Assignment for chapter 1.

1. Discuss the relationship between "efficiency" and "effectiveness" and how they impact
the performance of an organization (tr.11)
 Organizational performance has always been a priority which managers have to run
towards and struggle for. As a result, measuring the effectiveness and efficiency of the
organization is one of the best ways to evaluate their performance. Those concepts
seem to be synonymous but there are differences between them. Effectiveness can be
defined as the degree to which an organization achieves its objectives and how success
does it make. Organizational effectiveness includes providing products or services that
customers value. Besides, efficiency by definition is the amount of resources used for
gaining goals, such as: human, financial, raw materials... Effectiveness and Efficiency
have their own distinct meaning, yet, they influence each other. Those two concepts
have an interdependent relationship. The responsibility of managers is to achieve high
performance which is constituted by both effectiveness and efficiency. All managers
have to pay attention to their resources which are scarce and limited, but cutting them
to improve efficiency sometimes can influence organizational effectiveness. That is to
say, the challenge that managers have to deal with in today’s rapidly changing economy
is to balance these two concepts . Performance is defined as the ability to attain
organizational goals by using resources in effective and efficient way. Because each of
these terms has its own value, it is of great importance for managers to assure the
success in both areas. They can impact the performance of an organization by making an
assessment of the organizational performance. Efficiency is used for improving
productivity in limited time, minimizing cost and attaining short term goals, while in
terms of effectiveness, it has a great impact on sustainable growth and long term
profits. As a result, their outcome is productivity, cost management under control,
improving their reports and gaining a competitive edge. In conclusion, effectiveness and
efficiency are in an interconnected relationship, which all managers have to achieve to
creat exellent organizational performance.

2. Explain why college students should study management. Explain how the knowledge of
management may benefit you personally in your future. 
 In today’s increasingly interconnected and interdependent world, management is on its
way becoming a requisite for the achievement of a high organizational performance.
There are atually many reasons why college students shoud study management. First of
all, managers are needed in every sector of an organization. To understand this idea
deeply, let’s come to definitions about mangement and organization. Management is
defined as the achievement of organizational goals in an effective and efficiency way
through four functions: planning and decision making, organizing, leading and
motivating, controlling. In terms of organization, by definition, it is a social entity which
is goal-directed and deliberately structured. Thus, the role of managers is to allign an
 outcome that individuals are involed with the outcome of an organization. Because of
that, managers are always in demand to organize people, all of entities to attain goals.
Moreover, studying management means equipment with vital skills that allow students
to be a valuable asset to any organization. They will have a chance to learn and adapt
these transferable skills in their own life, such as: leadership, time management… As a
result of that, management will help them to lead a much more meaningful life by being
a much more disciplined person. Last but not least, studying management will provide
students with in-depth knowledge and understading of the core elements of business
and management. They can gain more experience by hands-on learning and be
encouraged to apply academic theory to real-life business situations. In conclusion,
whether students will be managers in the following day or not, studying management
actually does wonders for them.

3. Identify and define the essential managerial functions. 

 There are four fundamental management functions: planning, organizing, leading and
controlling. These primary functions work together in the creation, and execution of
organizational goals. First of all, planning means identifying goals and making decisions
on the tasks to attain them. During the planning phase, managers make a detailed
action strategy and analysis. In other words, it is a phase to identify what your
organization wants to be in the future and how to do it. Along with planning is
organizing which reflects how the organization achieves a stated goal and accomplish
what it tries to do. Organizing involves assigning tasks to personnel, delegating authority
and distributing resources. In terms of leading, it is defined as the use of influence to
motivate people and their behaviors to achieve organizational objectives. Managers
creat a shared culture and value, connect with their employees by using interpersonal
skills so that every single person in organization can develop and take inspiration to
perform to the best of their ability. To sum up, leading means motivating,
communicating with and developing people. Controlling is the fourth function in
management process. Controlling by definition is to monitor employee’s activities and
evaluate a quality of their work. A manager has transfer from a controller in traditional
approach to enabler in new competencies. They make efforts and put more emphasis
on training people to make them perform at a high level. As a whole, controlling in
management is about determining whether the organization moving toward its
objectives and making corrections as nescessary. In conclusion, these four basic
managerial functions have always been an essentiality that a manager have to achieve
these days.
 4. What is a "strategy"? Give an example of the strategy of a business with which you are
familiar. 
 Strategy is defined as a detailed action plan which managers implement to attain
organization’s goals. It involves the process of setting objectives, analyzing and evaluating
pros and cons in order to make an organization gain a competitive edge. In other words,
strategic management has become synonymous with allocating employees and resources in
an effective and efficient manner. In an organization, strategy makes a great contribution to
analyzing areas for operational improvement. It identifies potential threats and
opportunities so that a business can develop a successful approach to achieve
organizational performance at a high level. To demonstrate this idea deeply, let’s take IKEA
as an example. The strategy of IKEA bussiness is based on its concept. The IKEA concept
starts with the idea of providing customers with affordable furniture and home goods. Their
strategy is set by combining quality,design, function and value in a sustainable manner. By
designing staff focused on minimizing cost of manufacture, IKEA takes advantage of cost
effectiveness that offers low prices for their customers. As a result, to maintain this
competitive edge, IKEA makes use of a combination of economies of scale and technological
integration into various processes. Besides, by virtue of manufacturing by long-term
suplpiers, a wide range of products is another strength of IKEA business strategy. There are
9500 products across in IKEA portfolio and the company renews its product range launching
approximately 2,500 new products every year.[2] Moreover, IKEA business strategy makes
great use of global market by operating 422 stores in 50 markets around the world. In a
nutshell, a busniess strategy is a powerful tool for assisting managers to attain
organizational goals and perform to the best of their ability.
5. Identify and define the basic levels of management. What is each responsible
for? Give an example of each. 
6. Identify and briefly define the three major types of managerial skills that
managers need. 
7. Identify and discuss what is meant by the "technical skills" of a manager. Give a
practical business example of how managers use these skills in their everyday
activities in a particular setting.