What are the essential features of:
a. Liberalisation,
b. Privatization and
c. Globalisation?
a) Liberalization
Liberalization means to liberate industry from the shackles of the licensing system. The economic reforms that were introduced were aimed at liberalizing the Indian business and industry from all unnecessary controls and restrictions. Liberalization signalled the end of the license permit quota and other restrictions that were put on the industries before 1991.
The essential features of liberalization are:
1. It stresses freedom of business and industry from unnecessary controls and restrictions of the government.
2. Emphasis was laid on simplifying export and import procedures.
3. Restrictions on the movement of goods and services were removed. 4) Public sector enterprises were dereserved.
b) Privatization
Privatization means to drastically reduce the role of the public sector. It refers to transfer of ownership, management and control of the public sector to the private sector. And to achieve this government adopted disinvestment of the public sector and referred the loss making and sick enterprises to the Board of industrial and Financial Reconstruction.
The essential features of privatization are:
1. It stresses the induction of private ownership, management and control in the public sector.
2. There was a significant reduction in the role of public sector enterprises for economic growth.
3. BIFR (Board on Industrial and Financial Reconstruction) was established for revival of loss making and sick enterprises.
4. Disinvestment of the public sector took place at a significant rate. Disinvestment means the process of sale of public sector enterprises to the private sector.
c) Globalization
Globalization means to encourage foreign private participation in India’s industrial development. It refers to integration of the various economies of the world leading towards the emerging of a cohesive or interconnected global economy. It also implies reducing the restrictions on the import and export such as licensing and tariffs.
The essential features of Globalization are:
1. It stresses the integration of domestic economies into a cohesive or interconnected global economy.
2. Licensing was abolished for imports.
3. The share of foreign equity participation was increased.
4. Foreign Investment Promotion Board (FIPB) was set up to promote foreign investments in India.
What are the steps taken by management in the planning process?
Why is management considered to be a multi-dimensional concept?
Explain the procedure for selection of employees.
How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
The government of India announced Demonetization of ₹ 500 and ₹ 1,000 currency notes with effect from the midnight of November 8, 2016. As a result, the existing ₹ 500 and ₹ 1,000 currency notes ceased to be legal tender from that date. New currency notes of the denomination of ₹ 500 and ₹ 2,000 were issued by Reserve Bank of India after the announcement.
This step resulted in a substantial increase in the awareness about and use of Point of Sale machines, e-wallets, digital cash and other modes of cashless transactions. Also, increased transparency in monetary transactions and disclosure led to a rise in government revenue in the form of tax collection.
a. Enumerate the dimensions of the business environment highlighted above.
b. State the features of Demonetization.
Indian Railways has launched a new broad gauge solar power train which is going to be a path breaking leap towards making trains greener and more environment friendly. The solar power DEMU (Diesel Electric Multiple Unit) has 6 trailer coaches and is expected to save about 21,000 liters of diesel and ensure a cost saving of Rs 12, 00,000 per year. Name the objectives of management achieved by Indian Railways in the above case.
Define scientific management. State any three of its principles.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Discuss the relevance of Taylor and Fayol’s contribution in the contemporary business environment.
Management is a series of continuous interrelated functions. Comment.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Why is management considered to be a multi-dimensional concept?
Explain any four points regarding significance of principles of management.
Ritu is the manager of the northern division of a large corporate house. At what level does she work in the organisation? What are her basic functions?
Explain, with examples, the various dimensions of the business environment.
A company is manufacturing paper plates and bowls. It produces 1,00,000 plates and bowls each day. Due to local festival, it got an urgent order of extra 50,000 plates and bowls. Explain the method of recruitment that the company should adopt in the given circumstances to meet the order.
Discuss the following techniques of Scientific Work Study:
a. Time Study
b. Motion Study
c. Fatigue Study
d. Method Study
e. Simplification and standardisation of work
Name any two important characteristics of management.
What are the advantages of training to the individual and to the organisation?
“A capital budgeting decision is capable of changing the financial fortunes of a business.” Do you agree? Give reasons for your answer?