OM

*Organization
-Either a group of individuals and factors and their relationships or the process itself
-Considered as the relationships of the structural elements in business, including individuals to carry on the work to achieve the desired purpose

*Management
-Process of reaching organizational goals by working with and through people and other organizational resources
-Activity or process which coordinates, directs, and controls the activities of all other parts
-Key people who make significant decisions and keep the policy-making power over the organization
   >Characteristics:
	 ♡Process or series of continuous and related activities
	 ♡Involves and concentrates on reaching goals
	 ♡Strives for organizational goals by working with and through people and other organizational resources
   ☆Sole Proprietorship - Owner
   ☆Big Company - Directors or key executives

*Good Management
-When competent people are placed as heads of the departments, are responsible for and in control of all activities, are working as a team under the leadership of a strong executive

○Management as a SCIENCE -Evolved from theories that involved extensive studies and experiments
○Management as an ART -Able to look at situations and use creativity and imagination to create solutions

*Efficiency
-Ability to minmax
-"Doing things right"
-Seeks to limit wasted output

*Effectiveness
-Capacity to attain an objective or result
-"Doing the right thing"
-To meet the goal regardless of the amount of needed input

►5 Functions of Management:
   1.) Planning -Determining the organization's goals or objectives
				-Defining strategic actions
			    -Developing coordination and integration activities
   2.) Organizing -Demands assigning tasks
				  -Settings aside funds
                  -Bringing harmonious relations among individuals and groups in the org
   3.) Staffing -Indicates filling in the different job positions in the organization's structure
                -Factors that influence:
					♡Organization's Size
					♡Number of Individuals to be Recruited
					♡Types of Job
					♡Internal or External Pressures
   4.) Leading -Entails influencing or motivating subordinates to do their best to help achieve the organization's goals
   5.) Controlling -Evaluating and correcting an individual's or group's performance

►Development of Management
   >1100 BC: Practice of the 4 managerial functions by the Chinese
   >400-350 BC: Development of a scientific approach to work by the Greeks
				Practice of management decentralization by the Romans
   >Medieval Period: Venetians improved production by standardizing assembly lines, using an inventory system, and building warehouses
   >1780-1840: Emergence of economies of scale which reduced manufacturing costs during the industrial revolution
   >Early 20th Century: Business schools flourished (Notable ones: Wharton School & Amos Tuck School)
   >20th Century to Present: US Companies engage in manufacturing as the core business

*Economies of Scale
-Phenomenon where average costs per unit of output decrease with the increase in the scale or magnitude of the output

*Scientific Management Theory
-Use the step-by-step scientific methods for finding the single best way for doing a job

*Frederick W. Taylor (1856-1915)
-Father of Scientific Management
-Tried to identify clear guidelines for the improvement of their productivity

►Taylor's Scientific Management Principles:
   1.) Develop a science for each element of an individual's work to replace the old rule of the thumb method
   2.) Scientifically select and then train, teach, and develop the workers
   3.) Cooperate with the workers to ensure that all work is done in accordance with the principles of the science developed
   4.) Divide work and responsibility almost equally between management and workers

*General Administrative Theory
-Concentrates on the manager's functions and what