MGM101H5 Chapter Notes - Chapter 1: Chief Executive Officer, Chief Technology Officer, Chief Financial Officer

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Lecture 1 chapter 1: management and the environment. Management- the art of getting things done through people in organizations. Manager- managers are responsible for making decisions under conditions of uncertainty about the allocation of scarce resources towards achieving the organization"s strategic objectives. Manager"s roles are evolving new approaches due to: * set the direction and develops the vision. * develops strategic plans to achieve the vision. * energizes employees to overcome barriers to change. Define: a formal process whereby managers choose goals, identify actions to attain those goals, allocate responsibility for implementing actions to specific individuals/units, measure the success of actions by comparing actual results against the goals, and revise plans accordingly. Used by senior managers to develop strategies for an organization and put those strategies into affect. Strategy- an action that managers take to attain the goals of an organization. Can also arise in absence of planning at all levels of management.