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University of Ottawa

BUSINESSMANAGEMENTMIDTERMSUMMARYNOTES1MANAGERSANDMANAGINGManagement is working with and through individuals delegation and groups in order to achieve desired goalsPositive aspects of a manager ability t adapt to new situations inquisitiveness learning agility sensitivity to others and selfawarenessNegative aspects of a manager potential detailers awareness of arrogance selfpromotion insensitivity argumentativeness impulsiveness and tendency to micromanageHard Skill accounting finance marketingSoft Skill human relations decision makingManagement TermsOrganizations collections of people who work together and coordinate their actions to achieve goalsResources assetsland labour capital digital capitalManager responsible for supervising the use of organizations resources to achieve its goal Achieving High PerformanceA Managers GoalOrganizational Performance measure of how efficiently a manager uses resources to satisfy customers and achieve goalsEfficiency measure of how well or productively resources are used to achieve goalsEffectiveness measure of appropriateness of the goals an organization is pursuing and of the degree to which the organization achieves those goalsGoal long term desired outcome Objective steps to take to achieve goalsEfficiency Effectiveness and PerformanceLow EfficiencyHigh Effectiveness does poor job using resourcesmanager chooses right goals RESULT product consumers want too expensiveLow EfficiencyLow Effectiveness does poor job using resourcesmanager chooses wrong goals RESULT low quality product consumers wantHigh EfficiencyHigh Effectiveness makes good use of resourcesmanager chooses right goals RESULT product consumers want good priceHigh EfficiencyLow Effectiveness makes good use of resourcesmanager chooses wrong goals RESULT high quality product consumers do not wantMANAGERIAL FUNCTIONSBUSINESSMANAGEMENTMIDTERMSUMMARYNOTESFour Functions of Management Fayol1Planning choose appropriate org Goals and courses of action to best achieve goals2Organizing establish task and authority relationships that allow people to work together to achieve goals3Controlling establish accurate measuring and monitoring systems to evaluate how well org Achieves goals4Leading motivate coordinate energize individuals and groups to work together to achieve goalsOutcome of planningStrategy cluster of decisions about what gals to pursue what resources to useOutcome of organizingOrganizational Structure formal system of task and reporting relationships that coordinate and motivate org Members so they work together to achieve goalsOrganizational Functions accounting finance marketing human resourcesTYPES OF MANAGERSDepartment group of people who work together and possess similar skills or use the same knowledge tools or techniques to perform their jobsManagement HierarchyChief Executive Officer CEO entrepreneur that founds the organization and begins the management task of organizing Top Managers establish organizational goals decide how departments should interact monitor performance of middle managersMiddle Managers supervise firstline managers responsible for finding best ways to use resources to achieve goalsFirstLine Managers supervisors responsible for daily coordination of nonmanagerial employeesRestructuring downsizing an org by eliminating jobs of large numbers of top middle and firstline managers and nonmanagerial employees many negative effectsEmpowerment and SelfManaged TeamsEmpowerment Expanding employees tasks and responsibilitiesSelfManaged Teams groups of employees who supervise their own activities and monitor the quality f gs they produceBUSINESSMANAGEMENTMIDTERMSUMMARYNOTESManagerial RolesMintzbergInterpersonal 1 Figurehead 2 Leader 3 LiaisonInformational 4 Monitor 5 Disseminator 6 SpokespersonDecisional 7 Entrepreneur 8 Disturbance handler 9 Resource allocator 10 Negotiator Roles set of specific tasks a person performs because of a position they hold inside and outside orgManagerial SkillsConceptual ability to analyse and diagnose a situation and to distinguish between course and effect ability to dreamHuman Skills ability to understand alter lead and control behaviour of other individuals and groups interrelateTechnical Skills job specific knowledge and techniques required to perform an org role day to dayCHALLENGES FOR MANAGEMENT IN THE CANADIAN ENVIRONMENT1Organizational Size Publicly held orgcompanies whose shares are available on the stick exchange for public trading Privately held orgcompanies whose shares not available on stock exchange 2Types of Organization Public sectorcivil servants for municipal provincial or federal Gov departments3Political and Legal Climate Unionized orgmanagers learn to work with unions to create positive work climate InterprovincialInternational trade Trade barriers4Managing in a Diverse WorkplaceCHALLENGES FOR MANAGEMENT IN THE GLOBAL ENVIRONMENT Global Organization org that operate and compete in more than one country1Building a Competitive AdvantageIncreasing efficiency quality innovation responsiveness to customers2Maintaining Ethical Standards3Utilizing New Information Systems and TechnologyPROCESS OF MANAGEMENTSEE DIAGRAM IN NOTESMeasuring Managerial Performance3 Es of Productivity Economyhoe money is used
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