MGM101H5 Chapter Notes - Chapter 1: Henri Fayol, Human Capital, Customer Service

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Management is the art of getting things done through people. Henri fayol stated that management had 5 main functions. (coordinating, 5th one is now included within organizing. : planning and strategizing. Formal process whereby managers : choose goals, identify actions to attain goals, allocate responsibility for implementing actions to individuals or units, measure success of actions by comparing results to goals, revising plans accordingly. Used by senior managers to develop overall strategies. Strategy is an action that managers take to attain goals in an organization. Planning is about formalizing a strategy that has been chosen and documenting the steps that managers must follow to put that strategy into effect. Planning is a useful process for generating strategies. Process of thinking through on a continual basis what strategies an organization should pursue to attain its goals. Involves being aware of and analyzing what competitors are doing. Thinking about how changes in external environment (technology, gov"t regulations) impact the organization.