Week 4: Chapter 8 Planning Processes and Techniques

These flashcards cover key concepts from Chapter 8 on planning processes and techniques in management, helping students prepare for their exam.

Planning

The process of setting objectives and determining how best to accomplish them.

Objectives

Broad, long-term outcomes that an organization aims to achieve.

Goals

Specific, measurable steps taken towards achieving objectives.

Tactical plans

Plans that specify how the organization’s resources will be used to implement a strategy.

Contingency planning

Developing alternative strategies to be used if an original plan fails.

Forecasting

The attempt to predict future events or trends.

Benchmarking

Comparing business processes and performance to industry best practices.

Participatory Planning

A planning process that unlocks the motivational potential of goal setting by promoting employee participation.

SMART Goals

Specific, Measurable, Achievable, Relevant, Time-bound goals that impact how performance targets are achieved.

Operational plans

Plans that describe short-term activities needed to implement strategic plans.