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RSM100Y1 (431)
Chapter 6

Chapter 6 summary

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Department
Rotman Commerce
Course
RSM100Y1
Professor
Michael Szlachta
Semester
Winter

Description
Chapter 6 Management the process of planning, organizing, leading, directing, and controlling an enterprises financial, physical, human, and information resources to achieve the organizations goals of supplying various products and services. Efficiency achieving the greatest level of output with a given amount of input Effectiveness achieving the organizational goals that have been set Planning the process of determining the firms goals and developing a strategy for achieving them. Step 1: goals are established for the organization Step 2: managers identify whether a gap exists between the companys desire and actual position Step 3: managers develop plans to achieve the desired goal Step 4: the plans that have been decided upon on implemented Step 5: the effectiveness of the plan is assessed Prediction markets involves creating a market where people can buy shares in various answers to important questions that need to be answered 20 employees bought shares based on how many defects they thought they would find in a new product, there was a prize for the winner Strategic plans set by top management, reflect decisions about resource allocations, company priorities, and the steps needed to meet strategic goals Tactical plans shorter-range plans concerned with implementing specific aspects of the companys strategic plans Operational plans set short-term targets for daily, weekly, or monthly performance. Organizing involves mobilizing the resources that are required to complete a particular task Leading involves the interactions between managers and their subordinates as they both work to meet the firms objectives Controlling the process of monitoring a firms performance to make sure that it is meeting its goals. www.notesolution.com
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