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Planning and decision-making definitions (Connect) Use your knowledge of management terminology to answer the following questions

Management

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Planning and decision-making definitions (Connect)

Use your knowledge of management terminology to answer the following questions.

As part of theplanning  

 process, the sales manager determined that his strategy would be to encourage existing customers to refer new customers in order to increase sales by 10% over the next year.

 

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Explanation:

Part of the planning process involves choosing a goal and developing a strategy to achieve that goal.

In developing heraction plan  

 to build a small house, Suzette determined that she would need $40,000 for materials, $20,000 for the services of an electrician and a plumber, and a year for construction.

 

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Explanation:

An action plan is a plan that lists the specific steps, people, resources, and time period needed to attain a goal.

Carlotta’sproximal  

 , or long-term, goals let her know what her primary objective would be for the next year.

 

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Explanation:

Distal goals are long-term or primary goals.

Companies often maintain learning-based planning  

 , or reserves of time, people, money, or production capacity that give them added flexibility.

 

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Slack resources are a cushion of extra resources that can be used with options-based planning to adapt to unanticipated changes, problems, or opportunities.

The CEO of United Airlines helped to develop his company’sstrategic plans  

 for merging with Continental Airlines and increasing its competitive position over the next five years by offering expanded routes.

 

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Explanation:

Strategic plans are overall company plans that clarify how the company will serve customers and position itself against competitors over the next two to five years.

When her company decided to usemanagement by objectives (MBO)  

 , Holly worked with her manager to create goals, develop plans to achieve those goals, and review her progress toward meeting the goals.

 

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Explanation:

Management by objectives (MBO) is a four-step process in which managers and employees discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment.

An annual budget is a good example of astanding plan  

 .

 

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Explanation:

Single-use plans are plans that cover unique, one-time-only events.

Companies userules and regulations  

 to identify exactly what should and should not happen under specific circumstances, such as when a vendor offers a company employee a gift.

 

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Explanation:

Rules and regulations are standing plans that describe how a particular action should be performed or what must happen or not happen in response to a particular event.

Lyle knew that he had aproblem  

 ; although his goal for the year was to rent 98% of the apartments in his building, by December 15, only 50% of them were occupied.

 

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Explanation:

A problem is a gap between a desired state and an existing state.

When purchasing a new car, yourdecision criteria  

 might include reliability, owner satisfaction, and safety.

 

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Explanation:

Decision criteria are the standards used to guide judgments and decisions.

Managers are constricted by real-world constraints when making decisions which is known asmaximizing  

 .

 

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Explanation:

Bounded rationality means that managers try to take a rational approach to decision making but are restricted by real-world constraints.

When usingdevil’s advocacy  

 , group members develop their ideas individually. Once developed, ideas are presented to the group for a discussion of the advantages and disadvantages of each idea.

 

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Explanation:

The nominal group technique decision-making method that begins and ends by having group members quietly write down and evaluate ideas to be shared with the group.

In brainstorming, people will often hold back because they haveevaluation apprehension  

 and are afraid that other people will think that their ideas are not very good.

 

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Explanation:

Evaluation apprehension is fear of what others will think of your ideas.