Management is a series of continuous interrelated functions. Comment.
Management is the process of planning, organizing, directing and controlling the efforts of members and resources of the organisation to achieve the organizational goals effectively and efficiently.
There are five functions of management that are planning, organising, directing, staffing and controlling. All the functions are interrelated with each other because no function can be complete without the other function. For example without planning organising can't be performed.
Functions of management is as follows:
1. Planning: Planning is the initial and very important function of the management. In this function what is to be done and who is to do it is decided. Planning is the step in which goals and the way of achieving them efficiently and effectively determine in advance.
2. Organising: This function is performed to determine what activities and resources are required to accomplish the organisational goals. And to decide who will do a particular task, where it will be done and when it will be done. Grouping of the task into manageable department and reporting relationships within the organisational hierarchy involved in organising. Proper organisational techniques lead to accomplishment of work and promote both efficiency and effectiveness in the organisation.
3. Staffing: Under this function organisation finds the right people for the right job. In this function right people are hired with required qualifications. This is also known as the human resource function and it involves activities such as recruitment, selection, placement and training.
4. Directing: It involves leading, guiding and motivating employees to perform the tasks assigned to them. By providing a required work environment and encouraging them to do their best. The two key components of directing are motivation and leadership. Leadership means getting work done by direction of the leaders. A manager directs by praising and criticising the employee in a way that they give their best.
5. Controlling: This function of management involves monitoring the performance to achieve the organisational goal. This function also involves the measuring of actual work as compared to standard work and taking corrective action where any deviation occurs. This helps in achieving the target on time, efficiently and effectively.
So, we can say that all the functions of the management are interdependent on each other.
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.
‘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?
Explain the various steps involved in the process of control.
Discuss Maslow’s Need Hierarchy theory of motivation.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
What are the advantages of training to the individual and to the organisation?
Name any two details that need to be provided by the investor to the broker while filling a client registration form.
State any two reasons why investing public can expect a safe and fair deal in the stock market. (Point w.r.t safety of Transactions – Functions of the Stock Exchange).
Company has its registered office in Delhi, manufacturing unit at Gurgaon and marketing and sales department at Faridabad. The company manufactures the consumer products. Which type of organisational structure should it adopt to achieve its target?
Why are rules considered to be plans?
Name the concept of financial management which increases the return to equity shareholders due to the presence of fixed financial charges.
How does branding help in differential pricing?