Planning & Decision Making Reviewer

Comprehensive vocabulary flashcards generated from the planning and decision-making lecture reviewer notes.

Planning

Selecting the best course of action in anticipation of future trends so the desired result may be achieved.

Goals and Objectives

Desired outcomes represented as the 'G' in the GRA components of planning.

Resources Needed

Assets required to fulfill goals, represented as the 'R' in the GRA components of planning.

Actions Needed

Steps taken to execute goals, represented as the 'A' in the GRA components of planning.

Marketing Plan

A written document or blueprint for implementing and controlling marketing activities related to a particular marketing strategy.

Production Plan

A plan that states the quantity of output a company must produce in broad terms and by product family.

Financial Plan

A plan that summarizes current financial situation, analyzes financial needs, and recommends direction for financial activities.

Human Resource Plan

A plan that indicates human resource needs in terms of quantity and quality based on the strategic plan.

Short-Range Plans

Plans with a time horizon of less than one year.

Long-Range Plans

Plans with a time horizon of more than one year.

Standing Plans

Plans that are used again and again, abbreviated as PPR (Policies, Procedures, Rules).

Policies

Broad guidelines for decisions and actions under standing plans.

Procedures

Exact series of actions to take under standing plans.

Rules

Statements that require or forbid actions under standing plans.

Single-Use Plans

Unique and non-repeating plans, abbreviated as BPP (Budget, Program, Project).

Budget Plan

A single-use plan detailing projected expenditures and sources of funds.

Program Plan

A single-use plan that coordinates a large set of activities.

Project Plan

A single-use plan with limited scope that supports a program.

Strategic Planning

Planning conducted by Top Management to determine major goals, policies, strategies, and resources.

Intermediate Planning

Planning conducted by Middle Management to determine contributions of sub-units using allocated resources.

Operational Planning

Planning conducted by Lower Management to determine how specific tasks are accomplished on time with available resources.

Strategy

A course of action aimed at achieving objectives.

Tactic

A short-term action to adjust to negative or external influences.

Bottom-Up Approach

A planning technique where plans start from units or divisions and move upward.

Top-Down Approach

A planning technique where upper executives create unified plans with advice from lower managers.

Interactive Approach

A planning technique combining the bottom-up and top-down approaches.

Decision Making

The process of defining the problem and choosing alternative courses of action appropriate to the situation.

Internal Limitations

Limitations evaluated when analyzing the environment in decision making, consisting of Funds, Training, Facilities, and Structure (F-T-F-S).

External Limitations

Limitations evaluated when analyzing the environment in decision making, consisting of Patents, Market, and Zoning (P-M-Z).

Feedback

Checking each stage of the process to ensure alternatives, evaluation criteria, and selected solutions match original goals.

Controls

Actions ensuring activities match desired activities or goals.