Explain the Principles of Scientific management given by Taylor.
Scientific management refers to conducting business activities according to standardized tools and methods and trained personnel in order to increase the output, improve its quality and reduce cost and wastage. In other words scientific management means knowing exactly what you want men to do and seeing that they do in the best and cheapest way. Scientific management increases the effectiveness and efficiency of the organization.
Followings are the principles of scientific 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 as different managers would follow their indigenous rules of thumb 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 involved 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: Factory system of production implied that the manager served as a link between the owner and workers. 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. According to this principle everybody in the organization must work together in harmony and that is only possible by give and take and proper understanding. 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.
4. Development of each and every person to his or her greatest efficiency and prosperity: Industrial efficiency depends to a large extent on personnel competencies. Worker training was essential for their development and to learn the best method developed as a consequence of the scientific approach. According to Taylor each person should be selected scientifically and assign work according to their physical, mental and intellectual capabilities. And the workers should be given required training from time to time to increase their efficiency. Because an efficient worker produces more and earns more and this will raise efficiency and prosperity for both the company and the workers.
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.
Discuss the relevance of Taylor and Fayol’s contribution in the contemporary business environment.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Management is a series of continuous interrelated functions. Comment.
Aval Ltd. is engaged in the business of export of canvas goods and bags. In the past, the performance of the company had been upto the expectations. In line with the latest demand in the market, the company decided to venture into leather goods for which it required specialised machinery. For this, the Finance Manager Prabhu prepared a financial blueprint of the organisation’s future operations to estimate the amount of funds required and the timings with the objective to ensure that enough funds are available at right time. He also collected the relevant data about the profit estimates in the coming years. By doing this, he wanted to be sure about the availability of funds from the internal sources of the business. For the remaining funds, he is trying to find out alternative sources from outside.
a. Identify the financial concept discussed in the above paragraph. Also, state the objectives to be achieved by the use of financial concept so identified. ( Financial Planning).
b. ‘There is no restriction on payment of dividend by a company’. Comment. ( Legal & Contractual Constraints)
What are semantic barriers of communication?
What are the main objectives of financial management? Briefly explain.
Who can file a complaint in a consumer court?
Explain the principle of ‘Scalar Chain’ and gang plank.
Why is management considered to be a multi-dimensional concept?
What are the functions of the Stock Exchange?
Define scientific management. State any three of its principles.
State the basic features of management as a profession.
How does branding help in creating product differentiation? Does it help in marketing of goods and services? Explain.