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Management (796)
MGM101H5 (354)
Chapter 1


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University of Toronto Mississauga
Dave Swanston

Business acumen: keenness and speed in understanding and deciding on a business Management: the art of getting things done through people Henri Fayol – management had 5 main functions: 1. Planning 2. Organizing 3. Commanding 4. Coordinating 5. Controlling This has shortened to 4 Functions: 1. Planning: 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, and revise plans accordingly. 2. Organizing: The process of deciding who within an organization will perform what tasks, where decisions will be made, who reports to whom, and how different parts of the organization will coordinate their activities to pursue a common goal. In a business, organizing typically involves dividing the enterprise into subunits based on functional tasks —such as procurement, R&D, production, marketing, sales, customer service, human resources, accounting, and finance—and deciding how much decision-making authority to give each subunit. 3. Controlling: The process of monitoring performance against goals, intervening when goals are not met, and taking corrective action. Drafting plans is the first step in controlling an organization. Controlling requires managers to compare performance against the plans to monitor how successful an organization is at implementing a strategy. Incentive: A factor, monetary or nonmonetary, that motivates individuals to pursue a particular course of action. 4. Leading: The process of motivating, influencing, and directing others in the organization to work productively in pursuit of organization goals. Developing employees: The task of hiring, training, mentoring, and rewarding employees in an organization, including other managers. Leading and developing employees are in many ways the core connection among planning and strategizing, organizing, controlling, and creating incentives. Skilled leaders • Drive strategic thinking (strategizing) deep within the organization while articulating their own vision for the organization. • Have a plan for their organization and push others to develop plans. • Structure the organization proactively to implement their chosen strategy. • Exercise control with a deft hand, never seeming too overbearing or demanding, while at the same time never taking their eyes off the ball. • Put the right kinds of incentives in place. • Get the best out of people by persuading them that a task is worthy of their effort. • Build a high-quality team of other managers and employees through which they can work to get things done. Strategy: An action that managers take to attain the goals of an organization. Strategizing: The process of thinking through on a continual basis what strategies an organization should pursue to attain its goals. Human capital: The knowledge, skills, and capabilities embedded in individuals General Managers: Managers responsible for the overall performance of an organization or one of its major self-contained subunits or divisions. Business-level general managers lead their divisions—motivating, influencing, and directing their subordinates—and are responsible for divisional performance. Corporate-level general managers translate the overall strategic vision for the corporation into concrete strategies and plans for their units. Functional managers: Managers responsible for leading a particular function or a subunit within a function. Below general managers we find functional managers, who are responsible for specific business functions that constitute a company or one of its divisions. Thus a functional manager’s sphere of responsibility is generally confined to one organizational activity (purchasing, marketing, production, or the like), whereas gen
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