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Canada (161,802)
RSM100Y1 (431)
John Oesch (214)
Chapter 6

A summary of chapter 6

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Department
Rotman Commerce
Course
RSM100Y1
Professor
John Oesch
Semester
Fall

Description
Chapter 6Managing the Business Enterprise1Who are ManagersPrinciples of management apply to all kinds of organization2The Management ProcessManagement 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 servicesManagement Efficiency Achieving the greatest level of output with a given amount of inputManagement Effectiveness Achieving the organizational goals that have been set1Planning The process of determining the firms goals and developing a strategy for achieving themStep 1 set goalStep 2 identify whether a gap exists between desire and actual positionStep 3 develop plans to achieveStep 4 implement planStep 5 assess the effectiveness of the planPrediction Markets creating a market where people can buy shares in various answers to important questions that need to be answeredhierarchyof plansStrategic Plans set by top management reflect decisions about resource allocations company priorities and the steps needed to meet strategic goalsTacticalPlans Shorterrange plans concerned with implementing specific aspects of the companys strategic plans They typically involve upper and middle managementOperational Plans plans developed by middle and lowerlevel management that set shortterm targets for daily weekly or monthly performance2Organizing mobilizing the resources that are required to complete a particular task3Leadingor directing involves the interactions between managers and their subordinates as they both work to meet the firms objectives4Controlling The process of monitoring a firms performance to make sure that it is meeting its goalssee figure 61p1833Types of Managers1Levels of ManagementTop managers president vicepresident chief operating officerCOO chief executive officerCEO and chief financial shareholders of the firm for its overall performance and effectivenessThose managers responsible for a firms overall performance and effectiveness and for developing longrange plans for the companyMiddle Managers Those managers responsible for implementing the decisions made by top managersFirstline managers Those managers responsible for supervisingthe work of employees
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