MGT 3200 Lecture Notes - Lecture 7: Technological Change, Peter Principle, Industrial Revolution

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Definition of management: management is the process of achieving desired results through the efficient utilization of human and material resources. Effectiveness refers to doing the right thing(s) at the right time. Efficiency refers to minimizing waste or reducing resource costs. No, you could cut your cost a lot but if you don"t give the buyer an item with quality, then quality goes down and they don"t want to buy it. If your efficient you are usually effective but it is not a guarantee. Efficient organizations know to be effective ones. The more concern with efficiency, the easier it will be for you to be effective. *efficiency is cost, and effectiveness is market share. The industrial revolution forever changes how work is performed. The economic effects of the industrial revolution lead to the need for professional management. Skills of craftsman changes to machines, which changes from owner manager to professional manager (hired to help owner), standard of life increases.

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