steps, which are: Define the problem, Identify the alternatives, Determine the criteria, Evaluate the alternatives, Choose an alternative, Implement the selected alternative and Evaluate the results. Since there are various steps to the decision making process, the objective is to find the best solution to that problem (Anderson, D et all. 2016. Page 32).
My thinking about problem-solving has changed slightly in that if I can put a dollar figure next to it I try to use that more for reasoning. Two examples I used this was for my decision to work downtown, I had to figure in the cost of commuting downtown, along with the time it would take me. For me at this time, the extra increase in pay wouldn’t be enough, due to the time I would waste commuting. This would leave me with less time for my school work, which would result in less time for my family and not as flexible hours. This is where I like to use the multi-criteria decision problem solving with quantitative analysis (Anderson, D et all.
2016. Page 31). While working in Toronto would bring new experiences, and expand my network, I wouldn’t be able to put a dollar amount on how much I would gain from it, only how much I would lose from it. In order for the multi-criteria problem to work each of the “outcomes†need to be evaluated (Anderson, D et all. 2016.
Page 32). Earlier on in the semester, we spoke about good and bad decisions. I don’t think it would be a good or bad decision if I chose to stay or go. Perhaps it would be a bad decision if it was a lateral move with no increase in pay. I believe the outcome after the decision was made will be able to tell if it was good or bad, so that you can learn from your mistakes and take that into consideration for the next decision you make.
In this class I learned how to look at the company holistically, this would be really useful for the future if I decide to become a consultant. I learned that I would need to start by clarifying the goal, by understanding the culture and values. I would also clarify my role, and explain how I will help and what the company aims to achieve with my assistance. In business strategy I learned how to create a QPSM model and a SWOT analysis for a weighting comparisons of two major choices. This matrix would help me to see the company's current state and give me a sense of where to begin.
According to the Harvard business review, it is important to first set objectives, as this helps prioritize the company's efforts to measure success (Teng, M. B. 2015). Additionally, the article on " the role of the internal consultant states that once this is in place I would be the one to foster the support for change, and establish clear roles for change (Kenton, B., Moody, D., & Taylor, B. 2003).
Therefore with the use of the classes in the BBA program it has helped me to look holistically at the company, which is imperative in this course for the final assignment. References: Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J.
D., Cochran, J. J., Fry, M. J., & Ohlmann, J. W. (2016). Quantitative methods for business.
Boston, MA, USA: Cengage Learning. Decision Making (2017). Business Dictionary. Retrieved from Kenton, B., Moody, D., & Taylor, B. (2003). The role of the internal consultant.
Roffey Park Institute. Retrieved from Teng, M. B. (2015, September 11). Why and How to Build an In-House Consulting Team. Retrieved from Whalley, L., & Hogan, M. (2018, December 11).
Does problem-solving really protect against cognitive decline in old age? Retrieved from DQ2 The Bachelor of Business Administration (BBA) program disciplines that I applied to Spectrum Healthcare (Canada) analysis included financial management, corporate social responsibility, information technology, and human resource management. The financial management helps in making right decision about divestment and investment as demonstrated in the organizational analysis. Using the financial management principles, the company determines the best business portfolios to invest in and which ones to divest (Gomez-Mejia, L., Balkin, B., & Cardy, 2010). On corporate social responsibility, the focus is on the role of an organization to stakeholders including employees, environment, customers, suppliers, and the community.
The information was applied in Spectrum Healthcare to show how the company enhances quality and efficiency to foster customer satisfaction. The company adheres to environmental laws of Canada to minimize environmental pollution. The human resource management course was vital in understanding how Spectrum Healthcare manages the workforce. The company provides a favorable environment, which is vital in fostering employees’ productivity, satisfaction, and loyalty. As mentioned in the case analysis, excellent communication with employees, also help to foster employee retention and knowledge transfer (Conaty, B. & Charan, 2011).
The advantage is that the experienced employees pass their skills, knowledge, and ideas to new employees, which promotes continuous improvement in a company (Proctor, 2011). The information technology is also an important course in BBA program. In the 21st century, the main aim for any business is to foster productivity, efficiency, and quality delivery of services (Altuntas & Baykal, 2010). To realize such goals, the adoption of relevant technologies has become vital (Gomez-Mejia, L., Balkin, B., & Cardy, 2010). The information technology also enhances effective communication, good financial management, and record keeping (Altuntas & Baykal, 2010).
References Altuntas, S. & Baykal, U. (2010). Relationship Between Nurses’ Organizational Trust Levels and Their Organizational Citizenship Behaviors. Journal Of Nursing Scholarship , . doi: 10.1111/j..2010. 01347.x Conaty, B. & Charan, R. (2011). The Talent Masters: Why Smart Leaders Put People Before Numbers .
