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Summary Management of Organizations CH5-10
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This is a complete summary of the chapters which should be studied for the Management of Organizations in Europe exam.
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Summary CH1-4 The Business Dimension of Europe
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Summary Management of OrganizationsCHAPTER 5
Objective 5-1
Basic Management Functions
Management: Process of planning, organizing, leading, and controlling an organization’s
resources to achieve its goals.
Four basic managerial functions:
1. Planning: Management process of determining what an organization needs to do
and how best to get it done.
2. Organizing: Management process of determining how best to arrange an
organization’s resources and activities into a coherent structure.
3. Leading: Management process of guiding and motivating employees to meet an
organization’s objectives.
4. Controlling: Management process of monitoring an organization’s performance to
ensure that it is meeting its goals.
The Science and the Art of Management
A successful management is a combination of science and art:
The science of management: Managers need to take such a scientific approach to
solving problems whenever possible, especially when they are dealing with relatively
routine and straightforward issues.
The art of management: Managers must frequently make decisions and solve
problems on the basis of intuition, experience, instinct, and personal insights.
Becoming a manager
There are two important things in becoming a good manager:
- Education
- Experience: There are special programs for gaining experience.
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