BUSINESS STUDIES

DAY 2

1. What is meant by management ?

2. What is meant by efficiency ?               

3. What is the aim of management ?

4. Why is management conserved with efficient use of resources ?

5. Name the function of management under which performance is compared with standards.

6. Why is planning considered to be the basic or primary function of management?

7. Why is management considered multi-faceted concept?

8. How is management a dynamic function?

9. Management of any organisation strives to attain different objectives. Enumerate any two such objectives.

10 List any two social objectives of business.

11 Name the two things required to learn the art of management.

12 Name any two designations at operational management.

13 Your grandfather is working in an MNC as chief operating officer. At what level of management he is working ?

14 What is the process called by which a manager synchronises the activity of different departments ?

15 Which force binds all other functions in management ?

16.How does management help in achieving group goals and increasing efficiency?

17. What do you mean by “levels of Management”? Draw a diagram showing the levels of management.          

18. State any three functions of top level management.

19. Explain the Social objectives of management?

20.Explain the term “Management as an Art.”

21. Explain the term “Co-ordination” and its importance in management.

22. “Effectiveness and efficiency are 2 Sides of  the same coin.” Comment.

23. “Survival, Profit and growth are three important economic objective which management helps the organisation to achieve’” Explain this statement.

24. Management is a group activity. Explain.

25. Briefly explain the planning and organising functions of management

ANSWERS

Ans1.Management is the process of getting things done with the aim of achieving goals effectively & efficiently.

Ans2. Efficiency means doing the task correctly & with minimum cost.

Ans3.(i) To achieve group goals

         (ii) To create a dynamic organisation.

         (iii) To increase efficiency

         (iv) To ensure optimum utilisation of resources.

Ans4. Management is concerned with efficient use of resources by eliminating all kinds of wastages and thus increases profitability.

Ans5. Controlling

Ans6. Because planning precedes all other functions and all other functions are performed within the framework of planning.

Ans7.  Because management is a complex activity having different dimensions.

          (i) Management of work

          (ii) Management of people.

          (iii) Management of operation.

Ans8. Management is a dynamic function & has to adapt itself to the changing environment.

Ans9.(i) Organisational objectives

         (ii) Social objectives

Ans10. (i) Using environment friendly production technique.

  (ii) living employment opportunities to disadvantageous sections of    society.

Ans11.  Art of management can be acquired through study. observation and experience. Intelligence and creativity are required to learn the art of mgt.

Ans12.  (i)   Foremen     (ii)    Supervisors.

Ans13.  Top level mgt.

Ans14.  Co-ordination.

Ans15.  Co-ordination.

Ans16  Mgt. is done by the people and for the people. Thus it caters to the needs & aspirations of its stakeholders. Their satisfaction results in the effective and efficient wastage which ultimately decreases cost and thus leads to higher projects.

Ans 17The term “Level of Management” refers to a line of demarcation between various mgt. positions in an organisation.

           

Ans. 181) Coordinating the activities of different departments.

               2) Welfare and survival of the organisation.

               3) Framing of policies.

Ans 19.The social objectives involve the creation of benefits for the society. It includes.

a)    Supply of quality products at reasonable prices .

b)    Using friendly methods of production.

c)    Generation of employment opportunities

Ans.20    Art refers to the skillful & personal application of existing knowledge to achieve desired results. It can be acquired through study, observations & experience.

Ans.21   Co-ordination is the process of achieving unity of action among inter dependent activities & harmonious implementation of plans for the achievement of desired goals.Imp 1. It brings unity of action.

               2.      It helps to avoid conflicts among department

               3.      It helps in harmonious implementation of plans.

               4.      It brings efficiency & economy by keeping together the team.

Ans.22.     “Effectiveness & efficiency are the two sides of the same coin”.

                Sometime a business concentrates on effectiveness & ignores efficiency i.e. complete then given task but at a high cost.

                On the other hand, sometimes a business may concentrate more on producing goods with fewer resources i.e. it cuts  down cost but cannot achieve the target production. This is a case of being efficient but not effective since the goods did not reach the market. Therefore it is important for mgt. to achieve goals (effectiveness) with minimum resources i.e. as efficiently as possible maintaining a balance between effectiveness & efficiency.

Ans.23. Survival, profit and growth are three important economics objectives which mgt  helps the organisation to achieve.

               In order to survive, an organisation must earn enough revenues to cover costs. Mgt must work in this direction. It also must ensure that the organisation makes a profit, which is a pre condition for the continued successful operation of the enterprises. Profit is essential for covering costs & risks of the business. To remain in the industry, a business needs to add to its prospects in the long run. Mgt. must exploit fully the growth potential of the organisation.

Ans.24.  An organisation is a group of different individuals with different needs. But as members of the organisation, they work towards achieving the common  organisational goal. This requires team work and co-ordination. Management as a team can contribute more effectively & efficiently rather than individuals.

Ans.25 Planning is the primary function of mgt. It is concerned with both ends & means i.e. What to do and how to do it. Therefore planning means setting objectives & targets & formulating an action plan to achieve them effectively & efficiently. Planning is closely corrected with creativity and innovation.

               Organising is the mgt for of assigning duties, grouping tasks, establishing authority and allocating resources reqd. to carry out a specific plan.