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Lecture notes Introduction to business management adm1300.docx

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Lecture 1 Introduction to business management code for adm1300 CRSCDM9239828Managers and ManagingManagement is working with and through individuals and groups in order to achieve desired goalsAuthorityxresponsibility powerThe objective is the short term step to reach the long term goal Objective is not the same as a goalManagerial FunctionsPlanning Organizing Leading ControllingOrganizational FunctionsAccounting finance operations managementHuman resources management marketingProcess of Management1First thing a business needs is a mission statement A mission statement you purpose its why you are there Things affecting the missionCapital politicallegalresourcescompetitionmarket demandtechnologySocialEthical2 Goals long term resultsobjectives steps to goals realisticchallengingTime framespecificmeasureableset by people responsible for achieving them3 Plan detailed course of actionKey term of planningPolicyguideline to action Proceduressequence of steps Rules and regulationsBudget4 Organize arrange your resources5 Leading motivating6Controlling1Establish standards2measure performance3Compare actual performance vs the established of expected4IFsignificant deviation take corrective actionThe management process is surrounded by the art of communication internally and externallyA managers major responsibility is to coordinate ALL of the management process They must make sure there all working together also known as SYNERGY That means you cant do something to one part of the process to affect another part of the processManagerial Functions contHenri Fayol was the first to describe the four managerial functionsFayol noted managers at all levels must perform each of the functions of planning Organizing Leading ControllingManagerial 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 organizationManagers perform different roles1 Interpersonal2Informational
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