ADM 1300 Study Guide - Swot Analysis, Insider Trading, Price Gouging

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: All

Document Summary

Describe the 4 basic functions that constitute the management process. Management process of planning, organization, leading and controlling an enterprise"s financial, physical, human, and information resources to achieve the organization"s goals of supplying various product and services. Management efficiency means achieving the greatest level of output with a given amount of input; (doing things right) Management effictiveness means achieving the goals that have been set. (doing things right) Managers can focus on being effective and will likely be efficient, but not vice versa: the functions that are necessary in the management process: All managers plan, organize, direct and control day-to-day operations. Steps of planning: goals are established for the organization, management identify weather a gap exists between desires and position (there is always a gap, management develop plans to achieve desired goals. Goal = result desired, plans = how these goals are to be achieved: thinking is converted into action.