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RSM100Y1 Study Guide - Comprehensive Midterm Guide: Problem Solving, Sovereign Wealth Fund, Commercial Bank


Department
Rotman Commerce
Course Code
RSM100Y1
Professor
John Oesch
Study Guide
Midterm

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UTSG
RSM100Y1
MIDTERM EXAM
STUDY GUIDE

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Chapter 7: Management, Leadership, and the Internal Organization
Contemporary Business
Management
It is the process of achieving organizational goals through people and other resources
Managers job is to combine human and technical resources in the best way possible
These apply to profit and non-profit organization
Takes place at many levels
The Management Hierarchy
Top Level
Middle Management
First line/ Supervisor
CFP, CEO, President
General managers, plants
managers, division managers,
branch managers
Supervisors, team leaders, section
chiefs
They make the big decisions, such
as releasing new products, mergers
& acquisition and moving to new
countries
More specific goals, detailed plans
and procedures
Watch the day to day operations
that involve what the company
actually does and work with non-
managerial employees
Set direction for the organization
They elaborate on the plans given
by the top level
Asses performance and work with
the goals they are given
Skills needed for managerial success
Three basic types
1. Technical skills
The ability to understand and use the techniques, knowledge, tools, and equipment of a specific
departments of or area of study
Most important for first time managers
2. Human skills
Are interpersonal skills that help managers communicate with others
Includes motivating and leading
This is used to interact with people outside and inside the corporation
3. Conceptual skills
Help see the organization as a single unit and to understand how each part of the overall organization
interacts with other parts
Important for top-level managers
Managerial Functions
Four basic functions
Planning
Organizing
Direction
Controlling
creating goals, the action
plan and future events.
Vision and focus
Blending human and
material resource,
arranging work, dividing
people and coordinating
Training people so they
can accomplish the tasks,
assigning tasks. All that
bossy stuff
Evaluating the performance
standards and figuring out
how to fix things.
1. Setting performance
standards
2. Monitoring
performance
3. Comparing
4. Making corrections
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Setting vision and ethical standards
Vision: the ability to perceive marketplace needs and what an organization must do to satisfy them, focus,
directs towards opportunities and sets it apart from its competitors and must be flexible
Ethics: these standards are set by top management and they set the tone for the company. strong connection
between ethics and good business
Importance of planning
Types of planning
Management
Strategic planning
Operational planning
Contingency
planning
Top level
Far-reaching level of
planning
Taking action and setting
aside resources
Middle
Management
Front-line
Help carry out the
tactical plans, assign
employees and work
targets
Top Level
THE BACK UP
PLAN WHEN
SHIT HITS THE
FAN
Contingency plans:
It involves two components
1. continuing the business
2. communicating to the public
Planning at different organizational levels
The strategic planning process
Can be the difference between success and failure
They follow 6 steps
1. Defining a mission
Translate the firms mission, can be very short and to the point
States the firms purpose for being in business
2. Assessing the organizations competitive position
SWOT analysis
Managers look at each functional area or based on the plant
3. Setting organizational objectives
these set the guideposts by which managers define the organization
4. Creating strategies for competitive differentiation
on the strategies they use to reach its target ahead of competition
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