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[MGT 3200] - Final Exam Guide - Everything you need to know! (31 pages long)


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

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LSU
MGT 3200
FINAL EXAM
STUDY GUIDE

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8/25
Management is the process of achieving desired results through the efficient
utilization of human and material resources.
Two Key Concerns
Effectiveness… doing the right things at the right time
Efficiency… the MEANS to the end, minimizing waste or reducing resource
costs
Efficiency is NOT a guarantee of effectiveness! However, when an
organization is efficient, it is likely it is also effective.
Application Question: Ford dropped the price and model of the Jaguar X Type, but
consumers weren’t impressed and sales dropped. Ford’s actions were efficient but
NOT effective. Look at market share to determine effectiveness, cost will tell
you about efficiency.
Which of these scenarios is better?
1. A company that is effective but inefficient.
2. A company that is ineffective but efficient.
Typical poor management: effectiveness achieved through inefficiency, cannot
sustain this long term!! However, worst would be ineffective and inefficient
What’s the manager’s most important resource?
1. Material resources
2. Informational resources
3. Human resources
4. Financial resources
A manager should help people perform well to increase their satisfaction. This
satisfaction drives even better performance. Great customer service= happy
productive people who draw customers in.
Some managers suffer from injellitance (incompetence plus jealousy). They are
afraid of anyone better than him or her, so they hire even worse people and do not
give them important tasks to do. They want to hog the glory but overwork
themselves, eventually showing their incompetence.
Is management art or science? Both. As an academic discipline, it’s a science, but in
practice it’s an art.
Equifinality: there are many rows to success; different leadership styles can be
equally successful
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How did management become important and why is it still significant today?
Industrial revolution forever changes how work is performed. The skills of
the craftsman are transferred to the machine. The skills of the laborer
decrease, and the owner must coordinate them. Eventually the owner must
hire a professional manager when prices go down and production increases.
Economic effects of the industrial revolution leading to the need for
professional management (specialized workers must be coordinated with a
manager). Productivity goes up, prices gown down, demand goes up.
Professional managers are the lifeblood of every modern organization.
Management Pyramid
First-line managers- manage tens, get things done through the laborers,
implement plans efficiently with a minimum cost, typically come from
laborers so you are supervising your coworkers (and some will resist
you). Sometimes the best players are not the best coaches (like me when
people ask for math help ugh). First line managers learn through trial and
error. It should be a temporary position for a few months to see if they
would be a good first-line manager. SHORT term focus. Most efficiency
oriented.
Middle managers- manage hundreds. Two )’s: interpret and integrate.
Link first line and top managers. Integrate by unifying people, however it
is hard to do when certain departments have different goals. MID range
focus.
Top managers- manage thousands, e.g. Moses commanding the people in
the mass exodus. These are the CEOs, CFOs, etc. Determine the overall
goals and the overall plans to achieve those goals for the entire
organization. They determine what business you will be in and how you
will compete in that industry (strategy). They also legitimize the
organization to society through advertisements, PR, philanthropy, etc.
Has a LONG term focus. Most effectiveness oriented.
What happens in downsizing? Middle managers must be cut, so now
the other workers have more to do (think of Brad having so much to do at
Chevron). Downsizing is all about efficiency, but sometimes effectiveness
even decreases after downsizing.
Survivor’s syndrome- after a natural disaster, those who were
unaffected feel guilty and get anxious. Survivors of downsizing have these
feelings, which decreases their focus and decreases overall efficiency.
Most people manage first-line, then most people plateau at middle
manager (very few reach top)
Operative employees- labor
Review Questions
The Job Banks caused the Big 3 to have more efficiency.
Which of the following is not true concerning the Industrial Revolution? Prices for
goods increased as a result.
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