CHAPTER 7 MANAGEMENT NOTES.docx

3 Pages
87 Views
Unlock Document

Department
Management (MGT)
Course
MGTA01H3
Professor
Zachariah Campbell
Semester
Winter

Description
CHAPTER 7: Managers and Managing The Management Process: - Management: the process of planning, organizing, leading, and controlling (POLC) a business’s financial, physical, human, and information (FIPH) resources in order to achieve its goals - REMEMBER: goals – performance targets of organization (long term, intermediate, short term) VS strategies – methods that company uses to meet goals (strategic, tactical, operational plans) - POLC aspects are interrelated – flow, be performed at same time, or differently Planning - Planning: the portion of a manager’s job concerned with determining what the business needs to do & the best way to achieve it - Planning begins when managers determine firm’s goals, then comprehensive strategy to achieve goals, then design tactical & operational plans to implement strategy - 5 steps: o 1. Goals o 2. Gaps (between desire & actual position, can you do this?) o 3. Plan o 4. Carry out plans o 5. Assess (your work & performance) Organizing - Organizing: that portion of a manger’s job concerned with mobilizing the necessary resources to complete a particular task - Can be beneficial to be unorganized (HP) but it does not always prevail, they had to become organized later on Leading - Leading: that portion of a manger’s job concerned with guiding & motivating employees to meet the firm’s objectives - Managers have power to give orders & demand results BUT leaders have to guide & motivate employees also to work in best interests of organization, go beyond normal practices to ensure success Controlling - Controlling: that portion of a manager’s job concerned with monitoring the firm’s performance & if necessary, acting to bring it in line w/ the firm’s goals - Control process: o Establish standards o Measure performance o Does measured performance match standards? – Yes (continue current activities) or No (adjust performance or standards)? - Control can show where performance is running better than expected & can be basis for providing rewards or reducing costs (ex. Ford delays ad campaign) Types of Managers: - All managers POLC but not all have same degree of responsibility - Can divide managers by LEVEL of management/responsibility or AREA Levels of Management - 3 basic levels: o Senior Managers: those managers responsible for a firm’s overall performance & effectiveness and for developing range plans for the company; responsible to board of directors & shareholders; set general policies, formulate strategies (SAMP), oversee all big decisions, represent company w/ other businesses & gov’t  Ex. CEO, Pres, VP, Treasurer, CFO (financial) o Middle Managers: those managers responsible for implementing the decisions made
More Less

Related notes for MGTA01H3

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit