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75-100 Chapter 8 notes.pdf

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University of Windsor

Chapter 8: Management and Leadership 2012-12-17 7:39 AM Progress Assessment: • What is the definition of management used in this chapter? • What are the 4 functions of management? • What’s the difference between goals and objectives? • What does a company analyze when it does a SWOT analysis? • What’s the difference between strategic, tactical, and operational planning? • What are the seven D’s in decision making? • What are some characteristics of leadership today that make leaders different from traditional managers? • Explain the differences between autocratic and democratic leadership styles • What is the first step in developing a knowledge management system? • What are the five steps in the control process? • What’s the difference between internal and eternal customers? Summary: Learning Objective #1: Explain how the changes that are occurring in the business environment are affecting the management function. • Many managers are changing their approach to corporate management. • What reasons can you give to account for these changes in management? o Business people are being challenged to be more ethical and to make their accounting practices more visible to investors and the general public. Change is now happening faster than ever, and global competition is just a click away. Managing change is an important element of success, particularly in light of today’s emphasis on speed in the global marketplace. National borders mean much less now than ever before, and cooperation and integration among companies have greatly increased. Within companies, knowledge workers are demanding managerial styles that allow for freedom, and the workforce is becoming increasingly diverse, educated, and self -directed. • How are managers’ roles changing? o Managers are being educated to guide, train, support and teach employees rather than tell them what to do. Learning Objective #2: Describe the 4 functions of management. • Managers perform a variety of functions. • What are the primary functions of management? o 1) planning, 2) organizing , 3) leading and 4) controlling • Describe each of the 4 functions. o Planning includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives. Organizing includes designing the structure of the organization and creating conditions and systems in which everyone and everything works together to a chieve the organization’s goals and objectives. Leading involves creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives. Controlling involves establishing clear standards to determine whether an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not. Learning Objective #3: Describe the different types of plan ning and the importance of decision making in choosing the best alternative. • The planning function involves the process of setting objectives to meet the organizational goals. Goals are broad, long -term achievements that organizations aim to accomplish. • What are the 4 types of planning, and how are they related to the organization’s goals and objectives? o Strategic planning is broad, long -range planning that outlin
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