MANAGE2

A process whereby managers select goals, choose actions (strategies) to attain those goals, allocate responsiblity for implementing actions to specific individuals or units, measure the success of actions by comparing actual results against the goals, and revise plans accordingly.

A plan that outlines the major goals of an organization and the organizationwide stategies for attaining those goals.

Strategy concerned with deciding which industries a firm should compete in and how the firm should enter or exit industries.

Strategy concerned with deciding how a firm should compete in the industries in which it has elected to participate.

Strategy concerned with the actions that should be taken at the level of individual functions, such as production, logistic, R&D, and sales, to support business-level strategy.

Plans that specify goals, actions, and responsibility for individual functions.

Plans for departments within functions, work teams, or individuals.

How far out a plan is meant to apply.

The actions managers adopt over the short to medium term to deal with a specific oppurtunity or threat that has emerged.

Plans that address unique events that do not reoccur.

Plans used to handle events that reoccur frequently.

Plans formulated to address specific possible future events that might have a significant impact on the organization.

Plan formulated specifically to deal with possible future crises.

Plans that are based on ''what if" scenarios about the future.

Plans that specify with precision how strategies will be put into effect.

The purpose of an organization.

A future desired state.

The philosophical priorities to which managers are committed.

A desired future state that an organization attempts to realize.

Putting action plans into effect.

Limits in human ability to formulate complex problems, to gather and process the information necessary for solving those problems in a rational way.

Aiming for a satisfactory level of a particular performance variable rather than its theoretical maximum.

Simple rules of thumb ie 80-20 rule

Decision-making errors that we are all prone to making and that have been repeatedly verified in laboratory settings or controlled experiments with human decision makers.

Decision makers who have strong prior beliefs about the relationship between two varibles tend to make decisions on the basis of these beliefs, even when presented with evidence that their beliefs are wrong.

Arises when decision makers, having already committed significant resources to a project, commit even more resources if they receive feedback that the project is failing.

The use of simple analogies to make sense out of complex problems.

Generalizing from a small sample or even a single vivid anecdote.

The tendency to overestimate one's ability to control events.

Arises from our predisposition to estimate the probability of an outcome based on how easy the outcome is to imagine.

Bias arising from how a decision is framed.

Arises when a group of decision makers embarks on a course of action without questioning underlying assumptions.

The generation of both a plan and a critical analysis of the plan by a devil's advocate.

The generation of a plan and a counterplan that reflect plausible but conflicting courses of action.

Identifying a reference class of analogous past strategic initiatives, determining whether those initiatives succeeded or failed, and evaluating a project at hand against those prior initiatives.