Organizational Planning & Goal Setting

These flashcards cover key vocabulary and concepts related to organizational planning and goal setting based on lecture notes.

Managerial Planning

The process of creating strategies and plans to achieve organizational goals.

SMART Goals

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

Mission Statement

A formal summary of the aims and values of a company, organization, or individual.

Vision Statement

An aspirational description of what an organization would like to achieve in the future.

Decentralization

The distribution of authority and responsibility from a central authority to local units.

Stretch Goals

Ambitious and challenging goals that require innovation and commitment to achieve.

MBO (Management by Objectives)

A management model where specific objectives are defined and agreed upon by management and employees.

Tactical Goals

Goals that outline the actions necessary to achieve specific objectives, typically set for 1-2 years.

Operational Goals

Short-term goals set to achieve targets within a year.

Organizational Planning Process

A systematic approach to planning that involves developing, translating, and monitoring plans to achieve organizational goals.