The management function that involves anticipating future trends and determining the best strategies and tactics to achieve organizational objectives. (NICKEL ETC)

it is concerned with both ends (what) and means (how).

gives direction and purpose to an organization

Which of the following does not belong to a group?

From corporate level strategic plan to unit plan sets the:

The heads of function is in what level of planning?

What are the two types of strategic plan? (choose 2)

are plans that apply to the entire organization and establish the organization’s overall goals. (usually 3 years to 10 years)

Clearly defines, eliminates ambiguity

Types of Plan according to Breadth

Types of Plan according to Time Frame:

Single-used plans: unique situation ; _________: recur frequently

Directional: flexible; Operational:_______________

Tactical: specific opportunity or threat; ___________: possible future events

the philosophical properties to which managers are committed.

Mission is the organization’s desired future state while Vision is the purpose of an organization.

Objectives: Tactics ; Goals: Strategies

The following are characteristic of well-written goals except:

To effectively set goals, one must first evaluate all available resources.

reflect desired outcomes and should be congruent with the organizational mission and goals in other organizational areas

Without planning, an organization might be ... EXCEPT:

Decisions does not guarantee perfect strategy formulation.

An obstacle that makes it difficult to achieve a

desired goal or purpose.

thought process of selecting a logical choice from the available options after considering the pros and cons of each option.

RECITE STEPS IN DECISION MAKING:

Defines priority.

making logical and consistent choices to maximize value.

RATIONAL: maximize; ___________: satisfice

decisions based on experience : intuitive ; decisions based on facts / reliable practices : _________

This decision are straight-forward, familiar and information about them are easily defined and complete.

à series of sequential steps a manager uses to respond to a structured problem.

When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance.

describes how decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information.

Confirmation bias reaffirms their past choices and discount information that concur past judgments exhibit.

select and highlight certain aspects of a situation while excluding others.

__________ remember events that are the most recent and vivid in their memory, while ___________ assess the likelihood of an event based on how closely it resembles other events or sets of events.

An optimistic manager will follow a maximax choice (maximizing the maximum possible payoff).

A pessimist will follow a maximin choice (maximizing the minimum possible payoff).

A manager who desires to minimize his maximum “regret” will opt for what choice?

is characterized by a preference for internal sources of information (feelings and intuition) and processing this information with internal insights, feelings, and hunches to guide decisions and actions.

Certainty: Accurate decisions;

Risk: assign probabilities;

_____________: where outcomes are not certain and reasonable probability estimates could not be made