evancy.
This is an acronym for "Less Developed Countries." This is usually a country that has a relatively weak infrastructure and does not have a stable currency, or a currency control system.
The method or methods of determining both the effectiveness and the efficiency of either an organization or an individual within that organization. As the authors explain "Efficiency is the ratio of outputs to inputs. Effectiveness is the degree to which the organization's outputs correspond to the needs and wants of the external environment" (Bateman & Snell, 1996, 42).
As the authors define it, it is the act of "directing, motivating, and communicating with employees individually and in groups. Leading involves close day-to-day contact with people, helping to guide and inspire them toward achieving team and organizational goals" (Bateman & Snell, 1996, 7).
II. Theories of Management as applied to Thailand
Based on the management theories that have been studied thus far in class, it would seem that of all the theories discussed, the most applicable in Thailand would be "Contingency or Situational." As described by Koontz, "Contingency or situational management refers to managers' abilities to adapt to meet particular circumstances and restraints a firm may
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