Crown Publishing Group. Gomez-Mejia, L., Balkin, B., & Cardy, R. (2010). Management: People, Performance, Change, 3rd edition . New York: McGraw-Hill. Proctor, K. (2011), Optimizing and Assessing Information Technology: Improving Business Project Execution , John Wiley & Sons DQ 3 Upon researching Amazon.com, the global e-commerce giant, the parts that I found complex yet interesting is the various international rules and regulations, government policies, and the research that goes into trying to find a market to enter.
In Macroeconomics, we learned how a comparative or absolute advantage in trade can give a company an advantage or gain; how exporting and importing with respect to trade agreements can affect price of products; and how a counties land, capital, and labour differ from one climate to the next. Since Amazon.com is so heavily computerized and advanced in technology, expanding internationally is a right move for the company. When looking at international business, managers do need to look at market access (infrastructure, content, standards), legal issues (privacy, security, intellectual property), and financial matters (electronic payments, tariffs and taxes). To keep up with the rise in global businesses, “companies should follow a systematic screening process that incorporates high-quality research methods†(Wild & Wild, 2016, p.316).
This first step is important to have accurate before looking at how to enter a new country through exports/imports/countertrade, contractual and investment entry. It is also interesting how Jeff Bezos always had a customer first vision in mind, right from the inception of the business in his garage and even today, as a global e-commerce giant. That vision has been instilled into the employees and he has never deviated away from that. Challenges that continue to pop up is the pace at which products are ordered, packaged and delivered, sometimes within 2 days for Prime service, the use of automation and bar codes for scanning and inventory management. The lack of workforce that can’t be found to fill vacant positions is a worry because it is not just Amazon that is struggling to find workers but is becoming a country issue.
In reviewing the financial data, it is apparent in the accounts receivables that sales are growing faster than inventory. I look forward to analyzing this a little further. References Ragan, C.T.S. (2014). Macroeconomics (14thCanadian ed.). Don Mills, Canada: Pearson Canada Inc.
Wild, J.J., & Wild, K.L. (2016). International business: The challenge of globalization (8thed.). University of London, England, Alverne Ball: Pearson Education Inc. Planning and Goal Setting 1. Define goals and plans and explain the relationship between them.
A goal is a desired future state that the organization attempts to realize. A plan is a blueprint for goal achievement and specifies the necessary resource allocations, schedules, tasks, and other actions. The term planning usually incorporates both ideas and means determining the organization’s goals and defining the means for achieving them. 2. Explain the concept of organizational mission and how it influences goal setting and planning.
The overall planning process begins with a mission statement, which describes the organization’s reason for existence. The mission describes the organization’s values, aspirations and reason for being. A well-defined mission is the basis for development of all subsequent goals and plans. Without a clear mission, goals and plans may be developed haphazardly and not take the organization in the direction it needs to go. Because of mission statements, employees, customers, suppliers, and stockholders know the company’s stated purpose and values.
3. Categorize the types of goals an organization should have. Within the organization there are three levels of goals: strategic, tactical, and operational. · Strategic goals are broad statements of where the organization wants to be in the future. Strategic goals pertain to the organization as a whole and are the stated intentions of what the organization wants to achieve. · Tactical goals define the results that major divisions and departments within the organization must achieve. Tactical goals apply to middle management and describe what major subunits must do in order for the organization to achieve its overall goals. · Operational goals describe specific results expected from departments, work groups, and individuals. Operational goals are precise and measurable.
Paper for above instructions
Title: Exploring the Dimensions of Managerial Planning and Goal SettingIntroduction
In the landscape of organizational management, the manifest importance of planning and goal setting cannot be overstated. As outlined in Chapter 7 of the Cengage publication, planning serves as the cornerstone of managerial functions. This essay delves into the intricacies of managerial planning and goal setting, touching on theoretical constructs while reflecting on personal learning insights from discussions in a Bachelor of Business Administration (BBA) program. As we traverse through the pivotal concepts, we will seek to understand the interrelated nature of goals and plans, their alignment with organizational missions, and their classification within strategic frameworks.
The Relationship Between Goals and Plans
A goal is broadly defined as a desired future state that an organization aims to achieve, while a plan serves as a blueprint detailing the methods of achieving that goal (Cengage Learning, 2016). The interdependence of these two constructs is fundamental. Goals provide direction, while plans facilitate movement toward those targets. According to Anderson et al. (2016), effective decision-making processes encapsulate the flow from understanding problems to implementing solutions, which inherently relies on well-defined goals and plans.
The planning process inherently involves escalating details: defining the goal, understanding required resources, creating schedules, and allocating responsibilities (Cengage Learning, 2016). This relationship is essential; without clearly articulated goals, plans may lack specificity and coherence, leading to ambiguity and potential misalignment within the organization (Teng, 2015).
