COMMERCE 1E03 Chapter Notes - Chapter 8: Middle Management, Problem Solving, Chief Operating Officer
1 May 2016
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Resources: general term that incorporates human resources (employees), natural resources (raw materials), & financial resources (money) Management is about deciding how to effectively use scarce resources. Vision: encompassing explanation of why the organization exists and where it is trying to head (gives sense of purpose to organization) Values: set of fundamental beliefs that guide a business in the decisions they make (by being mindful of stakeholders) Mission statement: outline of the fundamental purposes of an organization. Developed by top management with some input from employees (depending on size of org. ) Should address: organization"s self-concept, company philosophy & goals, long-term survival, customer needs, social responsibility, nature of company"s product or service. Foundation for setting specific goals and selecting & motivating employees. Goals: broad, long-term accomplishments an organization wishes to attain. Mutually agreed on by workers & management (team process) Objectives: specific, measurable, short-term statements detailing how to achieve the organization"s goals.
