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Chapter 7

Chapter 7 Notes

Management (MGT)
Course Code
Chris Bovaird

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Chapter 7 Notes: Managers and Managing
The Management Process
โ€ขManagement: The process of planning, organizing, leading, and controlling a businessโ€™
financial, physical, human and information resources in order to achieve its goals
๎€Managerโ€™s job: Planning, Organizing, Leading and Controlling
๎€That portion of a managerโ€™s job concerned with determining what the business
needs to do and the best way to achieve it
๎€5 Basic Steps for Planning Process
๎€‚1.) Goals are established for the organization
๎€‚2.) Managers identify whether a gap exists between goal and actual position
๎€‚3.) Managers develop plans to achieve the goal (HOW to get there)
๎€‚4.) Convert planning into action
๎€‚5.) Assess the effectiveness of the plan
๎€That portion of a managerโ€™s job concerned with mobilizing the necessary resources
to complete a particular task.
๎€That portion of a managerโ€™s job concerned with guiding and motivating employees
to met the firmโ€™s objectives
๎€‚Eg/ Give orders. Teaching and demonstrating, leading by example
๎€That portion of a managerโ€™s job concerned with monitoring the firmโ€™s performance
and, acting to bring it in line with the firmโ€™s goals
๎€Shows where performance is running better than expected
๎€‚Serve as a basis for providing rewards or reducing costs
๎€Establish standards -> Measure performance -> Does it match the goals? -> No
then revise performance
Types of Managers
โ€ขCan be divided into level of responsibility or area of responsibility
โ€ขLevels of Managers
๎€3 basic level: Senior, Middle and First- line management
๎€‚Senior Managers
๎€ƒThose managers responsible for a firmโ€™s overall performance and
effectiveness and for developing long range plans for the company
๎€ƒSet general policies, formulate strategies, oversee significant
decisions, and represent company
oEg/ CEO, President, CFO etc
๎€‚Middle Managers
๎€ƒThose managers responsible for implementing the decisions made by
top managers
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