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Key Terms of Strategic Management

Key Terms of Strategic Management
The following is a list of “Key Terms of #Strategic Management” which find their use often when trying to explain the concepts. #Mission An important undertaking that an organization believes it is its duty to do. A specific task or duty assigned to a person or group of people. Missions tend to be long-term and laid out in broad terms, without attempts being made to quantify them precisely. #MISSION STATEMENT Mission statement An open statement of the aims and #objectives of a business or an organization – providing employees with an indication of what they are attempting to achieve through their collective deeds. Mission statements are intended to give substance to the perceived purposes of the organization. Vision Statement A Vision Statement defines what your business will do and why it will exist tomorrow and it has defined #goals to be accomplished by a set date. A Vision Statement takes into account the current status of the organization, and serves to point the direction of where the organization wishes to go. Objective Something which an organization intends to do or achieve; a result that the organization intends to make happen. Long-term or short-term objective, which you hope to achieve within a few years or a few months. Objectives and aims tend to be medium-term and more specific in terms of what is intended to be achieved. SMART OBJECTIVES #Strategy A #plan of future action, usually long-term, in the pursuit of objectives.  (e.g.) business strategy; company strategy; financial strategy. The formulation of long-term plans and policies by a firm which inter-connects its various production and marketing activities in order to achieve its business objectives. STRATEGY GENERATION #Aim A result that an organization’s plans or actions are intended to achieve. (e.g.) To try to do something: we aim to be No. 1 in the market in three years’ time. Goal An organization’s aim, objective or purpose. Goals and targets tend to be medium-term or short-term and may be expressed in terms of specific levels of achievements and tend to involve more specific quantification and deadlines. (e.g.) our goal is to break even within twelve months. GOALS VS. OBJECTIVES #Target A level or situation which an organization intends to achieve or aim at. An object or area aimed at the object of an attack or takeover bid. A fixed goal or objective, etc. #Tactics The plans followed to achieve a particular short-term aim. (a) The science and art of disposing and maneuvering forces in combat. (b) The art or skill of employing available means to accomplish an end. (c) A system or mode of procedure TACTICS OR STRATEGY? Plan A set of decisions about how an organization intends to do something, or to ensure that an event or result should happen in the future. Organized way of doing something: contingency plan, government’s economic plans. Plans tend to be quite specific (the shorter-term they are, the more specific they tend to be) and are usually quantified in some detail. They will, in order to ensure that they are complied with, lay out specific deadlines for each key stage. They may also involve the consideration or analysis of priorities and constraints. STRATEGIC PLANNING #Budget A #financial plan, which may be short-term or longer-term, showing probable (planned) #income and #expenditure. Budgets tend to be expressed mainly in monetary terms, although they may focus on the amounts of physical resources (materials, labor time) required. An estimate of income and expenditure for a future period, as opposed to an account, which records financial transactions after the event. BUDGET...
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HR Glossary ‘A’ Series

HR Glossary ‘A’ Series
This HR Glossary pertains to ‘A’ series terminologies Ability Aptitude or competence, the skill or proficiency needed to perform certain tasks. Ability test An assessment instrument used to measure an individual’s abilities, mental or physical skills level (i.e. problem solving, manual dexterity, etc.). Absenteeism Referred to as the habitual failure of employees to report for work when they are scheduled to work. Absolute ratings A rating method where the rater assigns a specific value on a fixed scale to the behavior or performance of an individual instead of assigning ratings based on comparisons between other individuals.  Abstract reasoning The process of perceiving issues and reaching conclusions through the use of symbols or generalizations rather than concrete factual information. Acceptance theory of Authority A manager’s authority rests on his or her subordinate’s acceptance of his or her right to give orders and to expect subordinate’s compliance with them. Accessibility The extent to which a contractor’s or employer’s facility is readily approachable and does not inhibit the mobility of individuals with disabilities, particularly such areas as the personnel office, worksite and public areas.   Accessible format Materials that are designed in alternate formats such as Braille, audiotape, oral presentation or electronically for individuals with visual impairments.  Accident and Health Benefits Employee fringe benefits paid usually through employer funded insurance plans.  Accountability The responsibility placed on an individual or group for their own or others’ actions, conduct, performance, projects, etc.   Accreditation A process of external quality review and certification by a recognized body that evaluates individuals, colleges, universities and educational programs to assure they are performing the functions that they claim to be performing in a competent manner.      Achievement test A standardized testing instrument used to measure how much an individual has learned or what skills he or she has attained as a result of education, training or past experience.  Acquisition The process of acquiring control of another corporation by purchase or stock exchange.  Action learning A learner-driven, continuous learning process where learning revolves around the need to find solutions to real problems. Active learning The process of learning new knowledge, skills and behaviors through taking specific actions or performing specific tasks.  Active listening A manner of listening that focuses exclusively on what the other person is saying and validates understanding of both the content of the message and the emotions underlying the message to ensure exact understanding. Activities of daily living (ADL) The personal care activities which are essential to an individual’s everyday living, including eating, bathing, grooming, dressing, mobility and toileting.   Action-centered Leadership A theory of leadership which focuses on what leaders actually have to do in order to be effective,rather than on the personal qualities that they need to be good leaders, and which believes that leadership can be taught. Adjunct program A supplemental training tool that applies programming principles to existing instructional modules, materials, texts, manuals, etc., that are designed to direct the learner to specific areas within the module. Adjudicator: Aa person who gives a decision on a problem, an adjudicator in an industrial dispute. Administrative service organization (ASO) A term used to define an organization that provides outsourced solutions to meet the administrative and HR needs of the client with the client retaining all employment-related risks and liabilities. Administartive Officer Office employee responsible for managing the office, running errands and assisting the executive or boss, typing, filing, and other office related duties as required by the specific job. Adverse action Any act by an employer that results in an individual or group of individuals being deprived of equal employment opportunities. Adverse impact A substantially different rate of selection in hiring, promotion or other employment decision that works...
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