Concept explainers
To determine:
If the minimum-wage maintenance worker in the hospital really needs to understand any goal.
Introduction:
Planning is a process of making the plan before executing any work. The process of planning includes identification of goals and objectives, formulation of strategies, creating the means required and implementation and monitoring.
The First step of planning is to establish a strategic goal. The strategic goal is a statement defining where the company wants to be in the future. The strategic goal represents the whole organization's goal rather than to the goal of a division or department. After setting the strategic goal, the organization prepares its strategic plans. Strategic plans define the action steps by which the company intends to attain strategic goals. Strategic plans are actually the blueprint that defines the organizational activities and allocations required for meeting long terms targets. The communication of organization's goal is as important as setting these goals.
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Chapter 7 Solutions
EBK MANAGEMENT, LOOSE-LEAF VERSION
- Management by objectives is a joint goal setting process . In the light of this statement explain the importance of management by objectives .arrow_forwardEffective planning is not only about setting objectives and timelines but also about understanding the resources and constraints involved. It's a process that can make a significant difference in the outcome of any endeavor. How can individuals or organizations prioritize their tasks when there are multiple objectives to achieve, each with its own level of importance?arrow_forwardWhat are the potential risks and uncertainties associated with planning, and how can organizations mitigate these risks through contingency planning and risk management strategies?arrow_forward
- Read the following extract and then answer the questions below. There is no doubt about the importance of a business plan in any business undertaking. A business must draw up a plan and formulate appropriate strategy/strategies to translate its plan into reality to be successful. Fortunately, they are many strategies and models already developed that individual companies could choose from and apply to suit its special situation. The managing director of company XYZ Pty Ltd has asked to remind him on the Ansoff Matrix because he once learnt about briefly in one of the workshops, he attended 3 years back. He wants to revise his plan and incorporate new strategies this time around. With an aid a diagram discuss the Ansoff Matrix (25 marks)arrow_forwardDiscuss one Characteristics of Tactical Planning and explain why this is important in the process? Elaborate and give example to support your discussion.arrow_forwardWhat is the importance of goal setting to business strategy?arrow_forward
- What are the challenges and risks associated with planning, and how can organizations mitigate them?arrow_forwardDefining goals and setting objectives is part of the organizing function of management. is this statement true or falsearrow_forwardOrganizations today strive to be more strategic in nature than they have been in the past. How can a performance management system encourage long-term and strategic thinking rather than short-term or tactical thinking? Provide a personal exarrow_forward
Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub
Understanding Management (MindTap Course List)ManagementISBN:9781305502215Author:Richard L. Daft, Dorothy MarcicPublisher:Cengage Learning