TEST 1 OBJECTIVES

TEST 1 OBJECTIVES - MGT 3200 Exam 1 Objectives Invitation...

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MGT 3200 Exam 1 Objectives Invitation to Management 1. What is management? Management is the process of achieving desired results through the efficient utilization of human and material resources. 2. What are two key concerns of management? Effectiveness and efficiency. 3. What is effectiveness concerned with? Efficiency? Effectiveness is concerned with doing the right thing at the right time in the right way. Efficiency is concerned with reducing waste or minimizing resource costs since many resources are scarce. 4. How are effectiveness and efficiency related? Effectiveness is concerned with the ENDS and efficiency is concerned with the MEANS to those ends. Efficiency does not equal effectiveness, but it is a good indicator. As market share increases, effectiveness increases. As prices decrease, efficiency increases. It becomes more difficult to be effective when you want to be efficient. 5. What is your most important resource as a manager? Human resources are the most important resources. Injellitance= incompetence and jealousy are the disease to human resources. 6. Is management art or science? When is it considered science? An art? Both. It is considered a science when developing theories of management, testing those theories empirically using the scientific method, and refining, reformulating, and discarding those theories based upon the results of the stud; science is having a formula and an academic principle. It is considered an art because there are many roads to managerial success or many widely different styles of management that can be successful; art is the actual practice of management. 7. How did management become important and why is it still significant today? Management became important during the Industrial Revolution when there was a transfer of skill from the craftsmen to the machine. Changes brought about by the revolution created a need for professional management. Professional management is still important today because it’s the key to the efficient accomplishment of organizational and societal objectives. 8. What is the basic change in the Industrial Revolution? The basic change was the transfer of skills from the craftsmen to the machines. 9. What happened to productivity ‘supply,’ prices, and demand as a result of the Industrial Revolution? As a result of the enormous increase in productivity brought on by the addition of machinery and the division of labor to the transformation process, prices dropped and consumption (demand) grew. 10. What was the pivotal event of our time according to Drucker? The pivotal event of our time was the switch from owner/manager to professional manager. 11. Why do most businesses fail? Poor management is cited most often as the reason for business failure. 12. What does a first-line manager do?
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This note was uploaded on 10/07/2011 for the course MGT 3200 taught by Professor Sauley during the Fall '06 term at LSU.

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TEST 1 OBJECTIVES - MGT 3200 Exam 1 Objectives Invitation...

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