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Patrick Woodcock

ADM MIDTERM NOTES: CHAPTER 1-7 Chapitre 1: - Business create a growing economy (produces more goods and services but uses fewer resources over time) – engine for growth - Business: all profit-seeking activities and enterprises that provide goods and services necessary to an economy system - Profits: rewards for business people who take risks involved to offer goods and services to customers Chapter 7: - Management: the process of achieving organizational goals through people and other resources • Top management : Chief executive office, chief financial officer, Premier, Mayor Develop long-range strategic plans for the organization Inspire executives and employees to achieve their vision for the company`s future need mostly conceptual and human skills • Middle management: Regional manager, division head, director, dean Focus on specific operations, products, or customer groups within an organization responsible for developing detailed plans and procedures to implement the firm`s strategic plans Need mostly human skills, some conceptual and sometechnical • Supervisory (first-line management): Supervisor, Department Chairperson, Program manager Implement the plans developed by middle managers Responsible for non-manager employees Motivate workers to accomplish daily, weekly and monthly goals Need mostly human skills and technical skills - Skills needed : • Technical skills: managers ability to understand and use the techniques, tools, knowledge and equipment of a specific department or area of study • Human skills: interpersonal skills that enable a manager to work effectively with and through pple • Conceptual skills: ability to see the organization as a unified whole and to understand how each part of the overall organization interacts with other parts - Managerial functions : 1- Planning, 2- organizing, 3- directing, 4- controlling : 4 steps: - Setting performance standards, monitor actual performance, compare actual performance with the standards, making corrections if needed - SWOT= Strengths, weakness, opportunities, threats - Decision types : • Decision making: the process of seeing a problem/ opportunity, assessing possible solutions, selecting and carrying out the best-suited plan, and assessing the results • Programmed decision: involves simple common and frequently-occuring problems that already have solutions • A non-programmed decision involves a complex and unique problem /opportunity with important results for organisation  Decision making: see problem/opportunity, develop possible ways of taking action, evaluate options, select and carry out one option, assess outcome - Leadership: ability to direct or inspire pple to reach goals (involves influence of power)  3 common traits : Empathy, self-awareness, objectivity in dealing with others - Leadership styles: • Autocratic: Leader-centered; make decisions on own without consulting employees • Democratic : involves employees in decision, delegate assignments, and ask them for suggestions • Free-rein leadership: involves minimal supervision; leave most decisions to employees - Organization: a structured group of pple working together to achieve common goals  3 key elements: human interaction, goal directed activities, structure - Departmentalization: the process of dividing work activities into units within the organization • Product departmentalization: organized based on the goods and services a company offers • Geographical departmentalization: organized by geographical regions within a country, for a multinational firm, by region and throughout the world • Customer departmentalization: organized by different types of customers the organization serves • Functional departmentalization: organized by business functions such as finance, marketing, human resources and production • Process departmentalization: organized by work processes necessary to complete production of goods or services - Delegation: the managerial process of assigning work to employees - Span of management: number of employees a supervisor manages - Centralization: decision-making is retained at the top of the management hierarchy - Decentralization: decision making is shifted to the lower levels. Many firms believe it enhances their flexibility and responsiveness to customer needs - Line organizations: oldest and simplest form; direct flow of authority from CEO to employees (chain of
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