Long Answer TypeDescribe any five reasons which clarify that management is gaining importance day-by-day.
Principles of Taylor and Fayol are mutually complementary. One believed that the management should not close its ears to constructive suggestions made by the employees while the other suggested that a good company should have an employee suggestion system whereby suggestions which result in substantial time or cost reduction should be rewarded.
Identify and explain the principles of Taylor and Fayol referred in the above para.
’Organising involves a series of steps in order to achieve the desired goals.” Explain these steps.
With the help of any four points, explain the crucial role that organising plays in an enterprise.
The following points highlight the crucial role that organising plays in any business enterprise:
(i) Benefits of specialisation: One of the important role of Organising is, it leads specialisation. By systematic allocation of jobs amongst the work force, it reduces the workload as well as enhances productivity because of the specific workers performing a specific job on a regular basis. Repetitive performance of a particular task allows a worker to gain experience in that area and leads to specialisation.
(ii) Clarity in working relationships: By establishing the line of communication and specifying who to report to whom it clarifies working relationship. This removes confusion in the transfer of information and instructions. It helps in creating a hierarchical order thereby enabling the fixation of responsibility.
(iii) Optimum utilisation of resources: Resources are scarce. And thus it should be used wisely and judiciously. By proper assignment of jobs, overlapping and duplication of work can be minimised and thereby Organising leads to the best usage of all material, financial and human resources.
(iv) Adaptation to change: The process of organising allows a business enterprise to accommodate changes in the business environment. It allows the organisation structure to be suitably modified and the relationship between various departments and position smoother.
Short Answer TypeState any one consequence of a well performed 'allocative function' of financial market.
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