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MGTA01H3 (583)
Chapter 7

Chapter 7 Notes

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 7 Managers and Managing Notes The Management Process N management : the process of planning, organizing, leading, and controlling a businesss financial, physical, human, and information resources in order to achieve its goals N the planning, organizing, leading, and controlling aspects of a managers job are interrelated N while these activities generally follow one another in a logical sequence, sometimes they are performed simultaneously or in a different sequence altogether Planning N planning : that portion of managers job concerned with determining what business needs to do and best way to achieve it N in step 1, goals are established for the organization N in step 2, managers identify whether a gap exists between the companys desire and actual position N in step 3, managers develop plans to achieve the desired objectives, which indicate what results are desired, while plans indicate how these objectives are to be achieved N in step 4, the plans that have been decided upon are implemented; this is where thinking is converted into action N in step 5, the effectiveness of the plan is assessed; requires comparing actual results with planned performance Organizing N organizing : that portion of managers job concerned with mobilizing necessary resources to complete particular task Leading N leading : that portion of a managers job concerned with guiding and motivating employees to meet the firms objectives N leaders attempt to guide and motivate employees to work in the best interests of the organization Controlling N controlling : that portion of a managers job concerned with monitoring the firms performance and, if necessary, acting to bring it in line with the firms goals Types of Managers Levels of Management Senior Managers N senior managers : those managers responsible for a firms overall performance and effectiveness and for developing long-range plans for the company; common titles include president, vice-president, treasurer, chief executive officer, chief financial officer N senior managers set general policies, formulate strategies, oversee all significant decisions, and represent the
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