INTRODUCTION_TO_MANAGEMENT_OUTLINE

INTRODUCTION_TO_MANAGEMENT_OUTLINE - Chapter 1

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1 INVITATION TO MANAGEMENT (CHAPTER 1) MGT 3200 WHAT IS MANAGEMENT? A DEFINITION Management is about getting things done through people (employees) Management is the process of achieving desired results through the efficient  utilization of human and material resources (Don’t memorize) TWO KEY CONCERNS Effectiveness and efficiency Effectiveness refers to doing the right things at the right time Efficiency refers to minimizing waste or reducing resource costs How are these 2 key concerns related? The more you are concerned about minimizing costs the more  difficult effectiveness becomes
Background image of page 1

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

View Full DocumentRight Arrow Icon
Page 2 of 25 Ford Motor Company who owns 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 and commented that the x-type had no  pizzazz. In fact, your humble Given the description from the previous slide, Ford’s actions were o Ineffective but efficient Increasing productivity while keeping the same resource cost –  more efficient Which scenario is better? o A company that is effective but inefficient o A company that is ineffective but efficient The first one is better
Background image of page 2
Page 3 of 25 Expect a question on effectiveness and efficiency A MANAGER’S MOST IMPORTANT RESOURCE Manager’s most important resource – human resource Injellitance = incompetence + jealousy We get rid of this by that person firing themselves; their  productivity in their unit goes down because they hire people inferior to  them ART OR SCIENCE? Management is both an art and a science As practiced its an art Academically it’s a science Management is a concept of equifinality, which means many roads to  success Laissez-faire – “hands off” There is no one best way to manage – it depends on the situation
Background image of page 3

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

View Full DocumentRight Arrow Icon
Page 4 of 25 Platinum rule – treat other people like they want to be treated, not like  you would want to be treated HOW DID MANAGEMENT BECOME IMPORTANT AND WHY IS  STILL SIGNIFICANT TODAY? THE INDUSTRIAL REVOLUTION: FOREVER CHANGING HOW  WORK WAS PERFORMED B. THE ECONOMIC EFFECTS LEADING TO THE NEED       FOR PROFESSIONAL MANAGEMENT THE MANAGEMENT PYRAMID First-line managers Middle managers Top managers Each level has a different function and focus                  /   \
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This document was uploaded on 10/27/2011 for the course MGT 3200 at LSU.

Page1 / 25

INTRODUCTION_TO_MANAGEMENT_OUTLINE - Chapter 1

This preview shows document pages 1 - 5. Sign up to view the full document.

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