Textbook Notes (369,133)
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RSM100Y1 (431)
Chapter 7

RSM100Y1 Chapter 7 Notes

9 Pages

Rotman Commerce
Course Code
Michael Khan

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RSM100Y1 Textbook Notes Chapter 7 Management: the process of achieving organizational goals through people and other resources. A manager must combine human and technical resources in the best way possible to achieve the companys goals. Top Management Middle Management Supervisory Management Top Management o Includes: CEO CFO Premier, Mayor o Spend most of their time developing long-range plans for their organizations (set a direction for their organization). o They also inspire the companys executives and employees to achieve their vision for the companys future. Middle Management: o Includes: Regional Manager Division Managers Branch Managers Director, Dean o Middle managers are more familiar with day-to-day operations than CEOs. o They develop detailed plans and procedures to carry out the firms strategic plans. o Middle managers focus their attention on specific operations, products, or customer groups. Supervisory Management (first-line management) o Includes: Supervisors Section Chiefs Team Leaders o These managers assign specific jobs to nonmanagerial employees and assess their performance. o They carry out middle managers plans by motivating workers to accomplish daily/weekly/monthly goals. Technical skills: the managers ability to understand and use the techniques, knowledge, tools, and equipment of a specific department or area of study (important for first line managers). Human skills: interpersonal skills that help managers to work effectively with people (communication is key). Conceptual skills: aid managers to see the organization as a single unit and to understand how each art of the overall organization interacts with other parts (important for top level management) o People with conceptual skills can see the big picture by acquiring, analyzing, and interpreting information. Managers carry out four basic functions: o Planning The process of looking forward to future events and conditions and deciding on the courses of action for achieving organizational goals. Effective planning helps a business to focus its vision, avoid costly mistakes, and seize opportunities. Should be flexible and responsive to changes in the business environment. o Organizing The process of blending human and material resources through a formal structure of tasks and authority: arranging work, dividing tasks among employees, and coordinating them to ensure plans are carried out and goals are met. Sometimes requires studying a companys existing structure and deciding whether to restructure it to operate more efficiently, cost-effectively, or sustainably. o Directing Guiding and motivating employees to accomplish organizational goals. Can include training, setting up schedules, assigning tasks, and monitoring progress. Weekly meetings with employees allow for the exchange of information, and individuals can make their views known (can help motivate employees). o Controlling Assesses the success of the planning function and provides feedback for future rounds of planning. Has four basic steps: Setting performance standards Monitoring actual performance Comparing actual performance with the standards Making corrections if needed Vision: the ability to perceive marketplace needs and what an organization must do to satisfy them. o Helps to direct the company toward opportunities and sets it apart from its competitors. o It must be focused and flexible enough to adapt to changes in the business environment. Ethical standards are sometimes made to comply with industry or federal regulations and sometimes are set after unethical actions have been taken by managers. o Important to a firms long-term relationships with its customers, suppliers, and the general public. High ethical standards do not just keep employees from doing wrong but it also encourages, motivates, and inspires them to achieve goals they never thought possible (i.e. profitability of Mattel). Good panning can turn a vision into reality.
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