MGT 3200 Chapter : MGT 1 5
Document Summary
We talk about managing on the job; managing the home; managing the family budget; managing one"s career; etc. Management, however, is a relatively young field and as such, many of its terms and concepts have yet to be standardized. In terms of defining what management is, there is no single, universally accepted definition. But for our purposes, we will define management as the process of achieving desired results through the efficient utilization of human and material resources (bedeian, 1993). The above definition of management points out two key concerns in managing others: 1) effectiveness and 2) efficiency. Effectiveness is concerned with doing the right thing at the right time in the right way. In other words, it"s concerned with goal attainment. Efficiency, on the other hand, is concerned with reducing waste or minimizing resource costs since many resources are scarce (i. e. , money, good people, equipment).
