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Midterm

mid term 1 full.docx

24 Pages
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Department
Administration
Course Code
ADM1300
Professor
All

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Description
Lesson 1Managers and Managing Management is working with and through individuals and groups in order to achieve desired goalsAuthority X ResponsibilitypowerA goal is a long term desired objectiveObjectivesare the steps you take to achieve your goalManagerial functions planningorganizingleadingcontrollingHenry fayol was the first to talk about polcdescribed by mitzenberga role is a set of specific tasks a person performsbecause of the position they hold Roles are directed inside as well as outside the organizationinterpersonalinformationaldecisional Managerial skills1Conceptual skillsthe ability to analyze and diagnose a situation and find the cause and effect the ability to dream 2 human skillsthe ability to understandalterlead and deal with peoples behaviour the ability to interrelate 3techinical skillsthe jobspecific knowledge required to perform a taskthe day to day Organizational functions Accountingfinanceoperationsmanagementhuman resources managementProcess of management In order to start your own company you need a mission statement vision What affects a mission moneypoliticslegalresourcescompetitionmarket demandtechnologysocialethical The mission statement leads to goals the goals and objectives need to be realisticchallenging and need a time framespecific so you can measure your performancegoal are set by people responsible for achieving them Goals lead to planninga plan is a detailed course of actionthere are four key terms for planningthe first one is policyguideline to actionthen proceduressequence of steps to carry out the policy rules and regulations are also key termsand finally we have the key term of budgeting Planning leads to organizing arrange your resources and leading motivating then those lead to controlling1estimate standards2measure performance3comparethe actual performance vs the expected performance4 IF a significant deviationtake effective actionThe art of communication engulfs the process of management planning organizationleadingcontrolling The managers major responsibility is to coordinate all of the elements polcMeasuring managerial performance economythe terms and condition under which human and material resources are acquired efficiencythe amount of resources incurred to produce goods and services effectiveness how well is the organization doing in meeting its goals Lesson 2 The case method What is a case
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