COMMERCE 1E03 Lecture : Chapter 12.docx

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Resources is a general term that incorporates human resources, natural resources, and financial resources. Today"s top leaders of fortune 100 companies are younger, and more of them are female. Management demands a skilled communicator, team player, planner, coordinator, organizer, and supervisor. Management is the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources. Planning is a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives. Leading is creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization"s goals and objectives: this function was once known as directing; telling employees exactly what to do. Controlling is a management function that involves establishing clear standards to 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 aren"t.

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