Textbook Notes (367,759)
Canada (161,375)
Administration (1,247)
ADM1100 (70)
All (4)
Chapter 1

ADM1100 Chapter 1 summary.docx

7 Pages
Unlock Document

All Professors

ADM1100Chapter1ManagersandManagingThefourbasicfunctionsthatconstitutethemanagementprocessManagement is the process of planning organizing and controlling an enterprises financial physical human and information resources to achieve the organizations goals of supplying various products and servicesEfficiency means achieving the greatest level of output with a given amount of inputEffectiveness means achieving the organizational goals that have been setEssentially efficiency means doing things right while effectiveness means doing the right things1Planning The process of determining the firms goals and developing a strategy for achieving themStep 1 Goals are establishes for the organizationStep 2 Managers identify whether a gap exists bw the companys desire and actual positionStep 3 Managers develop plans to achieve the desired goalStep 4 The plans that have been decided upon are implementedStep 5 The effectiveness of the plan is assessedA tool that helps managers assess future possibilities is called prediction marketsPrediction markets Creating a market where people can buy shares in various answers to important questions that need to be answeredHierarchy of plansa Strategic plans Set by top management reflect decisions about resource allocations company priorities and the steps needed to meet strategic goalsb Tactical plans Shorterrange plans concerned with implementing specific aspects of the companys strategic plans They typically involve upper and middle managementc Operational plans Plans developed by middle and lowerlevel mangers that set shortterm targets for daily weekly or monthly performance2Organizing Mobilizing the resources that are required to complete a particular task3Leading or directingInvolves the interactions between managers and their subordinates as they both work to meet the firms objectives Managers have the power
More Less

Related notes for ADM1100

Log In


Join OneClass

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

Sign up

Join to view


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.