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MGTA01H3 (348)


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University of Toronto Scarborough
Management (MGT)
H Laurence

MGTA03 CHAPTER 7 11242011 81800 AM THE MANAGEMENT PROCESSManagement the process of planning organizing leading and controlling a businesss financial physical human and information resources in order to achieve its goalsPlanning that portion of a managers job concerned with determining what the business needs to do and the best way to achieve itHas three main components determining the firms goals developing a comprehensive strategy to achieve those goals designing tactical and operational plans for implementing the strategyPlanning process has 5 basic steps 1 Goals are established for the organization 2 Managers identify whether a gap exists between the companys desire and actual position 3 Managers develop plans to achieve the desired objectives objectives indicate what results are desired while plans indicate how these objectives are to be achieved 4 The plans that have been decided upon are implemented 5 The effectiveness of the plan is assessed this requires comparing actual results with planned performanceEg Creation of Yahoo strategic goal of becoming top firm assessed ways in which people use the web ways in which they would use it in the future analyzed successful strategies of other growing firms concluded that people wanted an easytounderstand web interfaceOrganizing that portion of a managers job concerned with mobilizing the necessary resources to complete a particular taskHP lost a lot of its lustre because of its poorly organized structure internet plan was not centralizedLeading that portion of a managers job concerned with guiding and motivating employees to meet the firms objectives
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