Adm1100 Intro to Business Management

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ADM1100 – Review
Winter 2013
Pauley Idurot
6465167

Chapter 1 – Management and Managers

Management

Management
* Process of planning, organizing, leading and controlling an enterprise’s financial, physical, human and information resources to achieve the organization’s goal of supplying various products and services. * It is a process of assembling and using sets of resources in a goal-directed manner to accomplish tasks undertaken in organizations.

Efficiency
* Achieving the greatest level of output with a given amount of input. * Means doing things right.
Effectiveness
* Achieving the organizational goals that have been set.
* Means doing the right things.

Resources
* Human, financial, material and information.

Goal
* To accomplish tasks that lead to performance.
* Successful performance = profitability over time.

Specific and General Management Activities

Planning
* The process of determining the firm’s goals and developing a strategy for achieving them. * Choose appropriate organizational goals and courses of action to best achieve those goals * Steps of Planning

1. Goals are established for the organization.
2. Managers identify whether a gap exists between the company’s desire and actual position. 3. Managers develop plans to achieve the desired goal.
4. The plans that have been decided upon are implemented. 5. The effectiveness of the plan is assessed.
Actual results are compared with the planned performance.
* Hierarchy of Plans
1. Strategic Plans
* Set by top managers
* Reflect decisions about resource allocations, company priorities and steps needed to meet strategic goals. 2. Tactical Plans
* Involve upper and middle management
* Shorter-range plans concerned with implementing specific aspects of the company’s strategic plans. 3. Operational Plans
* Developed by middle and lower-level managers.
* Short-term targets for daily, weekly, or monthly performance.

Organizing
* Mobilizing the resources that are required to complete a particular task. * Establish task and authority relationships that allow people to work together to achieve goals.

Leading
* Involves the interactions between managers and their subordinates as they both work to meet the firm’s objectives. * Motivate, coordinate and energize individuals and groups to work together to achieve organizational goals. * Leaders attempt to guide and motivate employees to work in the best interests of the organization.

Controlling
* The process of monitoring a firm’s performance to make sure that it is meeting its goals. * Establish accurate measuring and monitoring systems to evaluate how well the organization has achieved its goals. * Control can also show where performance is better than expected and thus can serve as a basis for providing rewards or reducing costs. * The Control Process

* Establish standards Measure performance Measured performance = standards? * Yes: Continue current activities
* No: Adult performance or standards

Managers

Most managers rarely do anything

Managerial work: thinking, talking, listening, watching, feeling, rarely actually doing.

Performance depends on doing = the taking of action.

Doing = directly influencing profitability.
* Hands-on execution from start to finish of an activity that directly affects profitability.

Management = getting mostly other people to act in ways that build profitability.

Basic Management Skills
* Technical Skills
* Skills associated with performing specialized tasks within a company. * Developed through education and experience.
* Important for first-line managers.
* Human Relations Skills
* Skills that enable managers to understand and get along with other people. * Poor human relations skills = employee’s desire to quit or transfer and...
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