Influence of Organizational Mission on Goal Setting
An organizational mission encapsulates the essence of a company’s existence and values, inevitably steering goal-setting and planning efforts (Cengage Learning, 2016). With the mission as a guiding star, the clarity it provides ensures that goals are not formulated in a haphazard manner and that they resonate with the overall direction of the organization (Conaty & Charan, 2011). A prominent example is Amazon, which operates under a clear mission of customer-centricity. This mission influences every strategy, tactical decision, and daily operational activity, allowing teams to remain aligned with overarching corporate objectives (Ragan, 2014).
Moreover, as Wild and Wild (2016) note, a well-articulated mission is pivotal for stakeholder engagement, fostering a sense of belonging and purpose that promotes motivation across teams. An organization with a robust mission statement invites commitment, innovation, and proactive engagement, ultimately leading to an enhanced organizational culture.
Types of Goals in Organizational Settings
Within organizational contexts, different levels of goals serve unique purposes. Cengage Learning (2016) delineates three primary categories: strategic, tactical, and operational goals.
1. Strategic Goals: These are broad, often long-term goals that define where the organization aspires to be in the future. They encapsulate the overarching intent and vision of the organization. An example would be a healthcare organization aiming to become the leading provider of family health services within five years.
2. Tactical Goals: Tactical goals translate strategic objectives into specific outcomes that departments or divisions must attain. For instance, a department within the healthcare organization might set a goal to enhance patient satisfaction ratings by a certain percentage over a year, ensuring alignment with the strategic goal.
3. Operational Goals: These goals are highly detailed, focusing on specific outcomes expected from teams or individuals. They are often judgment-based, directly impacting day-to-day functions. For example, a specific clinic in the organization might aim to reduce patient wait times to under 15 minutes.
These distinctions are crucial for effective management as they allow leaders to tailor approaches and allocate resources judiciously, paving the way for overall success. Anderson et al. (2016) emphasize the necessity of structuring goals to maximize clarity and engagement.
Reflections from BBA Courses: Practical Relevance
Discussion 1: Decision-Making Frameworks
In discussions around decision-making, I found that the multi-criteria decision problem-solving framework emphasized by Anderson et al. (2016) aligns well with the concepts of planning and goal setting. For major decisions, such as whether to commute for a higher salary or remain in a more convenient job, the steps articulated (define problem, identify alternatives, evaluate criteria) can serve as a robust methodological guide (Anderson et al., 2016). Understanding the complexity of weighing soft and hard benefits is critical in making informed decisions while recognizing that outcomes will ultimately inform the assessment of the decision's quality (Cengage Learning, 2016).
Discussion 2: Integrated Business Perspectives
The BBA program’s focus on integrating disciplines like financial management, corporate social responsibility, and human resources offers a multifaceted approach to organizational analysis. The emphasis on human resources in engaging and retaining talent does resonate with the goal-setting frameworks discussed earlier. Organizations that invest strategically in their workforce often see improved productivity and retention rates—reflecting the synchronicity between operational execution and strategic goals (Conaty & Charan, 2011; Altuntas & Baykal, 2010).
Discussion 3: Navigating Global Expansion Challenges
Your insights on Amazon's global expansion encapsulate the intricate dynamics involved in international business. The systematic screening process to evaluate new markets resonates deeply with the strategies discussed by Wild and Wild (2016). Operational challenges such as pace and workforce constraints highlight the essential alignment between corporate goals and ground realities, emphasizing the significance of adaptability in goal setting.
Conclusion
In conclusion, the significance of managerial planning and goal setting within organizational contexts is profound and multifaceted. By defining goals accurately and aligning plans with organizational missions, leaders can enhance operational effectiveness and drive performance. The reflections derived from BBA discussions underscore the interconnectedness of business disciplines in fostering a holistic understanding of organizational dynamics. As future leaders, integrating these learnings will empower us to steer organizations toward sustainable success.
References
Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., Cochran, J. J., Fry, M. J., & Ohlmann, J. W. (2016). Quantitative methods for business. Boston, MA, USA: Cengage Learning.
Altuntas, S. & Baykal, U. (2010). Relationship Between Nurses’ Organizational Trust Levels and Their Organizational Citizenship Behaviors. Journal Of Nursing Scholarship. doi: 10.1111/j..2010.01347.x
Conaty, B. & Charan, R. (2011). The Talent Masters: Why Smart Leaders Put People Before Numbers. Crown Publishing Group.
Cengage Learning. (2016). Managerial Planning and Goal Setting.
Gomez-Mejia, L., Balkin, B., & Cardy, R. (2010). Management: People, Performance, Change, 3rd edition. New York: McGraw-Hill.
Ragan, C.T.S. (2014). Macroeconomics (14th Canadian ed.). Don Mills, Canada: Pearson Canada Inc.
Teng, M. B. (2015). Why and How to Build an In-House Consulting Team. Retrieved from [URL of site].
Wild, J.J., & Wild, K.L. (2016). International business: The challenge of globalization, 8th edition. Pearson Education Inc.