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Chapter 7

MGTA Chapter 7 Notes.docx

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Management (MGT)

MGTA Chapter 7 Notes Managers and ManagingManagement is the process of planning leading and controlling an enterprises financial physical human and information resources to achieve the organizations goals of supplying various products and services Aspects are often interrelatedPlanning that portion of a mangers job concerned with determining what the business needs to do and the best way to achieve it Determining what the organization needs to do and how best to get it done requires planning Planning has three main components It begins when managers determine the firms goals Next they develop a comprehensive strategy for achieving those goals After a strategy is developed they design tactical and operational plans for implementing the strategy 5 basic steps establish goals identify gaps between companys desire and actual position develop plans to achieve desired objectives implement plans assess effectiveness of planOrganizing that portion of a mangers job concerned with mobilizing the necessary resources to complete a particular taskLeading that portion of a mangers job concerned with guiding and motivating employees to meet the firms objectives By definition managers have the power to give orders and demand results However leading goes beyond merely going ordersleaders attempt to guide and motivate employees to work in the best interests of the organizationControlling 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 Control can also show where performance is running better than expected and thus can serve as a basis for providing rewards or reducing costs Types of Managers Although all managers plan organize lead and control not all managers have the same degree of responsibility for each activity Moreover managers differ in the specific application of these activities Thus we can divide managers by their level of responsibility or by their area of responsibilityLevels of Management The 3 basic levels of management are senior middle and firstline management Senior managers those managers responsible for a firms overall performance and effectiveness and for developing longrange plans for the company The small number of executives who guide the fortunes of most companies are senior managers Common titles include president vp ceo cfo Senior managers are responsible to the board of directors and shareholders of the firm for its overall performance and effectiveness They set general policies formulate strategies
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