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Chapter 6

Chapter 6 – Managing the Business Enterprise.docx

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Department
Rotman Commerce
Course
RSM100Y1
Professor
John Oesch
Semester
Winter

Description
Chapter 6Managing the Business Enterprise61 The Management Process 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 servicesEfficiency means achieving the greatest level of output with a given amount of inputEffectiveness means achieving the organizational goals that have been setPlanningPlanning is the process of determining the firms goals and developing a strategy for achieving them It has five stepsStep 1 goals are established for the organizationStep 2 managers identify whether a gap exists between the companys desire and actual positionStep 3 managers develop plans to achieve the desired goalsStep 4 the plans that have been decided upon are implementedStep 5 the effectiveness of the plan is assessed Prediction markets is a tool that helps managers assess future possibilities It involves creating a market where people can buy shares in various answers to important questions that need to be answeredA Hierarchy of Plans Plans can be made on three general levelsStrategic plans which are set by top management reflect decisions about resource allocations company priorities and the steps needed to meet strategic goalsTactical plans are shorterrange plans concerned with implementing specific aspects of the companys strategic plans They typically involve upper and middle managementOperational plans which are developed by middle and lowerlevel managers set shortterm targets for daily weekly or monthly performance OrganizingOrganizing involves mobilizing the resources that are required to complete a particular taskLeading Leading or directing involves interactions between managers and their subordinates as they both work to meet the firms objectives
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