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RSM100Y1 (431)
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Chapter 6

Chapter 6 - Managing the Business Enterprise

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Department
Rotman Commerce
Course
RSM100Y1
Professor
John Oesch
Semester
Winter

Description
Managing the Business EnterpriseThe Management ProcessPlanning Organizing Leading and controlling aspects of a managers job are interrelatedManagers are likely to be engaged in all these on a daily basisIt is important to make the distinction between management effectiveness and efficiencyManagement Efficiency is attaining the greatest level of output with a defined amount of inputManagement Effectiveness is attaining the organizational goals that have been setPut Another way Efficiency means doing things right while effectiveness means doing the right things A manager who is effective will also be efficient but not necessarily the other way aroundPlanningPlanning is the process of determining the firms goals and developing a strategy for achieving themStep 1 Establish goals for the organizationStep 2 Identify whether a gap exists between the companys desired and actual positionsStep 3 Managers develop plans to achieve the desired goalStep 4 Plans that have been decided upon are implementedStep 5 The effectiveness of the plan is assessed and evaluatedOne tool that helps managers assess future possibilities is called prediction marketsIt involves creating a market where people can buy shares in various answers to important questions that need to be answeredA Hierarchy of PlansStrategic plans are set by top management and reflect decisions about resource allocations company priorities and the steps needed to meet the goalsTactical plans are shorter range plans concerned with implementing specific aspects of the companys strategic plans These are usually set by upper and middle managementOperational Plans are set by middle and lower level managers and deal with daily weekly or monthly operations These plans are shortterm and constantly revisedOrganizingOrganizing involves mobilizing the resources that are required to complete a particular task more in chapter 7 notesLeadingLeading or directing involves the interactions between managers and their subordinates as they both work to meet the firms objectivesManagers have the power to give orders and demand results but leadership goes beyond thatLeading involves going beyond merely giving orders and instead attempting the motivate and guide employees to work in the best interests of the organization
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