MGM101H5 Chapter Notes - Chapter 1: Human Capital

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

Document Summary

What is a manager: responsible for making decisions under conditions of uncertainty about the allocation of scarce resources towards achieving the organization"s objectives. Planning: managers choose goals, ways to accomplish goals, allocating responsibilities, and measuring the success of actions be reviewing attained results to goals. Senior managers plan to develop strategies for an organization. Strategy: action(s) managers take to reach the goals of an organization. Strategizing: process of continually thinking through what strategies should be implemented to reach an organization"s goals (think about competitor"s actions, technological advancements, govt regulation: organizing. Process of deciding who will be assigned to complete what roles, where decisions will be made, who reports to whom, and how an organization will coordinate activities to reach a goal: controlling. Process of monitoring performance against goals and intervening when goals are not me to take the proper action needed. Drafting is the first step in controlling.