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ADM1300 Class Notes.doc

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ADM 1300 class notesSeptember 13thDefinition of ManagementWorking with and through individuals and groups in order to achieve desired goalsChain of commandwork around and with otherWITHwork with cooperate with otherTHROUGHdelegate work and use othersINDIVIDUALSeveryone has different needs and wantsGROUPS2 or more individualsGOALSlong term obtained through objectivesManagerial Functions POLCPlanning Organizing Leading ControllingOrganizational Functions Finance operations management HR marketingProcess of ManagementMission statementshows purposemandate of the businessReflection of Society Organization moneyresourcesculturelegalpoliticsmarketemployeescompetitiontechnologyGoalsLong term desired resultsObjectiveshort term goals to reach final goal ladder analogyneed to be reasonably achievablespecific and measurabletime framedset by those responsible for achieving themPlanningDetailed course of actionPolicyGuideline to actionProceduresequence of steps to carry out the policyRulesMUST and MUST NOT doBudgetoutlines finances of the organization Must forecastOrganizearrange resources to carry out the planLeadMotivate other to go toward objectivesControllingMonitoring and evaluating performance1Establish standards2Measure performance3Did performance match standards4Take corrective action if deviation is significantAll leads to the art of communicationADM 1300 class notesSeptember 13thA managers main responsibility is to coordinate ALL the factorssynergy everything is interrelatedManagerial RolesA role is a set of tasks a person performs because of their positionRoles are inside and outside of the organization1Interpersonal between people2Informational inside and outside3Decisional specific directionsManagerial Skills1Conceptual Skillsability to analyze a situation2Humans Skillsability to control others interrelate3Technical SkillsJob specific knowledge to perform tasksMeasuring PerformanceEconomyTermsconditions on how human and material resources are acquiredEfficiencyamount of resources used to produce goodsEffectivenessDid the organization meet its goalsForms of OwnershipSole proprietors partnerships and corporationsSole ProprietorshipWhen management and ownership are the sameMost common 6070AdvantagesEasy to formdissolve Must be legalLicense may be required simplicity chip wagonfood license peoples wellbeingPreferential treatment from government taxes and benefitsbackbone of economy jobs competitionSole claim on profits or lossesa lot of bankruptciespersonal incentive and satisfactionpays only personal income tax progressive tax systemtax brackets highest is 46 at around 125000 taxable incomeSecrecyideas kept to themselves
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