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Success requires both effectiveness and efficiency. Managers who accomplish their mission and objectives are said to be effective. Efficiency describes the relationship between the amount of resources used (input) and the extent to which objectives were accomplished (output). If the cost of accomplishing an objective is prohibitive, then the objective is not realistic in the context of the firm's resources. Additional planning is necessary. Management is defined as the process of setting and achieving goals through the implementation of some basic management functions. These functions include planning, organizing, leading, and controlling...
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