Adm1100 Intro to Business Management
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. *
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. *