Why is it that organisations are not always able to accomplish all their objectives?
Planning is the most important activity as it tells where to go. And it provides direction and reduces the risk of uncertainty by preparing forecasts. And it is extremely important to invest enough time and money to formulate plans for the success of the organization. But due to the dynamic nature of the business environment the plans of the organization do not work accordingly. This is because it has various limitations and due to which the organizations would not be able to achieve its objectives. Followings are the limitations of planning:
1. Planning leads to rigidity: A specific plan made in an organization indicates the objective to be achieved and the ways of doing work. And a manager may not be able to change these plans, it leads to rigidity.
2. Planning may not work in a dynamic environment: Business environment consists of social, economical, legal, political, and technological factors which keep on changing. And the organization has to adapt these changes by itself. But planning cannot exactly assess the future trends and thus fails in a dynamic environment.
3. Planning reduces creativity: Planning is the activity which is performed by the top level of management and the members of middle and lower level of management are there just to implement these plans. They are neither allowed to participate in the planning process nor permitted to act on their own. And this leads to reduction in creativity and innovation.
4. Planning involves huge costs: Planning involves a lot of time, cost and efforts of the managers. It requires collection of data, boardroom meetings, investigation and discussion with experts and it involves a lot of expenditures of the organization. And sometimes the cost incurred may not justify the benefits derived from the plans.
5. Planning is a time consuming process: Sometimes the planning process takes a lot of time and due to which there is not much time left for their implementation. And this leads to failure of planning.
6. Planning does not guarantee success: The success of planning totally depends upon its implementation. And lack of proper implementation leads to failure of planning. Though the plan has worked earlier, it may not work again due to change in the external environment.
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.
What are the common barriers to effective communication? Suggest measures to overcome them.
Ms. Jayshree recently completed her Post Graduate Diploma in Human Resource Management. A few months from now a large steel manufacturing company appointed her as its human resource manager. As of now, the company employs 800 persons and has an expansion plan in hand which may require another 200 persons for various types of additional requirements. Ms. Jayshree has been given complete charge of the company’s Human Resource Department.
Questions
a. Point out, what functions is she supposed to perform?
b. What problems do you foresee in her job?
c. What steps is she going to take to perform her job efficiently?
d. How significant is her role in the organisation?
Sate the two objectives of financial planning.
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).
Planning reduces creativity. Critically comment.(Hint: both the points - Planning promotes innovative ideas and planning reduces creativity – will be given).
Decentralisation is extending delegation to the lowest level. Comment.
FSSAI (Food Safety and Standards Authority of India) has made a proposal for hotels and other food outlets to declare the kind of oil/fat used in cooking each of the food items on their menus. Name and explain the Consumer Right being reinforced by this proposal.
What is meant by staffing?
Discuss the role of ‘sales promotion’ as an element of promotion mix.
Under which consumer right does a business firm set up consumer grievance cell?