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Test 1 Notes (97% in the course

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Louisiana State University
MGT 3200

EXAM 1Chapter 1 Invitation To Management1What is management The process of achieving desired results through the efficient use of human material resourcesthrough the utilization of effectivenessefficiency2What are the 2 key concerns of management EffectivenessEfficiency3What is effectiveness concerned withefficiency Effectiveness is concerned with doing the right thing in the right time in theright way goal attainmentEfficiency is concerned with reducing waste or minimizing resource costs sincemany resources are scarce Getting more bang for the buck4How are effectivenessefficiency related More concerned with efficiency the harder it is to be effective ie when you trytoo hard to cut costs you can loose sight of your goals Effective companies tend to be efficient5What is your important resource as manager Human resources people Injellitanceincompetencejealousyis a big threat6Is management art or scienceWhen is it considered a sciencean art Both It is a science bc we develop theories of managingthen test them using the scientific method w empirical evidence It is an art bc its an extension of peoples personalities it can not all be taughtthere are many different management styles that can be successfulEquifinality Literally means many different roads to success Means that there are many different management styles that can work depending on the situation7How did management become importantwhy is it still significant today Industrial Revolution changed how work was performed dividing up laborcauses a need for managers Owners used to do all of the managing Craftsman didnt need managers bc could manage themselves but machineneed coordination8What was the basic change in the industrial revolution Skilled craftsmanuse of machinerydivision of labor skilled labor decreased9What happened to productivity supply pricesdemand as a result of the industrial revolution Production increased prices decreased demand increased10What was the pivotal event of our time according to Drucker The switch from ownermanager to professional manager11Why do most businesses fail Poor managementst12What does a firstline manager doWhat are the names associated with 1line management Ensures that the plans developed by top managersmiddle managers areimplemented by laborers w minimum costs Foreman supervisor13What does a middle level manager doWhat are the names associated with middle level manager Taking the plans from top level managementput them into staction for 1 line managementintegrateinterpret these plans Plant manager department head division head14What is corporate downsizingWhat happens in corporate downsizingWhat level of management is most adversely affected Cutting costs Cut the fat by reducing costs by ppl Efficiency oriented Often done by eliminating middle management levels staff management is farmed off to consulting firmseveryone else that remains does more work technologycomputers help for faster communications but often those people left have survivors syndrome where they become stressed overworkedthink they are the next to leave since their friends were just firedas a result their productivity decreases15What does a top manager doWhat are the names associated with top management Planlegitimize for the organization CEO CFO CIO chairman of the board executive vice president16What is the difference between a line managera staff manager Linepower over production have al the powerexists at all levels of the production pyramid Staffgives supportguidanceadvice most often middle managers 17What is the difference between a functional managera general managerst Functionalspecializesmanages 1 area 1line managers usually Generalmanages many areas a jack of all tradesa master of noneincrease as you go up the pyramid18What is the difference between an administratora manager AdministratorNonprofit companies Managerfor profit companies19What are the 5 functions of managementBe able to identifydescribe the five functions of management POSLCa PlanningSetting goalssteps necessary to get thereb Organizingdividing up workmaking sure they work togetherc Staffingrecruiting selecting employeesd Leadingmotivate communicate resolve conflictse Controllinggive feedback20What does planning has primacy mean First thing you must do Gives directions to all of the other functions
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