Explain the technique of ‘Functional Foremanship’ and the concept of ‘Mental Revolution’ as enunciated by Taylor.
The foreman represents the managerial figure with whom the workers are in direct contact on a daily basis. In this technique Taylor suggests the separation of planning and execution functions. And through this technique the workers are free from planning functions and are more focused on work and production. Functional foremanship is the extension of the principle of division of work and specialization to the shop floor. In the factory there was a planning incharge and a production incharge and each department had four functional experts to supervise and give orders to workers. Under planning incharge the four personnel are instruction card clerk, route clerk, time and cost clerk and a disciplinarian. And under production incharge the four personnel are speed boss, gang boss, repair boss and inspector. The foreman should have intelligence, education, tact, grit, special knowledge, manual dexterity, energy and honesty. But all these qualities could not be found in a single person so Taylor eight specialists and assigned them work according to their qualification and qualities.
Mental Revolution
Mental revolution means to change in the attitude of workers as well as the management towards one another from competition to cooperation. Both should realize that they require each one another. And both should work in the aim to achieve the goal of the organization by achieving more surpluses. And the management should share the surplus with the workers and they should also give their best for the betterment of the company and should not make any illegal demand with the management so that the company can achieve their goal and maximum profit. And this attitude will be good for both of them and for the company also. In this technique Taylor emphasizes drastically changing the attitude of both the groups for prosperity of the business.
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.
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.
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.
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.
In an attempt to cope with Reliance Jio’s onslaught in 2018, market leader Bharti Airtel has refreshed its ₹ 149 prepaid plan to offer 2 GB of 3G/4G data per day, twice the amount it offered earlier. Name the type of plan is highlighted in the given example. ? State its three dimensions also.
A marketer of colour TV having 20% of the current market share of the country aims at enhancing the market share to 50 per cent in next three years. For achieving this objective he specified an action programme. Name the function of marketing being discussed above. (Ans. Marketing planning.)
What are the main aspects in the definition of planning?
Write a short note on budgetary control as a technique of managerial control.
Explain the factors affecting dividend decision?
What are the steps taken by management in the planning process?
Explain the procedure for selection of employees.
Krishna Furnishers Mart started its operations in the year 1954 and emerged as the market leader in the industry because of their original designs and efficiency in operations. They had a steady demand for their products but over the years, they found their market share declining because of new entrants in the field. The firm decided to review their operations and decided that in order to meet the competition, they need to study and analyze the market trends and then design and develop their products accordingly. List any two impacts of changes in business environment on Krishna Furnishers Mart’s operations. (Hint: increase in competition and Market orientation).
“A capital budgeting decision is capable of changing the financial fortunes of a business.” Do you agree? Give reasons for your answer?
How would you argue that the success of a business enterprise is significantly influenced by its environment?