BUS 100 Lecture Notes - Telephone Time, Strategic Management, Firstline

• School: UFV
• Department: Business Administration
• Course: BUS 100
• Professor: Kim Milnes

Document Summary

The management process: management = process of planning, organizing, leading, controlling businesses" resources to achieve goals, 1 all parts of the job interrelated, efficiency (most out w/ set input) vs. Effectiveness (achieving set goals: planning, process of determining firm"s goals and developing strategy to achieve them. 2 manager ids if gap is present between reality and goal. 3 managers develop plans to achieve these goals. 5 effectiveness of the plan assessed: some managers use prediction markets to assess future possibilities. Employees buy shares in various answers to an important question(s) that needs answer: hierarchy of plans. Establish standards measure performance does it meet standards (y: continue; n: adjust performance or standards. Types of managers: levels of management, top managers (least) Responsible for firm"s overall performance and effectiveness, and for developing long-range plans for the company. Responsible to board of directors and stockholders. President, vp, ceo, cfo, coo: middle managers. Responsible for implementing decisions made by the top managers.