Goal Setting
This management principle states that objectives should cascade from the top of the organization down to individual employees.
What is Management by Objectives (MBO)?
This type of plan outlines the long-term goals and direction of an organization, typically over a 3 to 5 year period.
What is a strategic plan?
This type of analysis identifies strengths, weaknesses, opportunities, and threats facing a business.
What is SWOT analysis?
This type of control occurs before a task is performed, focusing on setting standards and guidelines to prevent errors.
What is feedforward control?
This employee management strategy focuses on providing new hires with the knowledge, skills, and tools they need to succeed in their roles.
What is onboarding?
This method helps teams align their objectives with company goals through the use of qualitative and quantitative measures of success.
What is OKR (Objectives and Key Results)?
This acronym stands for a type of goal-setting framework that emphasizes goals being Specific, Measurable, Achievable, Relevant, and Time-bound.
What is SMART?
This model, developed by Michael Porter, identifies five forces that determine the competitive intensity of an industry.
What is Porter's Five Forces model?
his type of control involves measuring performance during the execution of tasks to make real-time adjustments.
What is concurrent control?
This strategy involves offering employees flexible hours or the option to work remotely to improve work-life balance.
What is flexible work arrangement?
This theory emphasizes the need for goals to be challenging but attainable to maximize motivation and performance.
What is goal-setting theory?
This type of plan is created for non-routine situations and helps an organization respond to unexpected challenges or crises.
What is a contingency plan?
This is a strategic decision-making framework used to evaluate and prioritize a company’s business units or products.
What is the BCG matrix?
This financial tool is used to control expenditures and allocate resources according to the planned objectives of a company.
What is a budget?
This type of incentive program rewards employees with bonuses, stock options, or profit-sharing based on the company’s financial success.
What is performance-based compensation?
This tool helps teams visually organize goals, tasks, and deadlines in a timeline format to ensure projects stay on track.
What is a Gantt chart?
This planning method involves breaking long-term strategies into smaller, short-term, actionable tasks or steps.
What is tactical planning?
This term refers to a strategy where a company expands its operations to include activities related to the production of its own inputs.
What is vertical integration?
This control process involves comparing actual performance with set standards and taking corrective actions if necessary.
What is feedback control?
This employee management approach encourages workers to take ownership of their tasks and make decisions within their roles.
What is employee empowerment?
This process evaluates whether an organization is meeting its goals and may involve adjusting plans and strategies if necessary.
What is performance monitoring?
This is the process of assessing external factors like competition, market conditions, and regulations before making a plan.
What is environmental scanning?
This strategy involves offering a product that is perceived as unique and valuable, allowing the company to charge a premium price.
What is differentiation strategy?
This performance measurement tool is used to evaluate a company’s efficiency and profitability by examining key indicators such as return on investment (ROI).
What are financial ratios?
This management strategy aims to develop future leaders by providing employees with mentorship, training, and growth opportunities.
What is succession planning?