XYZ Power Ltd. set up a factory for manufacturing solar lanterns in a remote village as there was no reliable supply of electricity in rural areas. The revenue earned by the company was sufficient to cover the costs and the risks. The demand of lanterns was increasing day by day, so the company decided to increase production to generate higher sales. For this, they decided to employ people from nearby villages as very few job opportunities were available in that area. The company also decided to open schools and crèches for the children of its employees.
(i) Identify and explain the objectives of management discussed above.
(ii) State any two values which the company wanted to communicate to the society.
The objective of management referred here is their social objectives. It includes:
1) Providing quality goods at reasonable cost.
2) Creating employment opportunities.
3) Environmental protection.
4) Providing education etc.
The values which the company want to communicate to the society are:
1) Increasing employment opportunity in rural and backward areas,
2) Community development through opening schools and crèches for the children of employees.
How does co-ordination integrates group efforts? State.
Aman, Ahmad and Ally are partners in a firm engaged in the distribution of dairy products in Maharashtra state. Aman is a holder of Senior Secondary School Certificate from Central Board of Secondary Education with Business Studies as one of his elective subjects. Ahmad had done his post-graduation in History and Ally in dairy farming. One day there was a serious discussion between Ahmad and Ally regarding the nature of management, Ahmad argued that management was a profession. Whereas Ally argued against it saying that the legal and medical profession are the only professions because they fulfill all the conditions of profession.
Aman on the basis of his knowledge of business studies explained the nature of management as a profession to Ahmad and Ally.
Explain, how Aman would have satisfied both Ahmad and Ally?
What is meant by ‘management of people’?
What is meant by ‘Efficiency’ in management?
