(Further information related to the above question 6) The management of company Bhasin Limited now realised its folly. In order to rectify the situation it appointed a management consultant -Mukti Consultants - to recommend a restructure plan to bring the company back on the rails. Mukti Consultants undertook a study of the production process at the plant of the company Bhasin Limited and recommended the following changes —
• The company should introduce scientific management with regard to production.
• Production Planning including routing, scheduling, dispatching and feedback should be implemented.
• In order to separate planning from operational management ’Functional foremanship’ should be introduced.
• ‘Work study’ should be undertaken to optimise the use of resources.
• ‘Standardisation’ of all activities should be implemented to increase efficiency and accountability.
• To motivate the workers ‘Differential Piece Rate System’ should be implemented.
(The above changes should be introduced apart from the steps recommended as an answer to Part c - case problem 6 above.) It was expected that the changes will bring about a radical transformation in the working of the company and it will regain its pristine glory.
a. Do you think that introduction of scientific management as recommended by M consultants will result in intended outcome?
b. What precautions should the company undertake to implement the changes?
c. Give your answer with regard to each technique separately as enunciated in points 1 through 6 in the case problem.
a. Yes, I think that introduction of scientific management as recommended by M consultants will be helpful for the organization. By implementation of scientific techniques the company can work according to standardized techniques and tools. By adopting scientific management the quality and quantity of their product will improve. And it will also increase the effectiveness and efficiency of the company and its work.
b. The following precautions can be taken by the company to implement the changes are:
1) They should provide proper training to their existing employee and should hire trained and specialised staff.
2) By introducing functional foremanship they should take care that there is incentive and motivation for the employees.
3) Not only work study but other studies like motion study, fatigue study and time study should be followed.
4) Monetary incentive can be given to employees to motivate them so that they provide efficient work.
c. The company should introduce the latest form of scientific management, with due consideration to human factors in mind and by obtaining their motivated willingness.
1) Production planning including routing, scheduling, dispatching and feedback should be implemented.
2) Functional foremanship will be good but it neglects unity of command. And it is not useful for the company, so it should be avoided.
3) Standardization should be implemented because it will improve productivity and also reduce quality variations. But right training and willingness must be obtained.
4) ‘Differential piece rate system’ if it is introduced then it should be done with extreme caution. It must not result in unhealthy competition. Hence monetary and non-monetary incentives can be introduced in place of differential piece rate systems.
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.
State any two reasons why investing public can expect a safe and fair deal in the stock market. (Point w.r.t safety of Transactions – Functions of the Stock Exchange).
‘An effort to control everything may end up in controlling nothing.’ Explain.
Identify and state the force that binds all the other functions of management.
Explain the term ‘Trading on Equity’? Why, when and how it can be used by company.
Explain the principle of ‘Scalar Chain’ and gang plank.
Explain the techniques of managerial control.
What are various ways in which the objective of consumer protection can be achieved?
How does planning provide direction?
What economic changes were initiated by the Government under the Industrial Policy, 1991? What impact have these changes made on business and industry?
State the type of plan and state whether they are Single use or Standing plan:
a. A type of plan which serves as a controlling device as well.(budget)
b. A plan based on research and analysis and is concerned with physical and technical tasks. (Method).