CHAPTER 1 THE PROBLEM AND ITS SETTINGS Introduction Most of the world’s work is done through organization – groups of people who work together to accomplish one or more objectives. In doing its work‚ an organization uses resources – labor‚ materials‚ various services‚ building and equipment. These resources need to be financed‚ or paid for to work effectively‚ the people in organization need information about the amounts to these resources‚ the means of financing them‚ and the results achieved
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that cause their problem. 2. Efficiency and Effectiveness ●What is efficiency and effectiveness? Efficiency：Peter Drucker definition on efficiency is “Concerned with doing things right.” This point is focus on using the minimum resources to create the maximum outputs. It emphasis on the analysis of resource using. So it also can be explain like” Getting the most output from the least amount of inputs.” Effectiveness：Peter Drucker definition on effectiveness is “doing the right things.” This
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"Managerial decisions are an important cog in the working wheel of an organisation. The success or failure of a business is contingent upon the decisions taken by managers. Increasing complexity in the business world has spewed forth greater challenges for managers. Today‚ no business decision is bereft of influences from areas other than the economy. Decisions pertinent to production and marketing of goods are shaped with a view of the world both inside as well as outside the economy. Rapid changes
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Managerial Economics – BBA2194 Group project and Presentation You and your team are economic analysts for Global Investment Research (GIR) Pvt Ltd ‚ an International Investment consulting group based in the US. GIR has branches in 20 countries and is the leading consultant for International investors who are willing to invest large sums of money in a country. A consortium which consists of a group of investors from the oil rich Gulf States are keen to invest in a country with an emerging economy
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Qn: In today’s global environment‚ why are eco-efficiency and eco-effectiveness important to organizations In recent years‚ much emphasis has been put on the importance of eco-efficiency and eco-effectiveness due to raising concern of global warming and the environment in general. Basically‚ eco-efficiency means reducing the environmental impacts of goods and resource intensity throughout the entire life cycle to a level at least in line with the Earth’s estimated carrying capacity; while at
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primary difference is efficiency is productivity concerned while effectiveness is quality concerned. In other words‚ efficiency refers to how much resource (time‚ money‚ materials and effort) required in accomplishing a task. Effectiveness refer to how well the job gets done‚ i.e.‚ the output quality‚ zero defects. “Efficiency” is getting things done‚ it is not trying and it is not having ability. In other words‚ “efficiency” is actually accomplishing. It is execution. “Effectiveness” is also getting
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Effectiveness is more important than efficiency? Joel Fleming – Affirmative The following theory was first propounded in ’ (Samson‚ D & Daft 2012‚ p. 17) “Effectiveness is the degree to which the organisation achieves a stated goal. It means that the organisation succeeds in accomplishing what it tries to do. Organisational effectiveness means providing a product or service that customers value. Organisational efficiency refers to the amount of resources used to achieve an organisational goal
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Pakistan tobacco Company Ltd 2012 Efficiency and effectiveness of IT in Production and Supply chain Systems and Operations Management Aleem Arif www.ptc.com.pk Pakistan tobacco Company Ltd 2012 Efficiency and effectiveness of IT in Production and Supply chain Systems and Operations Management Aleem Arif www.ptc.com.pk Table of Contents Executive Summery2 Introduction2 Value Chain3 Competitive Advantage5 Production Process Structure6 Process Analysis and Design7 Supply Chain Design8
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Efficiency and Effectiveness of Wind Power Generation With the reckless energy demand in the 21st century and the growing of global warming‚ which made by environmental pollution‚ energy supply has become the constraint and an obstacle to the economic development of many countries. To solve these kinds of puzzles‚ which can respond to the climate and energy challenges.‚ people now pay more attention to all kinds of new type of renewable energy‚ which is good ecologically. Wind power is one of
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Consider the Concepts of the Science of Managerial Economics Running successful businesses requires involvement of well experienced and talented managers; all companies’ stakeholders concern‚ in running companies‚ is to make profits and expectation is on managers’ part to make such desire become the fact of reality. One of the tools managers use to analyse company’s performances and be able to make intelligent decisions- for further profitability and sustainability of the corporations- is by economical
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