QUESTION 3
Describe the five major functions of management. (55 marks)
To coordinate the use of resources, managers may engage in a series of activities, including planning, organizing, staffing, directing, and controlling.
Planning is the process of determining the organization's objectives and deciding how to accomplish them.
Organizing is the structuring of resources and activities to accomplish objectives in an efficient and effective manner.
Staffing is the hiring of people to carry out the work of the organization.
Directing refers to motivating and leading employees to achieve organizational objectives.
Controlling is the process of evaluating and correcting activities to keep the organization on course.
What are the three resources essential to every organization? (45 marks)
Every organization must acquire resources (people, raw materials and equipment, money, and information) to effectively pursue its objectives and coordinate their use to turn out a final good or service.
Employees are one of the most important resources in a company.
Financial resources are required to help an organization pay for its essential activities.
Suppliers can also be a key part of managing resources, as suppliers provide raw materials and equipment to organizations.
QUESTION 4
What is organizational culture and how is it expressed? Provide your answer with an example. (50 marks)
Organizational culture is a firm's shared values, beliefs, traditions, philosophies, rules, and role models for behaviour.
It can be expressed formally through an organization's mission statement, codes of ethics, memos, manuals, and ceremonies, but it is more commonly expressed informally.
Examples of informal expressions of culture include dress codes, work habits and extracurricular activities.
Operations management is the development and administration of the activities involved in transforming resources into goods and services.
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