MGM101H5 Chapter Notes - Chapter 1: Henry Mintzberg, Henri Fayol, Production Planning
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MGM101H5 Full Course Notes
Verified Note
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Document Summary
Management, the art of getting things done through people in organizations. In the early twentieth century, henri fayol stated that management had 5 main functions: This list identifies 4/5 management functions, with coordinating now being considered part of organizing: Used by senior management to provide overall strategies for development. An action that managers take to attain the goals of an organization. Planning expenditures every year in a budgeting process. Draw up plans for building new factories/opening offices. Planning is often about formalizing a strategy that has already been selected and documenting the steps that managers must follow within the organization to put that strategy into effect. The process of thinking on a continual basis what strategies an organization should pursue to attain its goals. Being aware of and analyzing what competitors are doing. Thinking about how changes in the external environment impact the organization (i. e. changes in technology, changes in government regulation)
