BUSCORE MIDTERM (LESSON 8)

65問 • 2年前

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is a primary management function that determines an outline the system to be followed by the business .

Planning

it describes what the company wants to achieve and where it wants to go in the future . it determines the course and direction of the company and identify which markets, technologies , and products , or customers to focus on

vision statement

the vision projects to the market the kind of company that the management wants to create and the kind of company it aspires to be

graphic

describes the path where the company wants to go and presents specific plans to move forward in the future

directional

the vision is very specific so managers are properly guided on what to do in in terms of resources and strategies

focused

although the vision should be focused , it allows room for managers to change based on market situations , technological advancement , and customer preferences

flexible

the vsion is achievable and realistic

feasible

the vision is clear on why the path is practically sensible and serves the interests of members in the long run

desirable

the vision is easy to understand , articulated , and can be simplified into a powerful slogan

Easy to communicate

describe the company's reason for its existence . it answers the question why the company exists .

mission statement

are specific accomplishments or action plans that are usually attain after a long period these are broader in scope because the intentions are more general and involve outputs that are intangible and non measurable

goals

refer to action plans that involve shorter periods and more measurable outputs this to be more specific and result in tangible outcomes

objectives

these plans are designed by the top management such as the ceo or president . these are usually broad plans based on the company's vision , mission , and values , and address the company as a whole. they are used as basis for more specific plans that will enable the company to achieve growth and profitability , boost productivity and return on investment , and improve customer service

strategic plans

create specific plans for specific areas of the company . these plans translate broader plans into functional goals for each area or department . the elements of of this plan include budget , resources , and goels with specific deadlines

tactical plans

these are specific procedures and processes made by frontline or low level managers . this plans often involves specific events such as marketing , campaigns , campus recruitment , and others . this also involves the formulation of ongoing plans that define specific operations of the organization ongoing plant can be in any of the following forms: Policy, rule, procedure

Operational Plans

is a special plans created for unexpected scenarios or changes . All plans , no matter how carefully laid out, are not fully error-free . Thus, this plans are made to manage all possible risks that may arise from the original plan. it is part of a manager's job to always be ready with alternative courses of action in case the original plan does not work out

contingency plan

it is one of the common types of contingency plans . it is a plan made in preparation for any kind of courses such as industrial disasters like fire , or natural disasters like an earthquake or a typhoon . this calamities or disasters can be easily anticipated . however their effects are not easy to determine. it involves the establishment of emergency communication systems and utilities , an evacuation site , and procedures for losses and damages

crisis management plan

is another form of contingency planning . the company formulates plan for both positive and negative scenarios that may arise from the implementation of plans . the possible outcomes for each scenario are analyzed in formulating plans and appropriate steps are identified to address them

scenario planning

what are the five steps involved in the planning process

*formulate the goals and objectives *identify the courses of action *assign responsibilities "document the plan and distribute to people concerned *review the plan and adjust accordingly

it is usually conceptualized by the chief executive officer and others members of the top management

corporate strategy

is essential for a diversified company or accompanied with multiple businesses . it is needed for crucial task such as identifying which industries the company will invest in or which business ventures it should undertake in the future

top level planning

this is concerned with building a competitive advantage for a single business unit of a diversified company .

general business strategy

it determines a particular function or process and is formulated by middle level management officers . the one of possible for crafting this strategy is usually the manager in charge of the department area concerned . the general manager then maked the final approval of the strategy

Functional Strategy

is a narrower and more focused strategy formulated by low-level managers or frontline supervisors . it requires the identification of the sources that can be utilized to achieve the outlined plans and goals

operational strategy

it include the capital or investment that a company need to start and sustain the business

financial resources

are the company's primary assets and are composed of employees who possess the skills and competencies needed for specific task and operations

human resources

it include production facilities , distribution channels , and information technology systems that enable the execution of strategies . the implementation of this strategy involves all the levels of the firm's , from the top management to low level managers . for that reason , a strategy that requires significant resources needs to be carefully planned and manage

physical resources

this is a common technique used by groups of planners in selecting a common solution for a problem . it stimulates thinking and allows the group to work together in generating ideas . there are no restrictions to the flow of ideas and every member is encouraged to give his or her thoughts regarding a plan. the free flow of ideas , however , make this technique more informal and unstructured

brain storming

this is a highly structured method that allows members to give their own inputs and based on an agenda . the structured and formal nature of this method restricts personal discussion among group members and minimizes conflict during discussions . also , the risk of a number dominating the planning is also limited , since all opinions in this method are considered to be equally important

nominal group technique

this is also a highly structured technique similar to the nominal group technique . however , the difference lies in the means of formulating courses of action . this technique does not require a group meeting . rather , the group leader distributes questionnaires to all group members to collect and assimilate their diaz . in this technique , the participants in planning do not need to know each other . it is a group leader that facilitates the collection of data and manage the flow of information .

