ADMS 3930- Final Exam Guide - Comprehensive Notes for the exam ( 38 pages long!)

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Is responsible for planning, organizing, leading and control resources including human resources all resource (cid:449)ork effecti(cid:448)ely to acco(cid:373)plish the orga(cid:374)izatio(cid:374)"s purpose. Relationship between organization and external environment: see organization is an open system with permeable or intentionally leaky boundaries though which resources can flow. Resources in to replenish those that are lost by day to day existence resource out (salary , rent and utilities, taxes) Resources for production of goods and services resources out: sales of goods and services. External factor: market, competitors, suppliers of material, law and regulation, public infrastructure, technology, culture and value, government (environmental influences are mostly neutral indifferent to a business and uncaring about its health and welfare. The value that the environment attributes to products and services must exceed the value of all resources transferred out of the firm. Opportunities: enable firms to have profitable exchanges of resources. Constraints: government regulation on business + limitation on market size + firms producing substitute product + competitors.

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