mgt_notes test 1

mgt_notes test 1 - EXAM #1 Chapter 1: Invitation To...

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EXAM #1 Chapter 1: Invitation To Management 1. What is management? ` The process of achieving desired results through the efficient use of human & 2. What are the 2 key concerns of management? 3. What is effectiveness concerned with? efficiency? ` Effectiveness is concerned with doing the right thing in the right time, in the right way; goal attainment ` Efficiency is concerned with reducing waste or minimizing resource costs since many resources are scarce. “Getting more bang for the buck.” 4. ` More concerned with efficiency, the harder it is to be effective (i.e. when you try too hard to cut costs, you can loose sight of your goals) ` Effective companies tend to be efficient 5. What is your important resource as manager? ` Human resources [people] (Injellitance - incompetence + jealousy…is a big threat) 6. Is management art or science? When is it considered a science? an art? ` Both ` It is a science b/c we develop theories of managing & then test them using the scientific method w/ empirical evidence ` It is an art b/c it’s an extension of people’s personalities; it can not all be taught 7. ` Industrial Revolution changed how work was performed; dividing up labor causes a need for managers ` Owners used to do all of the managing ` Craftsman didn’t need managers b/c could manage themselves, but machine need coordination 8. What was the basic change in the industrial revolution? ` Skilled craftsman use of machinery & division of labor (skilled labor decreased)
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9. What happened to productivity (supply), prices, & demand as a result of the industrial revolution? ` Production increased, prices decreased, demand increased 10. What was the pivotal event of our time, according to Drucker? ` The switch from owner/manager to professional manager 11. Why do most businesses fail? ` Poor management 12. What does a first-line manager do? What are the names associated with 1 st -line management? ` Ensures that the plans developed by top managers & middle managers are implemented by laborers w/ minimum costs ` Foreman, supervisor 13. What does a middle level manager do? What are the names associated with middle level manager? ` Taking the plans from top level management & put them into action for 1 st line management… these plans! ` Plant manager, department head, division head 14. What is corporate downsizing? What happens in corporate downsizing? What level of management is most adversely affected? ` Cutting costs (“Cut the fat, by reducing costs by ppl.”)
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This note was uploaded on 04/18/2008 for the course ISDS 2000 taught by Professor Nunnery during the Spring '08 term at LSU.

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mgt_notes test 1 - EXAM #1 Chapter 1: Invitation To...

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