Busi 110 Management notes - Carmela Anastacio Busi 110...

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Carmela Anastacio Busi 110 Notes Management Chapter Outline Define Management What are the functions of Management Kinds of managers found in organizations What do managers do? What do companies look for in managers? Competitive advantages through people Management is… Getting work done through others. Managers must be both effective and efficient. Effectiveness Effective is the degree to which objectives are achieved and the extent to which targeted problems are solved without regard to costs …. effectiveness means "doing the right thing.” Efficiency Efficiency is getting work done with a minimum amount of effort, expense, or waste…. efficiency means "doing the thing right,” Management Functions In 1916, Henry Fayol, CEO of a an integrated steel producing firm offered 14 principles of management… According to Fayol , ‘success of a firm depends more on the leaders administrative ability and less on their technical ability’ Later, the 14 principles have been reduced to four functions of management. Four Management Functions 1. Planning 2. Organizing 3. Leading 4. Controlling Your textbook is organized based on the four management functions….
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