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EFFICIENCY VS EFFECTIVENESSLOW EFFICIENCYManagers choose wrong goals to pursue and make poor use of LOW EFFECTIVENESSresources Crappy product that no one wantsManagers choose the right goals to pursue but does a poor job of LOW EFFICIENCYusing resources to achieve these goals Awesome product that no HIGH EFFECTIVENESSone can affordManager chooses inappropriate goals but makes good use of HIGH EFFICIENCYresources to pursue these goals High quality product that no one LOW EFFECTIVENESSwantsManager chooses the right goals to pursue and makes good use ofHIGH EFFICIENCY resources to achieve these goals Awesome product at awesome HIGH EFFECTIVENESSprice4 FUNCTIONS OF MANAGEMENT DEFINED BY FAYOLPLANNINGChoose appropriate goals and best course of actionEstablish task and authority relationships so that people work well ORGANIZINGtogetherMotivate coordinate and energize individuals and groups to work LEADINGtogetherEstablish measuring and monitoring systems to evaluate the CONTROLLINGorganizations work3 MANAGERIAL ROLES INDENTIFIED BY MINTZBERGInterrelate with othersINTERPERSONALIncludes figurehead leader and liaisonCommunication and delegationget information out to everyoneINFORMATIONALIncludes monitor disseminator and spokespersonCaseshow to make rational and logical decisionsDECISIONALIncludes entrepreneur disturbance handler resource allocator and negotiator3 WAYS TO MEASURE MANAGERIAL PEFORMANCE BY DRUCKERThe terms and conditions under which human an material resources ECONOMYare acquiredEFFICIENCYThe amount of resources incurred to produce goods and servicesEFFECTIVENESSHow well is the organization is doing in meeting its goals4 BUILDING BLOCKS FOR COMPETITIVE ADVANTAGEEFFICIENCYINNOVATIONQUALITYRESPONSIVENESS TO CONSUMERS
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