MGT 3200 Chapter : MGT 3200 KERRY Sauley
Document Summary
Management- is the process of achieving desired results through the efficient utilization of human and material resources. (this is an ongoing thing, you don"t just manage one day a week, you manage every single day, every minute. ) Effectiveness refers to doing the right things at the right time. Giving the customer what they want when they want it. Efficiency refers to minimizing waste or reducing resource costs and achieving desired results. When productivity goes up and costs come down, that"s maximally efficient. When costs come down, efficiency is going up. (inverse relationship) If you"re efficient, that doesn"t necessarily mean you"re effective. The more you become more concerned about being efficient, the harder it is to be effective. Effectiveness achieved from being inefficient. (most typical management scenario) Which is better: a company that is effective but inefficient. (1 is better than 2 but neither are good, a company that is ineffective but efficient.
