Chapter 5 Notes
Planning and Decision Making * Understand planning and how it fits into different levels of managements routine * Understand the benefits of planning. 1. Intensified effort 2. Persistence 3. Direction 4. Creation of task strategies * Understand potential pitfalls of planning 1. Slow adaptation to change and preventing needed change 2. False sense of security 3. Detachment of planners, for example, a CEO makes the plans and it can’t be accomplished because the expectations are unreasonable * S.M.A.R.T. Goals: specific, measurable, attainable, realistic, and timely * What makes a plan work? 1. Buy-in: Most popular methods of attaining buy in 2. Action plan: Beyond the timeline list 3. Tracking progress and assessing * Planning for what? By who? To be accomplished by? 1. Strategic plans: CEO 2. Tactical plans: Middle management 3. Operational plans: lower level management * Define single use plans and standing plans * Policies and Procedures 1. Define each 2. Where to rules and regulations fall in?
Decision Making * Six steps to rational decision making 1. Define the problem 2. Identify decision criteria 3. Weight the criteria 4. Select alternative options 5. Evaluate solutions 6. Determine the best course of action * Understand potential limitations to decision making * Different methods of problems solving and potential concerns. 1. Group Decision Making a. With increased knowledge and experience can improve quality of decisions but a strong personality can create a group think situation 2. Setting the stage for conflict a. A-type conflict: emotional and potentially hostile. b. C-type conflict: cognitive