ADM 1300 Midterm Lecture Notes

ADM 1300 Midterm Lecture Notes - ManagersandManaging...

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Managers and Managing   Definition of Management: Management is working with and through individuals and groups  in order to achieve  desired goals .   A person can only manage 7 people, depending on the situation more or less.   Maslow says we all have the same needs, but where we place our emphasis differs.   Most decision making is made in groups. Groups/teams have certain expectation of it's members.   The goal is the long term desired result.  The objective is the short term desire to achieve the desired goal.   Managerial Functions: -planning, organizing, leading, controlling   Organizational Functions accounting, finance, operations, management, human resources management, marketing       Process of Management:   Vision->Mission Statement (Philosophy, Purpose, Reason for Existence)   Mission Statement is affected by : Money, Ethics, Laws, Political, Resources,  Management, Social, Market Demand, Economy, Technology, etc   Goals (long-term) must be reasonably achievable, challenging, time frame, specific,  measurable, set by the people trying to achieve it. Goals and objectives are tied into performance appraisals  Objective (short-term)   Planning is a detailed course of action:  1)Policy is a guideline 2)Procedure is the sequence of steps to reach the procedure 3)Rules and regulations 4)Budgets   Planning can go two ways: 1)Organize
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2)Motivate   Control has 4 steps: 1)Establish the standards 2)Measure performance 3)Compare the actual vs the desired 4)If significant deviation, take the corrective action   The Art of Communication surrounds all of this…   Exam question: What is the manager's major responsibility? Answer: Success… all of the above… to ensure everything is working together/properly.      THE CASE METHOD   What is it? -A Ration, Logical, Decision-Making Process -A real-life business problem -apply theoretical concepts to an actual situation -develop decision-making skills   What Bothers Most Students About Cases?   -the lack of information -the evaluation   Case Format   -Executive Summary (5 marks) -Assumptions (you receive no marks for this?) -Problem Statement (15 marks) -satellite problem / central problem(s) -implications on the organization -implications on the personnel(the people) -Alternative Solutions (50 marks) -Recommended Solution (5 marks) -Implementation (15 marks) -immediate; short-term; long-term -Grammar (10 marks)   Key Factors When Preparing  -Are my assumptions reasonable?
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-Do I really understand the problem? -Have I looked at all viable alternatives?
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ADM 1300 Midterm Lecture Notes - ManagersandManaging...

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