Flashcards on Long-Term Objectives in Strategic Management
Long-Term Objectives in Strategic Management: A Guide
Tap to flip · Swipe to navigate
Objectives — Business Goals & SMART
25 cards
Card 1
Question: What three questions does a Specific objective answer?
Answer: What is to be done? How will you know it is done? It describes the observable end product of the work to be done.
Card 2
Question: What does 'Measurable' specify in a SMART objective?
Answer: How will you know it meets expectations? It defines the objective using assessable terms (quantity, quality, frequency, costs, deadlines) and how it w
Card 3
Question: What key questions does 'Achievable/Attainable' address?
Answer: Can the person do it? Can the measurable objective be achieved by the person given their experience, knowledge, capability, time frame, opportunity, a
Card 4
Question: What does 'Relevant/Realistic/Reachable' determine about an objective?
Answer: Whether it should be done, why it matters, and what the impact will be; and if it aligns with the corporate implementation plan and strategic plan.
Card 5
Question: What does 'Time-oriented/Time-based/Time bound' require in an objective?
Answer: That the objective has end points and check points (milestones) indicating when it will be done, allowing assessment and adjustments to ensure the end
Card 6
Question: Why is setting SMART goals useful for managers?
Answer: It helps clarify ideas, focus efforts, use time and resources productively, and increases the chances of achieving desired outcomes.
Card 7
Question: What does it mean to make sure an objective is 'specific' in observable terms?
Answer: Describe the objective so the way it is described is observable—what will be done and what the end product looks like.
Card 8
Question: What should measurable criteria refer to when evaluating an objective?
Answer: The extent to which something can be evaluated against some standard using assessable terms like quantity, quality, frequency, costs, and deadlines.
Card 9
Question: What items should be included in the Achievable part of a SMART objective if they will affect achievement?
Answer: Time frame, opportunity, resources, and the person's experience, knowledge, or capability.
Card 10
Question: Name two alternative approaches strategists should avoid instead of managing by objectives.
Answer: Managing by Extrapolation and Managing by Crisis.