Chapter 1 Study Guide
List of questions for exam 1 (Chapter 1)
1. Discuss the relationship between "efficiency" and "effectiveness" and identify real organizations you think are, or are not, efficient and/or effective.
Organizations are Efficient when managers minimize the amount of resources or time needed to produce a given output of goods or services. Organizations are effective when managers choose appropriate goals and then achieve them. When a company is both efficient and effective, they can produce a product that customers want at a quality and price they can afford. One example is how Mcdonalds cooks their fries efficiently, they developed fat fryers that not only reduce the amount of oil used in cooking, but also speeds up the cooking of French fries. One way the same company utilized being effective is by providing a breakfast menu to attract more customers. Sales of breakfast foods account for more than 30% of McDonalds revenues.
2. What are the benefits of studying management?
1. In every society resources are valuable and scarce, the more efficient and effective use that organizations can make of those resources, the greater the relative wellbeing and prosperity of people in that society. Managers are the ones who decide how to use many of a society’s most valuable resources.
2. Studying management helps people deal with their bosses and their coworkers. Management teaches people not yet in positions of authority how to lead coworkers, solve conflicts, achieve team goals and thus increase overall performance.
3. People today are in competition for good jobs. Jobs that pay well and provides an interesting and satisfying career, and understanding management is one important path toward obtaining this objective.
3. Identify and describe the three steps in the planning process.
To perform the planning task, managers need to identify and select appropriate organizational goals and courses of action. They develop strategies for how to achieve high
1. Discuss the relationship between "efficiency" and "effectiveness" and identify real organizations you think are, or are not, efficient and/or effective.
Organizations are Efficient when managers minimize the amount of resources or time needed to produce a given output of goods or services. Organizations are effective when managers choose appropriate goals and then achieve them. When a company is both efficient and effective, they can produce a product that customers want at a quality and price they can afford. One example is how Mcdonalds cooks their fries efficiently, they developed fat fryers that not only reduce the amount of oil used in cooking, but also speeds up the cooking of French fries. One way the same company utilized being effective is by providing a breakfast menu to attract more customers. Sales of breakfast foods account for more than 30% of McDonalds revenues.
2. What are the benefits of studying management?
1. In every society resources are valuable and scarce, the more efficient and effective use that organizations can make of those resources, the greater the relative wellbeing and prosperity of people in that society. Managers are the ones who decide how to use many of a society’s most valuable resources.
2. Studying management helps people deal with their bosses and their coworkers. Management teaches people not yet in positions of authority how to lead coworkers, solve conflicts, achieve team goals and thus increase overall performance.
3. People today are in competition for good jobs. Jobs that pay well and provides an interesting and satisfying career, and understanding management is one important path toward obtaining this objective.
3. Identify and describe the three steps in the planning process.
To perform the planning task, managers need to identify and select appropriate organizational goals and courses of action. They develop strategies for how to achieve high