by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Management Decision Making?Management decision making is a critical part of the management planning function. Understanding the unique nature of managerial decisions requires understanding the types of decisions and the context for making those decisions.What...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is McKinsey’s 7S Model?This model was developed by McKinsey & Co. Consultants in concert with Harvard Business School and Stanford Business School professors. The model presents the attributes of a company that are influenced by these 7 factors. The...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
How do Companies set Goals?How companies develop goals and objectives will vary based upon the organizations structure and the orientation of leaders. The traditional method of setting goals proceeds as follows below.Guided by the mission and vision statements,...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are the categories or types of goals?There are generally 3 types of organizational goals that generally align with the organizational level at which they are created: Strategic Goals Strategic goals are generally developed by higher-level managers. For example,...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are SMART Goals and Objectives?SMART is an acronym representing the elements of a framework used to develop goals and objectives. SMART stands for: specific measurable achievable realistic timely or timebased What is a Specific Goal?Goals should be specific in...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are the Goals of an Organization?Goals are the desired outcomes of the business’s activities. What are the Objectives of an Organization?Objectives tend to be precise, measured actions, with time for completion. How Do Organizational Goals Relate to...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is a Values Statement?In addition to the mission and vision statements, companies will frequently create a values statement. This statement seeks to reinforce the core operating values of the company. Values statements are generally used when the company has a...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is a Mission Statement? It is the organization’s raison d’tre or reason for existing. A mission statement explains where a company wishes to go or what goals or objectives it hopes to achieve. Done correctly, the mission statement will clarify the...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is a Vision Statement?A vision statement for a business is a description of what the managers believe the business should or will be in the future. It will describe the organizations aspirations, such as growth, profitability, societal contribution, stakeholder...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Environmental Scanning?Environmental scanning is done to identify potential environmental uncertainty. More specifically, it concerns scanning the immediate environment for environmental contingencies facing the organization. Planners use this information to...
