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Chapter 7

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

2 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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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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Description
CHAPTER 7 Management: the process of planning, organizing, leading, and controlling a businesss financial, physical, human and information resources in order to achieve its goals Planning: the portion of a managers 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 portion of a mangers job concerned with guiding and motivating employees to meet the firms objectives 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 Senior Managers: those managers responsible for a firms overall performance and effectiveness and for developing long-range plans for the company - p
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