MGT 521 Week 2 Discussion

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

***Due Thursday***

Respond to the following in a minimum of 175 words:

Summary

Let’s leverage this discussion thread to gather the concepts and content from Ch. 5 and/or Ch. 6 that we may need to complete our assignments and that will most benefit us in advancing our careers. Avoid reading word-for-word, and use the following questions and scenarios to guide your inquiry.

Resources

Kinicki, A., & Williams, B. K. (2016). Management: A practical introduction (7 ed.). New York, NY: McGraw Hill Education.

Instructions

Do not start a new thread. Select one of the following scenarios, develop a response, then post the response as a reply to this discussion starter. Limit your response to 175 to 300 words, demonstrate understanding of and cite the required readings or other credible sources that you apply, and look for opportunities to engage with and learn from others

Scenarios

Scenario 1: Planning, strategy, and strategic management

You have been assigned to manage a high profile project within your organization. You have resources that have been identified to support this effort. As a leader answer the questions that will support your management of this project during the planning stage as discussed in Chap. 5. by Kinicki and Williams, (2016) in Management.

Questions

• What are planning, strategy, and strategic management, and why are they important to me as a manager?
• What are mission and vision statements, and what are three types of planning and goals?
• What are the three types of goals, and what are different kinds of plans?

Scenario 2: Smart Goals & MBOs

You have been assigned to manage a new team within your organization. You have resources that have been with the company for some time. However, the team is lacking in direction and goals and hasn’t had an effective and efficient manager to lead them. As a leader answer the questions that will support your new management role as discussed in Chap. 5 by Kinicki and Williams, (2016) in Management.

Questions

• What are SMART goals and MBO and how can they be implemented?
• How does the planning/control cycle help keep a manager’s plans headed in the right direction?

Scenario 3: A Business Owners ViewPoint

Todd McFarlane’s reluctance to allow outside investors to have control over projects is most likely related to concerns that they might not share the company’s Vision. From a financial management standpoint, Todd McFarlane is a relatively debt-averse and conservative manager, which has kept the company profitable over the years. When completing a SWOT analysis, his financial management style would be categorized as a Strength instead of a Weakness, Opportunity, or Threat. Todd McFarlane speaks about the future and mentioned that if he had to sell off his sculptures and other art-related products and open a large special-effects house and that made more sense at that time, he would do it. He would come about that decision through Environmental scanning. ( Kinicki and Williams, (2016) in Management, Ch. 6).

Discussion:

• Explain why Tom McFarlane has issues sharing the company’s vision with outside investors.
• Explain why the SWOT analysis tool supports Tom McFarlane’s management style as a Strength.
• Discuss why environmental scanning is critical to Tom McFarlane’s decision.

Scenario 4:

Watch the “Angie Hicks” video.

Identify 1 to 2 ways Angie Hicks has continued to stick to her original plan even with the continued growth and success of her company.

References

Kinicki, A. and Williams, B. (2016). Management: A Practical Introduction. 7th ed. New Jersey: McGraw Hill Higher Education.

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