MGT 3304 Study Guide - Final Guide: Strategic Planning, Strategic Management, Cash Flow
Document Summary
~strategy = large-scale action plan that sets the direction for an organization. ~strategic management = a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. ~mission = its purpose or reason for doing. ~vision = long-term goal describing what an organization wants to become. Strategic = determine what the organization"s long-term goals should be for the next 1-5 years with the resources they expect to have available (by top management) Tactical = determine the contributions their departments or similar work units can make with their given resources during the next 6-24 months (by middle management) Operational = determine how to accomplish specific tasks with available resources within the next 1-52 weeks (by first line management) ~3 types of goals = strategic, tactical, and operational. Strategic = set by the top management and focus on objectives for the organization as a whole.
