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ADM 1300 Course Notes.docx

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University of Ottawa

Lesson 2thJan 10 2011Managers and ManagingDefinition of ManagementManagement is working with and through individuals and groups in order to achieve desired goalsManagerial Functions 4Planning organizing leading controlling Organizational Functions 5Accounting finance operations managementHuman resources management marketingProcess of managementMission StatementGoalsPlanOrganizeMotivateControlMISSION STATEMENT PHILOSOPHYPURPOSEMANDATEEffective by social ethics market demand economy legal politics resources technology Leads to Goals long term Objectivesshort termSpecific measureable time frame challenging reasonably attainable set by people responsibleLeads to Plan course of actionPolicyguideline to actionProceduresequence of stepsRule BudgetPlan Leads to Organize arranging resourcesPlan leads to motivate Organize motivate lead to control1Establish standards2Measure performance3Compare 4Take corrective action if necessaryManagerial FunctionsHenri Fayol was the first to describe the four 4 managerial functions Fayol noted managers at all levels must perform each of the functionPlanningOrganizingLeadingControllingManagerial RolesDescribed by MintzbergA role is a set of specific tasks a person performs because of the position they holdRoles are directed inside as well as outside the organization1 Interpersonal2 Informational 3 DecisionalManagerial Skills1 Conceptual Skills The ability to analyze and diagnose a situation and find the cause and effect the ability to dream2 Human Skills The ability to understand alter lead and control peoples behaviour the ability to interrelate3 Technical Skills The jobspecific knowledge required to perform a task the day to dayDruckerManaging Managerial PerformanceThe 3 Es of ProductivityEconomy the terms and conditions under which human and material resources are acquiredEfficiency the amount of resources incurred to produce goods and servicesEffectiveness how well is the organization doing in meeting its goalsForms of OwnershipSole ProprietorshipsPartnershipsCorporationsLesson3thJan 12 2011Sole ProprietorshipWhen management and ownership of a business are one and the sameThe oldest and most common form of legal ownership in Canada 6070Sole ProprietorshipAdvantagesDisadvantagesFreedom Unlimited liabilityEasy to formdissolve must be legalLack of continuity uncertainty of License may be required simplicitydurationGovernment preferential treatmentmore Difficulty in raising moniescompetition better goods priceManagement limitationsSole claim on all profits losses 6070of small businesses go bankruptPersonal incentivesatisfactionPays only personal income tax graduated tax system greater the taxable income more taxes paid highest bracket 46 or 125 000yearSecrecyPartnershipWhen two or more people combine their financial managerial and technical abilities to operate a business for profitLeast popularTypes of Partnerships1 General PartnershipsAll partners have unlimited or general liability2 Limited PartnershipsOne general partner by lawOne or more limited partnersArticles of Partnership a prenup for businessPrevents misunderstanding and illwill at some future dateNot legally required in CanadaPartnership AdvantagesDisadvantagesEasy to form Usually unlimited liability joint and Owners are taxed at personal rateseveral liability both people individually Larger availability of moneyresponsibleDiversification of management skillsManagement difficultiesRetention of valuable employees here Difficult to withdraw investmenttake some of our company if you stayDeath Personal interestsatisfactionInsanity Incarceration Simple withdraw
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