MGT 3200 : Exam One Study Guide With Answers
Document Summary
What is management: is the process of achieving desired results through the efficient utilization of human and material resources. What are the 2 key concerns of management: effectiveness and efficiency. How are effectiveness and efficiency related: high efficiency is more typically associated with high effectiveness than with low effectiveness, poor management is most often due to both ineffectiveness and inefficiency or effectiveness achieved through inefficiency. What is your important resource as a manager: human resources, managers accomplish things through people, their performance depend on the performance of the people beneath them. What was the basic change in the industrial revolution: the production of goods went from skilled craftsmen to factories that hired cheap labor to aid the machines. What happened to productivity (supply), prices, and demand as a result of the industrial revolution: increase in productivity, priced dropped and consumption increased.
