Textbook Notes (368,427)
Canada (161,877)
MGTA01H3 (583)
Chapter 7

Chapter 7

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Management (MGT)
Chris Bovaird

Chapter 7 Managers of Managing THE MANAGEMENT PROCESS Management is the process of planning, organizing, leading and controlling an enterprises financial, physical, human, and information resources to achieve the organizations goals of supplying various products and services. Planning Planning is that portion of a managers job concerned with determining what the business needs to do and the best way to achieve it. Planning has three main components: o It begins when managers determine the firms goals o They develop a comprehensive strategy for achieving those goals o After a strategy is developed, they design tactical and operational plans for implementing the strategy The planning process has five basic steps: o Goals are established for the organization o Managers identify whether a gap exists between the companys desire and actual position o Managers develop plans to achieve the desired objectives. o The plans that have been decided upon are implemented o The effectiveness of the plan is assessed Organizing Organizing is that portion of a managers job concerned with mobilizing the necessary resources to complete a particular task www.notesolution.com
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