RSM100Y1 Chapter 6: Chapter 6 – Managing the Business Enterprise.docx
Document Summary
Management is the process of planning, organizing, leading, and controlling an enterprise"s financial, physical, human, and information resources to achieve the organization"s goals of supplying various products and services. Efficiency means achieving the greatest level of output with a given amount of input. Effectiveness means achieving the organizational goals that have been set. Planning is the process of determining the firm"s 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 company"s desire and actual position. Step 3: managers develop plans to achieve the desired goals. Step 4: the plans that have been decided upon are implemented. Step 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 answered.
