Define scientific management. State any three of its principles.
Scientific management means knowing exactly what you want men to do and seeing that they do it in the best and cheapest way. In other words it means application of scientific tools, methods and trained personnel in order to increase the output.
Following are the three principle of management:
1. Science, not rule of thumb: Rule of thumb means a manager makes decisions and finds solutions to any problem on the basis of their personal judgment and experiences and that will be not equally effective. So in order to increase the efficiency of the organization the rule of thumb should be substituted by the scientific method which involves investigations of traditional methods through work and study. According to Taylor even doing any small activity of production should be done scientifically for saving manpower and wastage of time and materials.
2. Harmony, Not Discord: According to this principle there should be complete harmony among the workers and the management because if there is any conflict between workers and the manager then it will help none, the worker, the managers or the owners. Both should realize their importance in the organization for each other. And management should take care of the needs of the workers and at the same time the workers should work hard for the good of the company. And in order to achieve this Taylor called for complete mental revolution on both the part management and workers.
3. Cooperation, Not Individualism: There should be complete cooperation among the workers and the management instead of individualism. In this principle competition should be replaced by cooperation. Both of them understand that they need each other. And for this the workers should not strike and do not make any unreasonable demand by the management. And at the same time the management should not close their ears when the workers give any constructive suggestions and also be rewarded for their suggestions which is beneficial for the organization.
What are the steps taken by management in the planning process?
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.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Management is a series of continuous interrelated functions. Comment.
Explain the procedure for selection of employees.
‘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?
How does planning provide direction?
Write a short note on budgetary control as a technique of managerial control.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Give an example to show that a business firm operates within numerous inter related factors constituting the business environment.(Hint: example highlighting the inter relatedness of dimensions of business environment).
Under which consumer right does a business firm set up consumer grievance cell?
Explain the factors affecting dividend decision?
What is the common name for Beneficiary Owner Account, which is to be opened by the investors for trading in securities?
What are the steps taken by management in the planning process?
Explain the techniques of managerial control.
Distinguish between advertising and personal selling.
Explain any three principles of Directing.