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MGM101H5 (376)
Chapter 1-3

MGM101 notes from chapter 1-3 for first test

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
Chapter One Management the art of getting things done through people Managers are responsible for making decisions under conditions of uncertainty about the allocation of scarce resources towards achieving the organizations strategic objectivesFunctions of management old Five main functions Planning organizing commanding coordinating and controlling Planning and Strategizing a formal process whereby managers choose goals identify actions to attain those goals allocate responsibly for implementing actions to specific individuals or units measure success by comparing actual results against goals revise plans accordingPlanning takes place at multiple levels and ingrained part of managers job Used to develop strategiesaction managers take to attain goals of organization Strategizing process of thinking through on a continual basis what strategies an organization should pursue to attain its goals Organizing refers to the process of deciding who within an organization will perform which tasks and where decisions will be made who reports to whom and how different parts of organization coordinate their activities to pursue a common goal Typically organized into subunits Controlling intervening when goals arent met taking corrective actionImporting aspect of controlling is creating incentives a factor monetary or non monetary that motivates individuals to pursue a particular course of action LeadingThe process of motivating influencing and directing others in organization to work productively in pursuit of organizing goals Entails articulating a grand strategic vision for organization become a tireless advocate for vision Developing employees The task of hiring training mentoring and rewarding employees in an organization including other managers most important asset of organization Assert human capital as a competitive advantage Human capital The knowledge skills and capabilities embedded in individuals Leading and developing employees core connection drive strategic thinking plan structure exercise control put right kind of incentives get best out of people build high quality team Types of ManagersFound at multiple levels of organization Three main types General Functional and Frontline General Manager Responsible for overall performance of organization or one of its major selfcontained subunits or divisionsFunctional Manager Responsible for leading a particular function or subunit within a function Responsible for task activities operations eg Accounting marketing Frontline Manager manage employees who are themselves not managers lowest level of management hierarchy Corporate level General Managers CEO aka Chief Executive Officer leads entire enterpriseFormulates strategies that span business deciding ex whether to enter new businesses through acquisitions or to exit a business Exercises control over divisions monitoring performance and deciding what incentives to give divisional heads Help develop human capital at enterprise Manages relationship with people of own company shareholdersResponsible for overall financing of corporation Business level General Managers Lead their division motivating influencing and general managers translate overall strategic visions for corporation Functional Managers
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