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MGT notes - Chapter 1Invitation to Management 2008-09-17...

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Chapter 1—Invitation to Management 06:00 WHAT IS MANAGEMENT? Management is catholic.  In other words, it is universal.  It’s everywhere.  We  talk about managing on the job; managing the home; managing the family  budget; managing one’s career; etc.  Management, however, is a relatively  young field and as such, many of its terms and concepts have yet to be  standardized.  In terms of defining what management is, there is no single,  universally accepted definition.  But for our purposes, we will define  management as the  process of achieving desired results through the efficient  utilization of human and material resources (Bedeian, 1993). *TEST QUESTION*: The above definition of management points out two key   concerns in managing others: 1) effectiveness and 2) efficiency.   Effectiveness  is concerned with doing the right thing at the right time in the  right way.  In other words, it’s concerned with goal attainment .   Efficiency , on  the other hand, is concerned with reducing waste or minimizing resource   costs  since many resources are scarce (i.e., money, good people,  equipment).  That is, it’s concerned with getting more bang for the buck such  as increasing outputs while maintaining the same level of inputs or keeping  the same level of outputs while decreasing the level of inputs.  So,  effectiveness is concerned with the  ENDS and  efficiency is concerned with  the  MEANS to those ends.  *TEST QUESTION*: These two goals are related in that it’s much easier to be   effective if one disregards efficiency     .--> inverse relationship       For example,  Seiko could produce more accurate and attractive timepieces if it disregarded  labor costs and material input costs.  Conversely, it becomes increasingly  more difficult to be effective when one becomes more and more concerned  with efficiency.  For example, a state university will find it very difficult to give  its students a high quality education if it has a shoe-string budget.  Example: If money is tight and so efficiency is high then effectiveness will be lower.
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Just because  organizations are efficient does not necessarily make them effective.  If companies are not giving customers what they want then they are not being effective. Example: McDonalds serving Starbucks products, Kmart competing with WalMart and target—these are signs of ineffectiveness  Sometimes organizations can do  the wrong things well!  However, high efficiency is more typically associated  with high effectiveness than with low effectiveness.  Poor management is  most often due to both ineffectiveness and inefficiency or effectiveness  achieved through inefficiency.  The hallmark of good management is 
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This note was uploaded on 10/01/2008 for the course MGT 3200 taught by Professor Sauley during the Spring '06 term at LSU.

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MGT notes - Chapter 1Invitation to Management 2008-09-17...

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