MGT 3200 Chapter : More Introduction Stuff
Document Summary
Management is the process of achieving desired results through the efficient utilization of human and material resources. Effectiveness refers to doing the right things at the right time. Efficiency refers to minimizing waster or reducing resource costs. Research shows that efficient organizations are, on average, effective ones. But, if you try to become too efficient, it can hurt effectiveness. When ford made the jaguar x use the taurus body, it was ineffective but efficient. It saved costs but did not sell well and hurt the brand. Any time costs are lowered, efficiency is increased. A company that is effective but inefficient is better than a company that is ineffective but efficient. You select people that are inferior to you or not the best. You hide people who are better than them.
