MGMT 363 EXAM ONE

Define Organization

Organization: Group of people working together in a structure and coordinated fashion to achieve a set of goals

Use four basic kinds of resources from their environment:

• Human Resources (People)

• Financial Resources ($$)

• Physical Resources (Buildings)

• Information Resources ()

Define management

A set of Activities directed at an organizations resources , with the aim of achieving organizational goals in an efficient and effective manner

• Efficient: using resources wisely and in a cost-effective way

• Effective: Making the right decisions and successfully implementing them

Define Manager

Someone whose primary responsibility is to carry out the management process

• Plans and makes decisions, organizes, leads, and controls human, financial, physical, and information

• Faces complexities posed by globalization, domestic competition, government regulation, and shareholder pressure

• Good managers can propel an organization into unprecedented realms of success

• Poor managers can devastate the strongest of organizations

What are the four key tasks that a manager must do?

• Planning

• Organizing

• Controlling

• Leading