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20 Cards in this Set
- Front
- Back
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the process of achiving desired results through the efficient utilization of human and mental resources
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management
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doing the right things at the right time
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effectiveness
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minimizing waste or reduce costs
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efficiency
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Legacy Cost - GM FORD CHRYSLER LEGACY COST. WHICH IS COST FOR RETIREERS BENEFITS FOR RETIREES AND PENTION FUNDS
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AS LEGACY COSTS INCREASE EFFICIENCY DECREASES
Gm largest health care provider in US |
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How are efficieny and effectiveness related?
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The more concerned you are about efficiency the more difficult it is to be effective.
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How does efficiency relate to production and cost?
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If you keep the same level of productivity and a lower level of cost efficiency is increasing.
Max efficiency productivity up and cost down |
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Ford Motor company who owns jaguar in 2002 decided to trim costs in the british unit by using a ford midsize chassis for its jag x-type sedan. At the same time they dropped the price on the x-type to less than 30 k to attract more buyers. However consumers were unimpressed and commented that x-type had no pizzazz ( sales are going down and costs are going down)
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Fords actions were ineffective but efficient (doing the wrong thing but doing it really well)
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If McDonalds added espresso machines for iced coffee drinks and they also add good seating and music to make their restaurant more homier Do you think this will be effective?
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McDonalds is a fast food restaurant and its image is not the same as other coffee shops. They are going against their basic mission and that is an ineffective action
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Kmart combating Wal-Mart one day and the next day Target…customers and employees are confused about what Kmart is trying to do … result sales
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down effectiveness down
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Which scenario is better?
i.A company that is effective but inefficient b.A company that is ineffective but efficient |
i.A company that is effective but inefficient - doing the right thing not so well
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effectiveness achieved through inefficiency is what you will usually see with __ management
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bad
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What is the managers most important resource?
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Spot talent, develop talent, award talent, and when they become better than you, promote them.
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equal parts of incompetence plus jealousy- this type of manager is not very good at their job and jealous of everyone that is better than them so instead of hiring the best people they add people who are inferior to them so they aren't threatened. Won't delegate to you because people may see that you are skilled and you could then become a competitor
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Injellitance
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Is management Art or Science?
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Both
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We develop theories of management and then we test these theories. Building a knowledge base through the scientific method. (academic discipline)is an example of management as a ____
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science
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There is no one best way to manage widely different styles has its own flare and signature to it. this is an example of management as a ___
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art
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_____ managers makes all choices
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Autocratic management
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__ managres are involved
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Democratic everyone
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___ manager lets everyone else decide and doesn’t get involved
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Laissez faire
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____ means many roads to success
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Equifinality
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