ADM 1100 Chapter Notes - Chapter 1: Strategic Management, Goal Setting, Store Manager

• School: University of Ottawa
• Department: Administration
• Course: ADM 1100
• Professor: All

Document Summary

Management is the process of planning, organizing and controlling an enterprise"s financial, physical, human, and information resources to achieve the organization"s goals of supplying various products and services. Efficiency means achieving the greatest level of output with a given amount of input. Effectiveness means achieving the organizational goals that have been set. Essentially, efficiency means doing things right, while effectiveness means doing the right things: planning: the process of determining the firm"s goals and developing a strategy for achieving them. Step 1: goals are establishes for the organization. Step 2: managers identify whether a gap exists b/w the company"s desire and actual position. Step 3: managers develop plans to achieve the desired goal. Step 4: the plans that have been decided upon are implemented. Step 5: the effectiveness of the plan is assessed. A tool that helps managers assess future possibilities is called prediction markets.