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University of Ottawa

BusinessManagers and ManagingManagement is working with and through individuals and groups to achieve desired goalsManagerial Functionsplanning organizing leading controllingOrganizational Functionsaccounting finance operations managementHuman resources management marketing The process of managementMission Statementthe way in which you run things the philosophy the mandateWhat affects the missionValuesSocial Needs CultureResourcesEnvironment Political Economics LegalTechnologyCompetitionMarket DemandInternational AffairsGoals Long TermReasonably AttainableRealistic ChallengingGoal is set by person responsible for achieving itTime FrameMeasurablePerformance Appraisal SystemCheck goals against performanceObjectives Short TermKey Terms of PlanningPolicy Guideline to ActionProcedures Sequence of StepsRulesBudgetsOrganizeArrange ResourcesLeading DirectionsMotivateControl 1Establish Standards2Measure Performance3Compare Actual vs Expected4Take Correction Action IF significant deviationThrough Art of CommunicationManagerial RolesDescribed by MintzbergA role is a set of specific tasks a person performs because of the position they holdRoles of directed inside as well as outside the organizational1 Interpersonalfigurehead liasonleader 2 Informationaldisseminatormonitorsspokesperson3 Decisionaldisturbance handlerentrepreneur negotiations resource allocationManagerial Skills1Conceptual Skills Dream 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 interrelate3Technical Skills the jobspecific knowledge required to perform a task the day to day Measuring Managerial PerformanceEconomythe terms and conditions under which human and material resources are acquiredEfficiencythe amount of resources incurred to produce goods and servicesEffectivenesshow well is the organization doing in meeting its goalsForms of Business Ownership Sole ProprietorshipsPartnershipsSole Proprietorshipwhen management and ownership of a business are one and the samethe oldest and most common form of legal ownership in Canada 6070Sole Proprietorship Advantageseasy to formdissolve must be legallicense may be required simplicitygovernment preferential treatmentsole claim on all profits lossespersonal incentivesatisfactionpays only personal income taxSole Proprietorship Disadvantages
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