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11 Cards in this Set
- Front
- Back
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1. What is management?
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A: the process of achieving desired results through the efficient utilization of human and material resources
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2. What are the 2 key concerns of management?
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Effectiveness and Efficiency
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3. What is effectiveness concerned with? Efficiency?
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A: Effectiveness is concerned with doing the right thing at the right time in the right way. It is concerned with goal attainment. Efficiency is concerned with reducing wastes or minimizing resource costs since many recourses are scarce. It is concerned with getting more bang for your buck. Effectiveness is concerned with the ends and efficiency is concerned with the means.
Market share- effectiveness Cost- efficiency |
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4. How are effectiveness and efficiency related?
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A: It is much easier to be effective if one ignores efficiency. Efficiency does not mean effectiveness either. A company can do the wrong things well. Effectiveness is the more important of the two.
Efficent orginizations tend to be effective Effectiveness is more difficult to achieve when lowering costs Efficiency is the means Effectiveness is the ends |
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5. What is your important resource as a manager?
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A: Human Resources- what disease affects- injealousense- incompetence and jealousy affects it the most
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6. Is management art or science? When is it considered a science? An art?
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A: Both. A science because it test hypothesis with the scientific method and accepts/rejects hypothesis based on results of test. Art because it takes the right person to do the job evidenced by the fact that there are many roads to management success.
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7. How did management become important and why is it still significant today?
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A: Management became important when Capitalism was created and there was a shift from owner/manager to professional manager. Capitalism was created when division of labor and the transformation of human skills to machine skills took effect. It is still significant today because it is key to efficient accomplishment of societal and organizational objectives.
Industrial revolution- the skill level of the laborer decreases and they are in need of a manager. (before they were self managed) Skill level of laborer decreases Indrustrial revolution- productivity goes up, prices go down, and consumpition and demand go up, switcher to owner manager to other manager, and the skill level of the laborer goes down |
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8. What was the basic change in the industrial revolution?
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A: the switch from human skill to machine work.
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9. What happened to productivity (supply), prices, and demand as a result of the industrial revolution?
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: Prices decreased because supply increased. Because there were more goods from a cheaper price demand increased
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10. What was the pivotal event of our time, according to Drucker?
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A: The shift from Owner/Manager to professional Manager!!! (7, 8, 9 10= one question)
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11. Why do most businesses fail?
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: Most businesses fail because of poor management
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