Delphi technique

it is an excellent tool for weighing different alternatives . it consists of a graph showing potential and alternative decision paths for the proposed plan . this method is specially useful for decisions that involve a succession of small decisions

decision tree

managers use this method in evaluating alternatives in purchasing equipment , furniture, and fixtures . managers consider in factors such as length of use or utility , warranties , cut up repair , maintenance costs , and sales generated for a specific period before actually buying the product . usually managers choose the alternative that results in the quickest pay back of the initial cost

payback method

this process involves a logical step-by-step analysis of several possible contributing factors in making a decision .

rational or logical decision model

in the rational decision model the human mind has its limits in gathering and processing information needed to solve complex problems . thus , a manager may not be able to solve complex problems in a logical manner

bounded rationality

also known as "rules of thumb" these are useful specially when managers are confronted with complex problems

desicion heuristics

a widely used decision heuristic is the _____ this rule states that 80% of the consequences of phenomenon is rooted from the 20% of the causes

80-20 rule

managers do not use objective methods in decision making but instead use their "gut feeling" and instincts. it is most suited for managers who have several years of managerial experience . in looking into situations and courses of action , managers rely on their experiences and knowledge gained from previously encounterrd scenarios.

intuitive decision model

the manager, once he or she decides on a solution , will no longer look for other alternative solutions . the chosen solution is considered the most acceptable and effective solution and the manager then gathers the needed resources to implement the decision . this model is the weakest since the manager makes a unilateral, snap decision

predisposed decision model

this refers to the tendency to look at situations based on subjective standards or perspectives . these often lead managers to make wrong , illogical conclusions regarding certain situations and people

cognitive biases

this type of error happens when a manager , despite his or her knowledge of a project failure , continues to acquire more resources to pursue the project instead of abandoning it .

escalating commitment

this happens when a manager holds on to his or her prior beliefs that the project will succeed even when evidence to the contrary has been provided . the manager will still strongly pursue the said project while only accepting opinions that agree with his or her views

prior hypothesis bias

it is the tendency to make generalizations based on a small sample or a single experience. this happens every time a new product becomes popular and starts a trend .

representativeness

it refers to the tendency to conclude that the result of one situation can be repeated in a similar situation . using the business as an example , many of the businesses that imitated zagu use this reasoning to justify the decision to engage in the same business

reasoning by analogy

it is a type of error that many top level managers commit when they become overconfident regarding the ability to solve problems . using their many years of experience and relying in their status in the industry , they tend to underestimate the problems that they encounter . this attitude clouds their judgment and eventually leads to poor decisions

illusion of control

this kind of bias correlate the outcome with how a problem or decision is framed . in business , the wrong framing of a simple aspect of a business can result in problems that will cost a company its profits.

framing bias

this error is committed by managers when they immediately use available resources on a project that is expected to immediately provide profit , rather than holding off and waiting for the later opportunity that will generate even greater profit

availability error

this model offers a systematic way of evaluating alternatives by implementing a rational process of analyzing aspects of a situation or problem . it aims to remove the pressure from planners and minimize the risk of chosen alternatives

Kepner- Tregoe Matrix Model

this approach was developed by charles kepner and benjamin tregoe in the 1960s

Kepner- Tregoe Matrix Model

in assessing the situation, the manager clarifies aspects of the scenario and outlines possible causes

Situation appraisal

the root cause of the problem is identified . also , the manager analyzes how the cost brought about the problem

problem analysis

various solutions and courses of action are identified and evaluated by conducting risk analysis . the analysis ensures that all possible consequences of all alternatives are identified

decision analysis

a possible final decision as determined and carefully scrutinized. the pros and cons of implementing the chosen alternatives are identified . from the results , appropriate actions are proposed to minimize the identified risk

potential problem analysis

this model focuses not on identifying possible decisions , but on selecting the best leadership style suited for planning and decision-making . this model identifies five leadership styles suited for planning and decision-making .

Vroom Yettom Jago Decision model

the leader is the sole decision maker . using all the information available , the manager makes the decision for the firm

Autocratic I (A1)

the managers gathers pertinent information from members of the group but they do not know the purpose of such information . there is still no involvement from the group members . the manager still decides based on information gathered

Autocratic II (A2)

this leadership style lets the group members know the problem situation but the final decision still rests on the manager

Consultative I (C1)

the manager discusses the situation with a group and gathers suggestions from the group members . the manager makes the final decision

Consultative II (C2)

all the group members are responsible for coming up with the final decision . the manager presents the problem and acts as the facilitator in the process . he or she lets the group agree on the final selection of the alternative

Group II (G2)

this model was originally developed by Victor Vroom and philip yetton in 1973 and revised in 1988 in collaboration with Arthur Jago

Vroom Yetton Jago Decision Model

this model was brought about by the application of military tactics in business situations

Observe-orient-Decide-Act (OODA) Loop Model

it was developed by US air force colonel john boyd as a decision making model for the air combat

Observe-orient-Decide-Act (OODA) Loop Model

the managers or gather as much information as possible regarding the business environment . he or she scans the environment and and see what the competitors doing and how customers respond to the product or service the company currently offers. at this stage , the manager conduct swot and pest analysis to gather information

Observe

after scanning the environment , the managers should take a closer look at the information gathered during the first page . cultural beliefs , traditions , values , and previous buying preferences of consumers should be carefully studied .

orient

the manager now decides and chooses the best possible alternative

decide

once an alternative is chosen , the manager puts the chosen plan into action and supervises its implementation

Act

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