PRINCIPLES OF MANAGEMENT
STUDY GUIDE – Chapter 1-2
What is Management?
The planning, organizing, leading, controlling of resources to achieve organizational goals effectively and efficiently Understand the term POSMEC and the four tasks of management that your textbook discusses Planning: identifying and selecting the most appropriate goals Controlling: establish accurate measuring and monitoring system to evaluate how well the organization has achieved its goal Leading: motivate, coordinate individuals and groups to work together to achieve organizational goals Organizing: establish task and authority relationships that allow people to work together to achieve organizational goals What is an organization?
collections of people who work together and coordinate their actions to achieve a wide variety of goals or desired future outcomes How does efficiency impact an organization?
efficiency is a success degree of how the organization uses the least possible inputs to produce the highest possible outputs. It can help reduce the cost of producing a Why study the field of Management?
What is planning and strategy?
Planning: identifying and selecting appropriate organizational goals What is organizational structure?
A formal system of task and reporting relationships that coordinates and motivates people to work together to achieve the organizational goals What is the importance of the levels of management (refer to figure 1.3 on pg. 15 &19) The levels of management determines a chain of command, the amount of authority and status enjoyed by any managerial position Know the definition of empowerment
The expansion of people's task, knowledge and decision-making responsibilities What is Competitive Advantage?
An avantage that a firm has over its competitor, allowing it to generate more sales or margins or retain more customers Know the Scientific Management Theory
The Approach to management embrace rigorous quantitative method to maximize...
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