20 - Management 15:21 Management: : T

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Management  15:21 Management: the process of achieving desired results through the  efficient utilization of human material resources. Two key concerns of management     : effectiveness and efficiency. Effectiveness refers to doing the right things at the right time.  Efficiency refers to minimizing waste or reducing resource costs. Maintain productivity while decreasing personnel cost, efficient. The more concerned you are about efficiency and cutting costs,  effectiveness is more difficult to achieve.  Being efficient doesn’t always mean you’re effective, but efficient  organizations tend to be effective organizations. Ford motor company who owned Jaguar in 2002 decided to trim  costs in the British unit by using a ford midsize chassis (the same  used in the ford Taurus) for its Jaguar X-type sedan. At the same  time they dropped the price on the X-type to less than $30K to  attract more buyers. However, consumers were unimpressed. Given the description, ford’s actions were:  ineffective but  efficient. Which is better? 
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This note was uploaded on 05/09/2011 for the course MGT 3200 taught by Professor Sauley during the Spring '06 term at LSU.

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20 - Management 15:21 Management: : T

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