“A successful enterprise has to achieve its goals effectively and efficiently.” Explain.
Management is the place of working together to achieve a specific goal by utilising the resources available effectively and efficiently. For management it is important to be both effective and efficient. Effectiveness and efficiency are two sides of the same coins. Effectiveness means finishing the given task in a given period of time. In other words it is concerned with the end result. It is one of the important aspects of management.
Efficiency means doing the task correctly, and with least amount of resources at minimum cost. If an organisation is efficient then it would reduce the cost of the organisation and as a result it will lead to increase in profit. Effectiveness and efficiency are two important aspects of the management for achieving the desired goal. Being effective means actually achieving the goals without considering the cost of input. While, being efficient will reduce the cost of input which results in increase in profit. That is why if the company focuses on effectiveness, then it may have to compromise on efficiency and vice versa.
For example if a company need to hire more employees to achieve the target then it would increase the cost of production as they need to give salary to the employees that are hired for that project. Here the task will complete effectively not efficiently.
And if the company continues to work with available resources then it would delay the project. Here the cost is not increased and the work is done efficiently not effectively. So, the company has to compromise on one for the other. Therefore, it is important for management to achieve goals with minimum resources as possible while maintaining a balance between effectiveness and efficiency.
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.
The workers of a factory are unable to work on new machines and always demand for help of supervisor. The Supervisor is overburdened with their frequent calls. Suggest the remedy. (Hint: training)
Identify and state the force that binds all the other functions of management.
What are the factors affecting determination of the price of a product or service? Explain.
What is financial risk? Why does it arise?
Enumerate the various Acts passed by the Government of India which help in protection of consumers’ interests.
Name the document prepared in the process of online trading of securities that is legally enforceable and helps to settle disputes/claims between the investor and the broker.
State any two causes of fatigue that may create hindrance in the employee’s performance.
Why are rules considered to be plans?
‘No organisation can be successful unless it fills and keeps the various positions filled with the right kind of people for the right job.’ Elucidate
What information is generally placed on the package of a food product? Design a label for one of the food products of your choice.