MGM101H5 Chapter Notes -Chief Executive Officer, Chief Technology Officer, Human Capital
25
MGM101H5 Full Course Notes
Verified Note
25 documents
Document Summary
Management: the art of getting things done through people. Managers can also give organizations a sense of purpose and direction. Wal-mart"s founder sam walton was fond of saying, managers can motivate ordinary people to do extraordinary things. Managers can transform organizations; they can create new ways of producing and distributing goods and services, which in turn means they can change how the world works through their actions. The 5 main functions of management according to fayol, in the early 20th century are: A modified version of fayols list is still widely used. A formal process whereby managers: choose goals, identify actions to attain those goals, allocate responsibility for implementing actions to specific individuals or units, measure the success of actions by comparing actual results against the goals, revise plans accordingly. Strategy: an action that managers take to attain the goals of an organization.
