Chapter 7 Textbook Notes

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Management (MGT)
Ingrid L.Stefanovic

MGTA03 01 Chapter 7: Managers and Managing The Management Process (pg. 99 101) - Management L89K0574.088415O,33L3J47J,3L]L3JO0,L3J,3.43974OOL3J,-:8L30888 financial, physical, human, and information resources in order to achieve its goals - The CEO of Walt Disney Productions is a manager because he regularly carries out these four functions while actors such as Julia Roberts and Tom Cruise are not - %K05O,33L3J47J,3L]L3JO0,L3J,3.43974OOL3J,850.9841,2,3,J078M4-,70 interrelated Planning - Determining what the organization needs to do and how best to get it done requires planning - Planning K,89K7002,L3.425430398 09072L3L3J9K01L728J4,O80;0O45, comprehensive strategy for achieving these goals, and designing a tactical and operational plan for implementing the strategy) - The planning process has 5 basic steps o Step 1 goals are established for the organization (e.g. a commercial airline may set a goal to fill every seat on every flight) o Step 2 2,3,J078L039L1ZK09K07,J,50[L898-09Z0039K0.425,3808L70,3 actual position (e.g. a year-end report will determine whether a company met is profitability objectives) o Step 3 managers develop plans to achieve the desired objectives. Objectives indicate what results are desired while plans indicate how these objectives will be achieved o Step 4 the plans that have been decided upon are implemented. The point in the planning process where thinking is converted into action o Step 5 the effectiveness of the plan is assessed. Comparing actual results with planned performance Organizing - %K05479L4341,2,3,J078M4-9K,9L8.43.0730ZL9K24-LOL]L3J9K030.088,77084:7.0894 complete a particular task is known as organizing - The importance of the organizing function of management can be seen by considering what happened to Hewlett-Packard. - Hewlett-Packard had some setbacks due to following the structure that had served so well in the past. 33L;0724709K0K0,419K01L7288419Z,70,3807;L.08 business suggested that it HP needed an integrated, organization-ZL0L3907309897,90J-:9:31479:3,90O+!8 highly decentralized organization made that impossible. So Ann Livermore led the charge to create one organization to drive a single internet plan Leading - The activities involving interactions between managers and their subordinates to meet the 1L7284-M0.9L;08,70N34Z3,8leading (or directing) - Leading goes beyond merely giving orders, leaders attempt to guide and motivate employees to work in the best interests of the organization Controlling - Controlling L89K05479L4341,2,3,J078M4-9K,9L8.43.0730ZL9K243L947L3J,1L728 performance and to make sure that the firm is meeting its goals - The control process: establish standards, measure performance, does measured performance match standards?
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