COMMERCE 1E03 Study Guide - Final Guide: Strategic Planning, Problem Solving, Swot Analysis

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1E03
• Professor: Rita Cossa

Document Summary

Resource is a general term that incorporates human resources, natural resources, and financial resources. Every business has scarce resources, and management is about deciding how to effectively use these scarce resources. Create drop in centers, team spaces, and open work areas. Tend to guide, train, support, motivate, and coach employees. Emphasize teamwork and co-operation rather than discipline and order giving. Management is the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources. Guiding and motivating employees to work effectively to accomplish organizational goals and objectives. Allocating resources, assigning tasks, and establishing procedures for accomplishing goals. Preparing a structure (organizing chart) showing lines of authority and responsibility. Placing employees where they will be most effective. Planning includes anticipating trends and determining the best strategies and tactics to achieve organizational goals, and objectives. The rest of management depend heavily on planning.