RSM100Y1 Chapter 6: Chapter 6 - Managing the Business Enterprise
Document Summary
Planning, organizing, leading and controlling aspects of a manager"s job are inter-related. Managers are likely to be engaged in all these on a daily basis. It is important to make the distinction between management effectiveness and efficiency. Management efficiency is attaining the greatest level of output with a defined amount of input. Management effectiveness is attaining the organizational goals that have been set. Put 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 around. Planning is the process of determining the firm"s goals and developing a strategy for achieving them. Step 1: establish goals for the organization. Step 2: identify whether a gap exists between the company"s desired and actual positions. Step 3: managers develop plans to achieve the desired goal. Step 4: plans that have been decided upon are implemented.
