MGM101H5 Lecture 8: EXAM REVIEW
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MGM101H5 Full Course Notes
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Document Summary
Management is the art of getting things done through people in organizations. Managers are not just responsible for making sure the business runs smoothly, but they also assist in building a purpose and direction for the business. They can also change the business as a whole. At first there were five main functions of management: planning, organizing, commanding, coordinating and controlling. Later, they simplified the functions of management into four main functions: planning, organizing, controlling and leading (this mixed coordinating and commanding) Planning is the formal process whereby managers determine certain goals, think of ways to implement those goals, assign different tasks to different individuals, evaluate the success of the actions, and make changes accordingly. At the senior level, planning involves coming up with the overall strategy for the entire organization. However, planning goes beyond strategy development, to the regulation of the entire organization. Planning = strategies, but strategizing involves more than planning.
