MGM101H5 Chapter Notes - Chapter 1: Human Capital, Job Satisfaction, Chief Operating Officer

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Management; the art of geing things done through other people. Planning, organizing, controlling, and leading: planning and strategizing. Planning; formal process whereby managers choose goals, idenify acions to atain those goals, allocate responsibility for implemening acions to speciic individuals or units, measure success of acions by comparing actual results against goals, and revise plans. Used by senior managers to develop overall strategies for an organizaion. Strategy; acion that mangers take to atain goals of organizaion. Planning is formalizing a strategy that has already been selected and puing it into efect. Organizing; process of deciding who within an organizaion will perform what tasks, where decisions will be made, who reports to whom, how diferent parts of organizaion will coordinate their aciviies to pursue a common goal. Typically involves dividing organizaion into subunits; r&d, producion, markeing, sales, accouning. Is part of planning and strategizing: strategy is implemented through organizaion, controlling.