AFM131 Chapter Notes - Chapter 8: Organizational Chart, Swot Analysis, Pest Analysis

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Management: process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources. Functions of management (ploc: planning: anticipating trends and determining best, organizing: designing structure of organization and strategies. Setting precise standards: leading: creating a vision for the organization guiding, training, coaching, and motivating others to work effectively. Vision: (cid:862)where (cid:449)e are goi(cid:374)g (cid:863) long term objective. How does the company fulfill this function creating conditions and systems where everyone and everything works together. Allocating resources, assigning tasks, and establishing procedures for accomplishing goals. Preparing organizational chart showing lines of authority and responsibility. Placing employees where they will be most effective: controlling: establishing clear standards, rewarding people for doing a good job, and taking corrective action of they are not. Goals: broad, long-term accomplishments an organization wishes to attain smart (specific, measureable, attainable, relevant, timely goals. Objectives: specific, measureable, short-term statements on how to achieve goals. Considers primo-f: people, resources, innovation/ideas, marketing, operations, finance.