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Chapter 1

ADM1100 Chapter 1 summary.docx

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Department
Administration
Course
ADM1100
Professor
All Professors
Semester
Fall

Description
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
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