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Intro to biz 1.docx

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Definition of managementManagement is working with and through individuals and groups in order to achieve desired goalsYou do not do things on your own its meant to be done with throughothers Managers need to learn how to delegate power even though you are ultimately responsible for the task Management is like a chain of command similar to the military Goallong term desire Objectivethe shortterm step thats taken to reach a goalManagerial functionsplanning organizing motivating leading controllingOrganizational functionsaccounting finance operations management human resources management marketingProcess of ManagementVisionMission StatementSociety opportunities threats the strengths and weaknesses of the company legal political economy resources technology demand competition all affect the mission statementMission StatementGoalsGoals should be realistic specific measurable timeframe challenging Goals should be set by the people responsible for achieving themGoalsPlanningPlandetail course of actionPolicyguideline to action Proceduresequence of steps that you go through to carry out the policy RuleRegulation BudgetPlanningOrganizing strengths and weaknesses and MotivateOrganizing and MotivatingControllingEstablish standards of performance measure your performance compare the actual against the expected standard if there is a significant deviation then you take corrective actionArt of communication encompasses the plan to controlA good manager coordinates all of these since all are equally important and interrelated synergyHenri Fayol was the first person to describe the 4 managerial functions Fayol noted managers at all levels must perform each of these functions planning leading organizing controllingManagerial Rolesdescribed by MintzbergA role is a set of specific tasks a person performs because of the position they holdAuthority x ResponsibilityPowerRoles are directed inside as well as outside organizations1Interpersonal2Informational3DecisionalManagerial SkillsConceptual Skillsthe ability to analyze and diagnose a situation and find the cause and effect the ability to dreamHuman Skillsthe ability to understand alter lead and control peoples behaviour the ability to interrelateTechnical Skillsthe jobspecific knowledge required to perform a task the day to day
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