Chapter 7 notes (What I used to study for final)

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15 Dec 2010
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CHAPTER 7
Management: the process of planning, organizing, leading, and controlling a businesss financial,
physical, human and infor mation resources in order to achieve its goals
Planning: the por tion of a manager’s job concerned with determining what the business needs to
do and the best way to achieve it
Step1 – goals are established for the organization
Step2 – managers identify whether a gap exists between the companys desire and actual position
Step3 – managers develop plans to achieve the desired objectives
Step4 – the plans that have been decided upon are implemented
Step5 – effectiveness of plan is assessed
Organizing: that portion of a managers job concerned with mobilizing the necessary resources to
complete a particular task
Leading: that por tion of a manger’s job concerned with guiding and motivating employees to
meet the firms objectives
Controlling: that por tion of a manager’s job concerned with monitor ing the f irms per formance
and, if necessary, acting to bring it in line with the firms goals
Senior Managers: those managers responsible for a f irms overall performance and effectiveness
and for developing long-range plans for t he company
- president, vice-president, CEO, CFO
- responsible to the board of directors and shareholders of a firm
- set general policies, for mulate strategies, oversee all significant decisions an rep the company
Middle Managers: those managers responsible for implementing the decisions made by top
managers
- plant manager, operations manager, division manager
- responsible for implementing the strategies, policies and decisions of the top managers
First-line Managers: those managers responsible for supervising t he work of employees
- supervisor, office manager, group leader
- Marketing managers are responsible for getting products and services to buyers
- Financial managers plan and oversee financial resources
- Operation managers are responsible for production control, inventory control, and quality
control
- Human resource managers provide assistance to other managers when they are hiring
employees, training them, evaluating their performance and determining their comparison level
- Information managers are responsible for designing and implementing various systems to
gather, process, and disseminate infor mation
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