Fundamental of management lecture one

Managers manage resources to achieve the best value

Managers must create value for stakeholders

Stakeholders are:

 Investors
 Owners
 Employees
 Suppliers
 Costumers
 Government

Managers

Perform planning

Organizing

Leading
Marketing
Controlling
Production
Resources Financial Value
H.R.M
H.R.
Accounting
Physical Information

Basic business functions

Steps of managing:

1. Planning
Whenever we plan something we have to consider two things:
 Goals
 Steps to achieve these goals

Planning is putting steps to achieve goals

2. Detailing steps into tasks and organizing these tasks

How to organize?
 Put similar tasks together and create jobs out of them
 Put similar jobs together and create sections
 Put similar section together and create departments
 Then we have to coordinate among these departments to
describe how work will move among
 Now all these steps are described in a paper called “Organization
Chart”
 Organization Chart : Shows the organization
structure
 The compilation of departments is the company
 And the final step of organizing is to activate these steps into
reality to get the company to work

Basic departments that each company must have are:

 Production department
 Marketing department
 Human recourse department
 Financial department
 Accounting department
3. Activating the company
 Get the resources then assign each resource to the related job
Manager Job:

 Perform planning
 Organizing
 Leading
Leader must have positive influence over the employees, motivate them
and encourage them to get them to make the best effort.
Not all the managers are leaders
 Controlling
To control someone you have to consider two things
 What I want from him
 The results he give

Controlling is to monitor the results and compare them to my

expectation. If they match then it is good job. If they don’t then we have to know what
the reasons are for that.