What is meant by ‘Efficiency’ in management?
The ability of a management to achieve the organisational goals with minimum resources is called the efficiency of management.
To make the annual function of the school successful the principal of the school divided all the activities into task groups each dealing with a specific area like rehearsals, decoration, stage management, refreshments etc. Each group was placed under the overall supervision of a senior teacher. Identify the function of management performed by the Principal in doing so.
Besides the investment decision the finance function is concerned with two other broad decisions. Name these decisions.
A textile company is diversifying and starting a steel manufacturing plant. State with reason the effect of diversification on the fixed capital requirements of the company.
Name and define the process that helps in finding possible candidates for a job or a function.
Neha was a regional sales manager in ‘Good Look Garments Ltd’ for ten years. On the retirement of the marketing manager Neha applied for the same post as she was extremely ambitious and had dedicated all her energies to obtain the post of marketing manager. However, the top management of the company decided to fill this post by selecting a better person from outside the company. Because of this Neha was heart-broken and her performance declined.
When the new marketing manager joined, one of her major problems was how to motivate and inspire Neha to her former level of performance?
Suggest any three non-financial incentives that the new marketing manager may use to motivate Neha.
Explain how does the understanding of business environment help the management in the following:
(a) Tapping useful resources; and
(b) Coping with rapid changes