BUS 201 Study Guide - Swot Analysis, Crisis Management, Cost Leadership

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Management: the process of planning, organizing, leading, and controlling and enterprise"s financial, physical, human, and information resources to achieve the organization"s goals, efficiency. The greatest level of output with a given amount of input: effectiveness. Achieving organizational goals that have been set. Planning: process of determining the firm"s goals and developing a strategy for achieving those goals, 1. Goals are established for the organization: 2. Managers identify whether a gap exists between the desired and actual position: 3. Managers develop plans to achieve the desired objectives: 4. Plans that have been decided upon are implemented: 5. Typically involve upper and middle management: operational plans, developed by middle and lower-level managers, set short-term targets for daily, weekly, or monthly performance. Organizing: process of deciding which jobs must be performed, and how these jobs should be coordinated so that the company"s goals are reached. Leading: managers guide and motivate workers to meet the company"s objectives.

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