Explain the various steps involved in the process of control.
The following steps involved in the process of controlling process.
1. Setting Performance Standards: Standards are the criteria, against which actual performance would be measured. These serve as benchmarks, towards which an organisation strives to work.
The first step of the control process is to establish standards, against which actual results are to be evaluated. Standards are set in quantitative as well as qualitative terms. But, managers should try to set standards in quantitative terms, which can be easily measured and compared later on. If standards are set in qualitative terms, an effort must be made to define them clearly for easy measurement. Due to changes taking place in internal and external environment, standards need to be revised regularly.
2. Measurement of actual performance: Once the standards are fixed, the next step is to measure the actual performance. Generally, it is conducted by the managers to analyse the overall efficiency level of the employees. While measuring the performance, objective and reliable methods should be used, such as sample checking, preparing reports, personal observation, etc.
Measurement should be done after the task is completed. However, sometimes performance can be measured during the performance to ensure regular control over the activities. Usually, in large organisations, certain pieces are checked at random, instead of checking the whole lot. This is called sample checking.
3. Comparing Actual Performance with Standards: This step involves comparison of actual performance with the standard. Such comparison helps in revealing the deviations between actual and desired results. Comparison becomes easier when standards are set in quantitative terms.
4. Analysing Deviations: Under this step, deviations in key areas of business need to be attended on urgent basis as compared to deviations in certain insignificant areas. There is a need to determine the acceptable range of deviations in all operational areas. Following points should be kept in mind, while analysing deviations:
Critical point control: According to this principle, control system should first focus on Key Result Areas (KRAs) which are critical to the success of the organisation. It is because, it is not possible to keep a check on all the activities of the enterprise. Therefore, if anything goes wrong at the critical points or key areas, immediate action should be taken.
Management/control by Exception: It suggests that, if manager tries to control everything, he may end up in controlling nothing.
5. Taking corrective Action: This is the final step in which manager takes corrective measures to bring back everything on track in the organisation i.e. according to set plans, corrections are required in KRAs, which are critical to the success of the success of the organisation, or, in areas where deviations go beyond the permissible limits.
Corrective action may involve training of employees, hiring labour for extra time, replacement of machinery, etc. sometimes, if deviations cannot be corrected despite the best efforts of managers, standards may be revised.
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.
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.
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.
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.
‘An effort to control everything may end up in controlling nothing.’ Explain.
State any two circumstances under which the functional structure will prove to be an appropriate choice.
‘Bhasin’ limited was engaged in the business of food processing and selling its products under a popular brand. Lately the business was expanding due to good quality and reasonable prices. Also with more people working the market for processed food was increasing. New players were also coming to cash in on the new trend. In order to keep its market share in the short run the company directed its existing workforce to work overtime. But this resulted in many problems. Due to increased pressure of work the efficiency of the workers declined. Sometimes the subordinates had to work for more than one superior resulting in declining efficiency. The divisions that were previously working on one product were also made to work on two or more products. This resulted in a lot of overlapping and wastage. The workers were becoming indisciplined. The spirit of teamwork, which had characterized the company, previously was beginning to wane. Workers were feeling cheated and initiative was declining. The quality of the products was beginning to decline and market share was on the verge of decrease. Actually the company had implemented changes without creating the required infrastructure.
a. Identify the Principles of Management (out of 14 given by Henry Fayol) that were being violated by the company.
b. Explain these principles in brief.
c. What steps should the company management take in relation to the above principles to restore the company to its past glory?
“Money Market is essentially a Market for short term funds.” Discuss.
State the different networks of grapevine communications.
What is meant by staffing?
What is meant by capital structure?v
What is the societal concept of marketing?
What are the steps taken by management in the planning process?
State any two advantages of branding to marketers of goods and services?