AFM131 Chapter Notes - Chapter 8: Problem Solving, Decision-Making, Strategic Planning

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Robert Sproule

Document Summary

Resources: general term that incorporates human resources, natural resources, and financial resources (factors of production) Every firm has scarce resources and it is management"s job to decide how to use them effectively. Before managers referred to as bosses where they would tell others what to do, and watch over them reprimand them for wrong doing: now more progressive and guide, train, support, motivate, coach employees. Management"s task becomes more difficult because must earn trust of their employees, reward them and to encourage them to stay the firm. Management"s role is evolving will soon work in teams to assume new roles. Management requires: skilled communicator, team player, planner, coordinator, organizer, supervisor. Management looks at the big picture and their decisions make major difference. Management: process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.