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Management_1010[1] (Autosaved)

Management_1010[1] (Autosaved) - The Management Process o...

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The Management Process o Management Process of planning, organizing, leading, and controlling an organizations resources (financial, physical, location, human, employees, and information) to achieve its goals Goals: objectives that a business hopes and plans to achieve o Planning Process of determining what an organization needs to do and how best to get it done Sets vision/mission (why/ purpose of organization), goals (broad) and objectives ( specific, measureable and attainable) 3 main components of planning include: determining goals; developing a comprehensive strategy for achieving these goals; designing tactical and operational plans for implementing the strategy o Organizing People and resources Good technique= organization charts: help everyone understand his/her role within the company Process of determining how best to arrange an organization’s resources and activities into a coherent structure o Leading Process of guiding and motivating employees to meet a firm’s/ organizations objectives o Controlling Process of monitoring a firm’s performance to make sure that it is meeting its goals. Control Process 1. Management establishes standards (often financial performance) Ex. Increasing sales over certain time 2. Measures actual performance each year against standards 3. Asks if measured performance matches standards a. YES continues along present course b. NO (vary significantly) adjust either performance or standards - Shows where performance is running better than expected and can serve as a basis for providing rewards or reducing costs Levels of Management o Top Managers Responsible for the overall performance and effectiveness of firm Sets general policies, formulates strategies, and approves all significant decisions Represents company in deals w/ other firms and gov bodies
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o Middle Managers Implement the strategies and work toward the goals set by top managers o First-Line Managers Supervise work of employees whom report to them Most firms have most of this level of management Spend considerable amount of time helping employees solve work- related problems, training them, and monitoring their performance Areas of Management o Human Resource Managers
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