BUSI 1800 Chapter Notes - Chapter 8: Decision-Making, Middle Management, Strategic Planning
2 May 2018
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BUSI 1800
Chapter 8: Management and Leadership:
Managers Roles Are Evolving:
• Resources: A general term that incorporates human resources, natural resources and
financial resources, they include the Factors of Production
• Managers now guiding, training, supporting, motivating, and coaching employees
• Emphasis is on teamwork and cooperation
• Employees seen as partners
• More females and younger workers
• Managers of tomorrow expected to be: skilled communicators, team players, planners,
organizers, motivators and leaders
• In future, more work will be completed in teams and with more transparency
Functions of Management:
• Functions of management: the process used to accomplish organizational goals through
planning, organizing, leading, and controlling people and other organizational resources
• Planning: a management function that includes anticipating trends and determining the
best strategies and tactics to achieve organizational goals and objectives
• Organizing: the management function that includes designing the structure of the
organization and creating conditions and systems in which everyone and everything
work together to achieve the organizatio’s goals ad ojeties
• Leading: creating a vision of the organization and guiding, training, coaching, and
motivating others to work effectively to achieve the orgaizatio’s goals ad ojeties]
• Controlling: a management function that involves establishing clear standards t
determine whether or not an organization is progressing toward its goals and
objectives, rewarding people for doing a good job, and taking corrective action if they
are not
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Planning and Decision Making:
• Vision: an encompassing explanation of why the company exists and where it is trying to
head
• Values: a set of fundamental beliefs that guide a business in the decisions it makes
• Mission statement: an outline of the fundamental purposes of an organization, it should
address:
o The orgaizatio’s self-concept
o The orgaizatio’s philosophy ad goals
o Long-term survival
o Customer needs
o Social responsibility
o The ature of the orgaizatio’s produt or serie
• Goals: the broad long-term accomplishments an organization wishes to attain
• Objectives: Specific, measurable, short-term statements detailing how to achieve the
organization's goals
Questions of Planning:
• SWOT analysis: a plaig tool used to aalyze a orgaizatio’s stregths, eakesses,
opportunities and threats
Planning Functions:
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