OL 215 Chapter 1 notes
Management is the skill of using other people's efforts to accomplish goals. The actions that
plan, organize, and regulate the operations of the fundamental elements of people, materials,
machines, techniques, money, and markets, while also giving human efforts direction and
coordination and leadership, are referred to as management principles. Planning, Organizing,
Leading, and Controlling (POLCC) Framework The practice of allowing or permitting someone
to think, conduct, act, and govern work and judgment in their own manner is known as
enablement.
Develop the organization's strategy and serve as a custodian for its vision and mission, top
management. Functional managers are in charge of the efficacy and efficiency of a certain
department, like marketing or accountancy. Supervisory or team managers lead a team of
individuals from several departments within a company or a subdivision of that division. Line
managers (product or service managers) are in charge of a team that directly contributes to the
goods or services that a business produces. Manager of staff who oversees a department that
generates indirect inputs Project managers plan, carry out, and wrap up projects.
A general manager is responsible for overseeing a distinct revenue-generating entity, such as a
store, company division, or product line. Supervising manager: ensure that objectives are met
.Entrepreneurship is the process of identifying possibilities and using existing resources or
developing new ones to put creative concepts for fresh, well-thought-out initiatives into action.
Entrepreneur: a person who participates in the entrepreneurial process "Strategy" is the core,
comprehensive, and externally focused idea of how a company will accomplish its goals. The
collection of knowledge known as "strategic management" provides answers to queries regarding
the creation and use of effective strategies.
Setting objectives and choosing a course of action for those objectives is the management role
known as planning. Strategic planning involves analyzing competitive opportunities and threats
as well as the strengths and weaknesses of the organization, then determining how to position the
organization to compete effectively in its environment. Tactical planning is intermediate-range
(1-3 years) planning designed to develop a plan that will be implemented over the next one to
three years. Environmental scanning requires planners to be aware of the critical unforeseen
events and patterns going to face their institutions in terms of economic situations, new entrants,
and clients.
Planning stage (short-range, less than a year) presupposes the existence of organizational-wide or
subunit goals and objectives, as well as specific methods for achieving them. Organizing is a
management function that entails creating an organizational structure and allocating HR to
ensure that goals are achieved. Controlling means preventing performance from deviating from
expectations. Stakeholders are people and organizations that actively participate in the
organization or whose interests may be positively or negatively affected by what the organization
does. Performance standards are established, actual performance is compared to standards, and
corrective action is taken as needed.
