Short Answer TypeRahim was working in an enterprise on daily wages basis. It was difficult for him to fulfill the basic needs of his family. His daughter fell ill. He had no money for his daughter’s treatment. To meet the expenses of her treatment, he participated in a cycle race and won the prize money. The cycle company offered him a permanent pensionable job which he happily accepted.
(i) By quoting the lines from the above para identify the needs of Rahim that are satisfied by the offer of cycle company.
(ii) Also, explain two other needs of Rahim followed by above that are still to be satisfied.
How directing helps in efficient and effective functioning of the organisation? Explain by giving any three points.
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.
Why is the understanding of business environment important for managers? Explain with the help of any four points.
Understanding of business environment is important for managers because,
(i) It helps the firm to identify opportunities and get the first mover advantage: The ability to identifying the external opportunities early and to make the first move, makes an organisation the market leader. Environment provides numerous opportunities for business success. Early identification of opportunities helps an enterprise to be the first to exploit them instead of losing them to competitors and become the market follower.
(ii) It helps the firm to identify threats and early warning signals: Business environment is prone to numerous threats. Environmental awareness can help managers to identify various threats on time and serve as an early warning signal.
(iii) It helps in tapping useful resources: Environment is the source of all resources a business needs for its operation. It takes natural resources, human resource and financial resource and convert them to goods and services to customers, make payment of taxes to government, return on financial investment to investors and so on. As an organisation is completely dependent on the resources from environment, a manager should have a good understanding about business environment.
(iv) It helps in assisting in planning and policy formulation: Business environment is very dynamic and is a source of both opportunities and threats. Only with a clear understanding of the various aspects of the environment, a manager can make plans for future and formulate policies.
How is training of employees beneficial for the organisation? State by giving any four reasons.
Long Answer TypePrinciples 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.
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