MGT 3200 Lecture : MGT Intro Notes
Document Summary
Mgt 3200: what is management, a definition. Is the process of achieving desired results through the efficient utilization of human and material resources: two key concerns. 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: you see effectiveness achieved through inefficiency, the more concern of efficiency the more concern of cutting cost. Ex: lsu budget cost, super-bowl party on a budget. More concern of efficiency harder to be effective. Ford example, ford"s actions were: ineffective (not working) but efficient (saving money): Cost go up efficiency goes down: inverse relationship. Market share and cost***-> on the test: a manager"s most important resource, material resources, informational resources, human resources**, financial resources. Extension of who they are; it comes naturally: more art than science. Equifinality: many roads to success, widely different styles. Page 2 of 7: the industrial revolution: forever.
