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Chapter 7

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University of Toronto Scarborough
Management (MGT)

Chapter 7 Management Process:  Management: is the process of planning, organizing, leading, and controlling an enterprise’s finanacial, physical, human and information resources to achieve the organization’s goals of supplying various products and service.  For example: CEO of Walt Disney Productions. Actors are not managers they play a role in the movie they do not follow the four functions of management. Planning:  Planning has three main components: Managers determine the firm’s goals, they develop a comprehensive strategy for achieving those goals, and they design tactical and operational plans for implementing the strategy.  Planning process has five basic steps: 1. Goals are established for the organization. For example a commercial airline may set a goal to fill every seat with a passenger every flight. 2. Managers identify whether a gap exists between the company’s desire and actual position. For example a year-end financial analysis will reveal whether a company met its profitability objectives. 3. Managers develop plans to achieve the desired objectives. Objectives indicate what results are desired, while plans indicate how these objectives are to be achieved. 4. The plans that have been decided upon are implemented. This is the point in the planning process where thinking is converted into action 5. The effectiveness of the plan is assessed. This requires comparing actual results with planned performance. Organizing: Organizing: the portion of a manager’s job concerned with mobilizing the necessary resources to complete a particular task. Leading Interaction between manager’s and their subordinates to meet the firm’s objectives is Leading. Managers have the power to give orders and demand results. Managers motivated their employees to bring success to the company. Controlling: Controlling: is the process of monitoring a firm’s performance to make sure that the firm is meeting its goals. Establishing standards Measure Performance Does measured Continue current Adjust performance activities performance or standards match standard If a company wants to increase its sales in the next 10 years to about 20%, then an appropriate standard might be an increase of 2% a year. If the end of the first year the sales have increased to 2.1% then the company is doing fine and will become successful but if the company received an increase of 1% in sales then the company may rethink its plan. Types of Managers: Divide managers by their level of reasonability or by their area of responsibility. Levels of Management: 1. Senior Managers: The small number of executives who guid
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