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Lecture

Ch.1 MGM.docx

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Department
Management
Course
MGM101H5
Professor
Gill Parveen
Semester
Summer

Description
Readings Chapter 1 MGM101PlanningStrategizing Planning is a formal process whereby managers choose goals identity actions to attain those goals allocate responsibility for implementing actions to specific individuals or units measure the success of actions by comparing actual results against the goals and revise plans accordinglyPlanning is a formal process for generating the strategies of an organization strategies can also arise in the absence of planning Strategy an action that managers take to attain the goals of an organizationStrategizing the process of thinking through on a continual basis what strategies an organization should pursue to attain its goalsStrategizing means being aware of what competitors are doing external changes and choosing course actionOrganizing the process of deciding who within an organization will perform what tasks where decisions will be made who reports to whom and how different parts of the organization will coordinate their activities to pursue a common goal In a business organizing typically involves dividing the enterprise into subunits based on functional tasks such as procurrent RD production marketing sales customer service human resources accounting and financeOrganizing is part of planning and strategizingStrategy is implemented through organizationControlling the process of monitoring performance against goals intervening when goals are not met and taking corrective actionWithout control systems to verify that performance is hitting goals an organization veer off course Drafting plans is the first step in controlling an organizationControlling requires managers to compare performance against the plans to monitor how successful an organization is at implementing a strategyIncentives are important for controllingIncentive a factor monetary or nonmonetary that motivates individuals to pursue a particular course of actionLeadingDeveloping Employees Leading The process of motivating influencing and directing others in the organization to work productively in pursuit of organization goalsLeading also entails articulating a grand strategic vision for an organization and becoming a tireless advocate for that visionAn important aspect of leading is developing employees Developing employees refers to the task of hiring training mentoring and rewarding employees in an organization including other managers
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