Management

The funds that the organization uses to meet its obligations to various creditors

E.g: borrowing and lending money – banks

- money from customers to pay the wholesalers

- tuition

Economy, consumer markets, technology, politics, cultural forces – are all changing so rapidly that an organization that does not adapt will probably not survive

To adapt, to change, an organization must know what is changing and how it is changing

Companies are finding it increasingly important to gather information about their competitors in today’s business environment

A number of management functions must be performed if any organization is to succeed.

First goals must be established for the organization, and plans must be developed to achieve those goals. Next, managers must organize people and other resouraces into a logical and efficient “well-oiled-machine” that is capable of accomplishing the goals of the organization.

Finally managers need to maintain adequate control to ensure that the organization is working steadily toward its goal.

Goal setting is an end state that the organization is expected to achieve, is the process of developing and committing an organization to a set of goals

The most fundamental type of goal is the organization’s purpose which is the reason for the organization’s existence:

Texaco Inc. – to earn a profit for its owners

Huston Community College – to provide education for local citizens

Secret Service – to protect the life of the president