Planning: The Foundation of Successful Management

Flashcards covering key definitions and concepts related to planning, SMART goals, and Management By Objectives (MBO) from the lecture notes.

Planning

The first of the four functions in the management process; it involves setting goals, deciding how to achieve them, and ensuring plans are linked to the business strategy.

Why Direction and Momentum are Important (for Planning)

Without a plan, managers may focus only on immediate issues, 'putting out fires,' leading organizations to lose momentum due to day-to-day pressures.

SMART Goals

An acronym defining characteristics of effective goals: Specific, Measurable, Attainable, Results-oriented, and Target dates.

Specific (SMART Goals)

Goals should be stated in clear, precise terms rather than vague ones.

Measurable (SMART Goals)

Goals should be quantifiable, allowing progress to be tracked.

Attainable (SMART Goals)

Goals should be challenging yet realistic and achievable.

Results-oriented (SMART Goals)

Goals should focus on outcomes and support the organization’s vision.

Target Dates (SMART Goals)

Goals must specify deadlines for their accomplishment.

Management By Objectives (MBO)

A four-step process for motivating employees involving jointly setting objectives, developing action plans, periodically reviewing performance, and appraising/rewarding based on results.

Performance Objectives (MBO)

Objectives that express a desired outcome or end-result.

Behavioral Objectives (MBO)

Objectives that express the specific behaviors needed to achieve an outcome.

Learning Objectives (MBO)

Objectives stated in terms of acquiring new knowledge or competencies.