MGT_3200_test_1_notes

MGT_3200_test_1_notes - Management 3200 Test 1 Notes Extra...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Management 3200 Test 1 Notes Extra Credit for Test 1 : - Legacy Costs —healthcare and pension costs that you have to pay for retirees. - 3 ways to provide superior customer service: o Make it easy to complain. o Make a timely, personal response to the complaint—by sundown rule. o Make sure your response to the complaint is effective. Invitation to Management I. What is Management? a. Definition: process of achieving desired results though the efficient utilization of human and material resources. i. An ongoing process, most productivity for the fewest dollars b. Two Key Concerns of Management i. Effectiveness —achieving desired results; refers to doing the right things at the right time. This means giving the customer what they want, when they want it. ii. Efficiency —refers to minimizing waste or reducing resource costs. As competition increases, efficiency becomes more important. Efficiency is the mean to the ends. a. If you increase productivity and maintain your costs, then you are being efficient. b. If you increase productivity and lower costs, then you are being really efficient. iii. How are these two things related? a. Is effectiveness easier or more difficult to achieve when you become more concerned with efficiency (costs)? It becomes more difficult to be effective when you want to use the least costs possible. b. Example: you want to throw a huge, fun Sugarbowl party, but you only have $5. c. If you are efficient, does that automatically make you effective? NO! Efficient organizations, according to research, tend to be effective ones. They TEND to be; this is not automatic. d. The best management is being effective and efficient at the same time. iv. Is it better to be ineffective but efficient, or effective but inefficient? Being effective but inefficient is better than the first scenario, but neither situation is optimal. v. Injellitance = incompetence + jealousy vi. Good managers need to leave their egos at the door and hire decent employees. When they do good, give back and promote them, give raises, etc so they will stay. You scratch their back, they’ll scratch yours. vii. The best players are not always the best coaches. Do not let yourself get in your own way. viii. Is management art or science? BOTH! a. As a science—refine and reformulate based on data collected and theories being tested with the scientific method. If management was a science, a formula could be given to follow and you would always be successful. You cannot use this alone, because there is not just one type of management that is considered the best. b. As an art—through practice, people do things in their own way based on their personalities. Management that is practiced has the characteristic of equifinality —there are many roads to success; there is no set formula for success in management (not just a science). c.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/01/2010 for the course MGT 3200 taught by Professor Sauley during the Spring '06 term at LSU.

Page1 / 20

MGT_3200_test_1_notes - Management 3200 Test 1 Notes Extra...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online