Principles of Management - Planning and Decision-Making

These flashcards cover key vocabulary and concepts from the lecture on planning and decision-making in management.

Planning

The process of setting goals and deciding how best to achieve them.

Goals

Future targets or end results that an organization wishes to achieve.

Management by Objectives (MBO)

A management technique where specific goals are set collaboratively for the organization as a whole.

Strategic Goals

Broadly defined goals set by top-level management addressing issues concerning the organization as a whole.

Tactical Goals

Goals set by middle-level management specifying what departments or units must do to achieve strategic goals.

Operational Goals

Specific measurable outcomes required from lower-level management.

Special-purpose plans

Plans for specific situations such as change, contingencies, and product development.

Benchmarking

The process of identifying outstanding practices in other organizations to adapt them.

Standing Plans

Plans created once and used repeatedly to handle frequently recurring events.

Single-use Plans

Plans developed for unique, one-time events.

Decision-making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Group Decision-Making

A process in which multiple individuals collectively make a decision; it has advantages and disadvantages.

Programmed Decisions

Routine decisions that can be solved through clear-cut mechanical procedures.

Non-programmed Decisions

Decisions made under conditions of uncertainty and ambiguity, often involving creativity.