MGT 3201Exam 1

MGT 3201Exam 1 - MGT 3200 Exam 1 INVITATION TO MANAGEMENT...

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MGT 3200 Exam 1 INVITATION TO MANAGEMENT Management is the process of achieving desired results through the efficient utilization of human and material resources. About getting stuff done. Your performance depends on other peoples performance. 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 - How are these 2 key concerns related? Increase productivity by maintain same level of resource cost? More efficient ****Research shows efficient organizations are effective ones** ***The more I become concerned with efficiency and worry about and low costs Super Bowl Party ($25)- more concerned with efficiency the harder it is to be effective Provide a high quality education- harder to provide HQ education cause good teacher leaving cause budget cuts *** Ford motor company owned jaguar in 2002 decided to trim costs in the British unit by using a Ford midsize chassis ( the same used in 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…… given ford’s actions were: 1. effective but inefficient 2. ineffective but efficient ** which of these scenarios is better? a company that is ineffective and efficient a company that is effective and inefficient NEITHER What’s the manager’s most important resource? 1.
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MGT 3201Exam 1 - MGT 3200 Exam 1 INVITATION TO MANAGEMENT...

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