[MGM101H5] - Midterm Exam Guide - Ultimate 15 pages long Study Guide!

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Management the art of getting things done through people. Hennery"s original five functions of management were: planning, organizing, commanding, controlling, coordinating. However now with a modified version there are four main functions (foyles fifth function of coordinating is now treated as an aspect of organizing) : planning: A formal process whereby managers choose goals. Identify actions to attain those goals, allocate responsibility for implementing actions to specific individuals or units, measure the success of actions by comparing actual results against the goas, and revise plans accordingly. Takes place at multiple levels of organization and used by senior managers to develop overall strategies for an organization. Strategies: an action that managers take to attain the goals of an organization. Managers draw up plans for building new plans, opening new offices implementing new informational systems, improving inventory control systems, launching new products . Planning is a formal process of generating the strategies of an organization.