MGM101H5 Lecture Notes - Lecture 2: Rob Ford, Skill
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MGM101H5 Full Course Notes
Verified Note
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Document Summary
Managers can vary based on the business. Closest one: managers are responsible for making decisions under conditions of uncertainty about the allocation of scarce resources towards achieving organizations strategic objectives. Must make decisions based on imperfect data that will change tomorrow. Make best possible decision at that moment in time. Implement decisions by allocating resources (i. e. human, financial, material, time, etc. ) Answer how to grow business (i. e. internationally, buy another company, introduce new products, etc. ) Managers roles must constantly adapt because of. Global competition (more competitors in markets, domestic. Business scandals (i. e. mayor rob ford and drugs) (today, industries expanding, constant evolution) scandals become much more exposed than in the past, managers must cover up) Constant change (more flux in markets, more variables) (i. e. managers in scotland waiting for results of uk separation, how does that affect trade, rules, laws?) Better educated workers (more information available in school, news, etc. )
