RSM100Y1 Chapter 6: A summary of chapter 6
Document Summary
Principles of management apply to all kinds of organization. Management: the process of planning, organizing, leading, and controlling an enterprise"s financial, physical, human, and information resources to achieve the organization"s goals of supplying various products and services. Management efficiency: achieving the greatest level of output with a given amount of input. Management effectiveness: achieving the organizational goals that have been set: planning: the process of determining the firm"s goals and developing a strategy for achieving them. Step 2: identify whether a gap exists between desire and actual position. Step 5: assess the effectiveness of the plan. Prediction markets: creating a market where people can buy shares in various answers to important questions that need to be answered. hierarchy ( ) of plans . Strategic plans: set by top management; reflect decisions about resource allocations, company priorities, and the steps needed to meet strategic goals. Tactical plans: shorter-range plans concerned with implementing specific aspects of the company"s strategic plans.
