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.
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.
Explain the various steps in the process of controlling.
Controlling is a systematic process which involves the following steps.
Step 1: Setting Performance Standards: The first step in the controlling process is setting up of performance standards. Standards are the benchmark against which actual performance would be measured. Standards can be set in both quantitative as well as qualitative terms.
Step 2: Measurement of Actual Performance: Once performance standards are set, the next step is measurement of actual performance. Performance should be measured in an objective and reliable manner. There are several techniques for measurement of performance. These include personal observation, sample checking, performance reports, etc.
Step 3: Comparing Actual Performance with Standards: This step involves comparison of actual performance with the standard. It helps to find out the deviations if any between the actual performance and standard fixed.
Step 4: Analysing deviations: After comparing the actual performance with standards, the deviations are noted. This step involves thorough analysis of deviations to find out the reason behind the deviation. Some deviation in performance can be expected in all activities. It is, therefore, important to determine the acceptable range of deviations. Also, deviations in key areas of business need to be attended more urgently as compared to deviations in certain insignificant areas. Critical point control and management by exception should be used by a manager in this regard.
Step 5: Taking Corrective Action: The final step in the controlling process is taking corrective action. No corrective action is required when the deviations are within acceptable limits. However, when the deviations go beyond the acceptable range, in the important areas, it demands immediate managerial attention so that deviations do not occur again and standards are accomplished.
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