MGTA01H3 Chapter 7: Chapter 7 notes (What I used to study for final)

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15 Dec 2010
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MGTA01H3 Full Course Notes
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Management: the process of planning, organizing, leading, and controlling a business"s financial, physical, human and information resources in order to achieve its goals. Planning: the portion of a manager"s job concerned with determining what the business needs to do and the best way to achieve it. Step1 goals are established for the organization. Step2 managers identify whether a gap exists between the company"s desire and actual position. Step3 managers develop plans to achieve the desired objectives. Step4 the plans that have been decided upon are implemented. Organizing: that portion of a manager"s job concerned with mobilizing the necessary resources to complete a particular task. Leading: that portion of a manger"s job concerned with guiding and motivating employees to meet the firm"s objectives. Controlling: that portion of a manager"s job concerned with monitoring the firm"s performance and, if necessary, acting to bring it in line with the firm"s goals.

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