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Chapter 1

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CHAPTER 1Managers and ManagingManaging the Business Enterprise1 Idea of the management processManagement is the process of Planning Organizing Leading and Controlling an enterprises Financial Physical Human and Information Resources to achieve the organizations Goals of supplying various Products and ServicesManagement Efficiency means achieving the greatest level of output with a given amount of input doing things rightManagement Effectiveness means achieving the organizational goals that have been set doing the right thingsEfficiency Effectiveness and Performance in Organizations 2 The functions that are necessary in the management processAll managers plan organize direct and control daytoday operationsPODC are interrelatedPLANING is the process of determining the firms goal and developing a strategy for achieving them5 basics steps STEP 1 GOALS are established for the organizationSTEP 2 Managers identify whether a GAP exists between the companys desire and actual positionSTEP 3 Managers develope PLANS to achieve the desire goal Goalresult desiredPlanhow these goals are to be achievedSTEP 4Thinking is converted into ACTION Therefore the plans that have been decides upon are
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