MGM101H5 Chapter Notes - Chapter 1: Henri Fayol, Business Acumen, Human Capital
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MGM101H5 Full Course Notes
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Document Summary
Business acumen: keenness and speed in understanding and deciding on a business. Management: the art of getting things done through people. Henri fayol management had 5 main functions: planning, organizing, commanding, coordinating, controlling. This has shortened to 4 functions: planning: : 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 procurement, r&d, production, marketing, sales, customer service, human resources, accounting, and finance and deciding how much decision-making authority to give each subunit. : the process of monitoring performance against goals, intervening when goals are not met, and taking corrective action. Drafting plans is the first step in controlling an organization.
