What are the steps taken by management in the planning process?
Planning means to decide in advance what to do and how to do. It is an activity which follows certain logical steps.
1. Setting objectives: Every organization works to achieve some objectives. So the first step of the planning is to define and describe the objectives of the organization. And once the objective is decided then these objectives should be communicated to all the units and employees.
2. Developing premises: Planning is concerned with the future, which is uncertain and every manager assumes about what might happen in future. Therefore the manager is required to make certain assumptions about the future. And these assumptions are known as premises. Premises are the base, upon which plans are drawn. They may be forecasts, existing plans or past information.
3. Identifying alternative courses of action: Once the objectives and planning premises are established, it becomes necessary to discover the various courses of action, which will be used to achieve the established objectives and the must know all the alternatives to achieve the objectives.
4. Evaluating alternative courses: After that the next step is to analyze the pro and cons of each alternative. It is important to evaluate the negative and positive aspect of each alternative to achieve the objectives. It involves a number of calculations to measure the cost and benefits related to an alternative.
5. Selecting an alternative: After evaluating the alternative course the next step is to selecting an alternative. And this is the real point of decision-making. The best plan has to be adopted and implemented. An ideal plan should be the one which is most profitable, most feasible and has least negative consequences.
6. Implementing the plan: The main role of this step is to put the plan into action and do what is required. And then the managers start to communicate the plans to the employees and initiate them to carry out the activities according to the specifications of plans.
7. Follow-up action: Since, planning is the continuous process so the managers keep on following up the plans to ensure that all the activities should be performed as per the schedule. Monitoring the plan is important to ensure achievement of objectives.
Why is management considered to be a multi-dimensional concept?
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.
How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
Define scientific management. State any three of its principles.
Explain the procedure for selection of employees.
Management is a series of continuous interrelated functions. Comment.
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?
Distinguish between Capital Market and Money Market.
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?
Describe the functions of labeling in the marketing of products.
Name the segments of the National Stock Exchange (NSE).
Why delegation is considered essential for effective organising?
A major insurance company handled all recruiting, screening and training processes for data entry/customer service representatives. Their competitor was attracting most of the qualified, potential employees in their market. Recruiting was made even more difficult by the strong economy and the ‘jobseeker’s market.’ This resulted in the client having to choose from candidates who had the ‘soft’ skills needed for the job, but lacked the proper ‘hard’ skills and training.
Questions
a. As an HR manager what problems do you see in the company?
b. How do you think it can be resolved and what would be its impact on the company?
What are the factors affecting determination of the price of a product or service? Explain.
Define advertising? What are its main features? Explain.
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?
What is financial risk? Why does it arise?