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[MGT 3200] - Midterm Exam Guide - Comprehensive Notes for the exam (18 pages long!)


Department
Management
Course Code
MGT 3200
Professor
Kerry Sauley
Study Guide
Midterm

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LSU
MGT 3200
MIDTERM EXAM
STUDY GUIDE

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Management Notes
-August 25th
Definition of Management
Management is the process of achieving desired results through the efficient
utilization of human and material resources
Getting things done, efficiently, through other people
2 key concerns of management
Effectiveness and efficiency
Effectiveness refers to doing the right things at the right time
Efficiently refers to minimizing waste or reducing resource costs
How are these 2 key concerns related?
oIs efficiency a guarantee of effectiveness?
NO
When you have a efficient organization, they tend to be more effective
When wanting to lower costs, effectiveness is harder to achieve
Which of these 2 is better?
A company that is effective but inefficient
A company that is ineffective but efficient
Typical poor management is effectiveness achieved through inefficiency
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What’s the manager’s most important resource?
Material
Informational
HUMAN****
Financial
Great costumer service is a inside out concept
Happy employees will interact with customers in a successful way
Happy workers will make happy customers
Northcore Paricinson
Injellitance
Equal parts of incompetence and jealousy
Most adversely affects staffing, then leading
Work will expand to the time given it
Is Management Art or Science?
BOTH***
There are management theories that are tested in such scientific methods through studies
For some people, Management is a natural extension of who they are and what they are
capable of
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