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Chapter 7

Chapter 7

Management (MGT)
Course Code
Chris Bovaird

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Chapter 7 Managers of Managing
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 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:
oIt begins when managers determine the firms goals
oThey develop a comprehensive strategy for achieving those goals
oAfter a strategy is developed, they design tactical and operational plans for
implementing the strategy
The planning process has five basic steps:
oGoals are established for the organization
oManagers identify whether a gap exists between the company’s desire and
actual position
oManagers develop plans to achieve the desired objectives.
oThe plans that have been decided upon are implemented
oThe effectiveness of the plan is assessed
Organizing is that portion of a managers job concerned with mobilizing the
necessary resources to complete a particular task

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Leading is that portion of a managers job concerned with guiding and motivating
employees to meet the firms objectives.
By definition, mangers have the power to five orders and demand results. Leading,
however, goes beyond merely giving orders.
Leaders attempt to guide and motivate employees to work in the best interests of the
Controlling is the process of monitoring a firms performance to make sure that the
firm is meeting its goals.
Control can show where performance is running better than expected and, thus, can
serve as a basis for providing rewards or reducing costs.
Levels of Management
The three basic levels of management are senior, middle, and first-line management.
In most firms there are more middle managers than senior managers and more first-
line managers than middle managers.
Senior Managers
Senior managers are those managers responsible for a firms overall performance
and effectiveness and for developing long-range plans for the company.
Common titles for senior managers include president, vice-president, treasurer,
CEO, and CFO
They are also responsible to the BOD and shareholders of the firm for its overall
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