Discuss the following techniques of Scientific Work Study:
a. Time Study
b. Motion Study
c. Fatigue Study
d. Method Study
e. Simplification and standardisation of work
(a) Time study: In this technique the standard time is decided to perform a well defined job. The standard time is fixed for a task by taking several readings. This method of time study is depending upon the volume and the frequency of the task. And once the standard time is set for any particular task then that task should be assigned to the workers and on the basis of standard time we can determine the efficiency of the workers. If any worker completes the particular task within the standard time then that worker should be considered as efficient and if any worker cannot accomplish the task within standard time then he will be considered as inefficient. The objectives of the time study are:
(b) Motion study: Motion study means study of movements like lifting, putting objects, sitting and changing position etc. while doing any particular job. And under this study all the unnecessary movements are eliminated so that it takes less time to complete the job efficiently. Taylor used stopwatches and various symbols and colors to identify different motions. And by this study he designed suitable equipment and tools to educate workers on their use and to minimize the unproductive motions..
(c) Fatigue study: Fatigue study determines the amount and frequency of rest intervals is required for completing the task. A person is bound to feel tired physically and mentally if he/ she does not take rest while working. If the worker doesn’t take rest while working then it reduces his/her efficiency. The rest intervals help the worker to regain their stamina to work again and they can perform their job efficiently. And this will increase productivity.
(d) Method study: There are various methods to perform the job. The objective of method is to determine the best way of doing the job. To determine the best way there are various parameters. Each and every activity right from procurement of raw material to delivering the finished goods is a part of method study. And this will help in minimizing the cost of production and maximizing the quality and satisfaction of the customer.
(e) Simplification and standardization of work: Standardization refers to the process of setting standard for each and every business activity and that is standardization of process, raw materials, time, products, machinery, methods or working conditions. The main objective of this method is to establish standards for performance of men and machines.
Whereas simplification aims to eliminate superfluous/unnecessary varieties, size and dimensions. It eliminates all unnecessary diversity of products. And this will give rise in saving the cost of labour, machines and tools. This technique helps in fuller utilization of equipment and increasing turnover.
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.
Which style of leadership does not believe in use of power unless it is absolutely essential?
Describe the functions of labeling in the marketing of products.
Why are rules considered to be plans?
Name the principle that is an extension of the ‘harmony, not discord’.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Management is a series of continuous interrelated functions. Comment.
A company, Xylo limited, is setting up a new plant in India for manufacturing auto components. India is a highly competitive and cost effective production base in this sector. Many reputed car manufacturers source their auto components from here. Xylo limited is planning to capture about 40% of the market share in India and also export to the tune of at least ` 50 crores in about 2 years of its planned operations. To achieve these targets it requires a highly trained and motivated work force. You have been retained by the company to advise it in this matter. While giving answers keep in mind the sector the company is operating.
Questions:
a. Outline the process of staffing the company should follow.
b. Which sources of recruitment the company should rely upon. Give reasons for your recommendation.
c. Outline the process of selection the company should follow with reasons.
A firm plans in advance and has a sound organisation structure with efficient supervisory staff and control system but on several occasion it finds that plans are not being adhered to. It leads to confusion and duplication of work. Advise remedy.
“Money Market is essentially a Market for short term funds.” Discuss.
Ashita and Lakshita are employees working in Dazzling enterprises dealing in costume jewellery. The firm secured an urgent order for 1,000 bracelets that were to be delivered within 4 days. They were assigned the responsibility of producing 500 bracelets each at a cost of Rs 100 per bracelet. Ashita was able to produce the required number within the stipulated time at the cost of Rs 55,000 whereas, Lakshita was able to produce only 450 units at a cost of Rs 90 per unit. State whether Ashita and Lakshita are efficient and effective. Give reasons to justify your answer.
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