EVEG 2000 : Fall'15 Exam 1 Equation Sheet (1/3)
Document Summary
Management= the process of getting things done by using human and material resources effectively and efficiently. Effectiveness= doing the right things at the right time. Efficiency does not guarantee effectiveness, but companies that are very efficient tend to also be effective. The more efficient you become the more difficult it is to be effective. Most common case of bad management is for the manager to be very effective but not very efficient, ie. using resources poorly to get good results. Think about business that are very flashy and cool and have great customer service but go bankrupt because they are spending too much money. Application question/test question: in an attempt to sell more of their top tier car, the jaguar, ford produced a cheaper jaguar with the same base chasm (body) as their popular taurus. However, people didn"t buy the taurus-like jaguars because it made the jaguar less special or top-end.
