GMGT 1010 (Business and Society) QUIZ 2 STUDY NOTES SIMPLIFIED AND LATEST UPDATED UNIVERSITY OF MANITOBA.

GMGT 1010 (Business and Society)
QUIZ 2 STUDY NOTES SIMPLIFIED
AND LATEST UPDATED UNIVERSITY
OF MANITOBA.

, Class 8:
Domains of Management
- People
o Encompasses managing interpersonal relationships within organization
- Money
o Associated with Aristotle’s ideas about chrematistics
- Managing other organizations and resources
o Encompasses ideas about managing relationships between organizations

Value Chains
- The sequence of activities where by an organization:
o 1. Acquires the resources it needs (people and money)
o 2. Engages in day-to-day operations to use and add value to these
resources (converts inputs into products)
o 3. Utilizes its value-added outputs to further its interests (sell to
consumers)

A Traditional Value Chain
- Linear
Inputs Conversion processes Outputs

Value loops
- Circular
Inputs Conversion Processes Outputs


Environmental resources and processes

Key Functional Areas of Business

Human Resource Management
- How organizations manage people

Finance
- Raising money, spending money, investing, and deciding the best way to
accomplish these tasks

Accounting
- Measuring and counting money
o Good accounting results in good decision making