Why is management considered as an art?

1

(a)

Like an art. management is a personalised process, in which a manager applies his acquired knowledge in a personalised and skillful manner in the light of realities of a given situation. 

Define principles of management.

1

(a)

Principles of management are statements of fundamental truths, which serve as guidelines for decisions and actions of managers.

State any two causes of fatigue.

1

(a)

Long working hours and uncordial relations with the boss are two common causes of fatigue.

'Equal pay for equal work' is an example of which dimension of business environment?

1

(a)

Social environment

State two benefits of planning.

1

(a)

Two benefits of planning are:
(i) It encourages innovation and creativity.
(ii) It bridges the gap between where we are and where we want to go.

How does organising lead to specialization?

1

(a)

Organising leads to systematic allocation of work amongst the workforce. Repetitive performance of a particular task allows a worker to gain experience in that area and hence leads to specialisation.

HRM is the most important task. Why?

1

(a)

The success of an organisation in achieving its goals is determined to a great extent on the competence, motivation, and performance of its human resources.

What is meant by 'estimating manpower requirement' as a step in the process of staffing?

1

(a)

Estimating manpower requirement means estimating the number and types of persons required in the organisation, in case of starting a new business or expanding the existing business. 

Why is it said that 'the supervisor is a link between management and the operative employees?

1

(a)

The supervisor is a link between workers and management because he conveys management's idea's and instruction to the workers, on the one hand and workers' problems and suggestion to the management on the other

Leadership is an integral part of directing comment.

1

(a)

Yes, leadership is the process of influencing the behaviour of people by making them strive voluntarily towards the achievement of goals

Why is informal communication referred to as grapevine?

1

(a)

Grapevine is defined as the network of informal communication, which can spread in any direction irrespective of the official channels in the organisation structure

Why is planning said to be an empty exercise without controlling?

1

(a)

Planning is an empty exercise without controlling because in the absence of a control system, it is impossible to monitor the progress and keep a check on proper implementation of plans.

What is important while analysing deviations in controlling?

1

(a)

While analyzing deviations in controlling, it is important to determine the acceptable range of deviations.

What is dividend?

1

(a)

Dividend is that part of profit, which is distributed among shareholders.

What is business cycle?

1

(a)

Business cycle reflects the periodic but irregular up and down movements of business activity. 

State one development functions of SEBI.

1

(a)

Training of intermediaries of the securities market.

State three things, Which are important in respect of exchange.

1

(a)

Three things which are important in respect of exchange are:
(i) Buyer
(ii) Seller
(iii) Money/Something of value for exchange.

What is the person who maintain public relations called?

1

(a)

Public Relations Officer (PRO).

Why has the earlier approach of 'caveat emptor' changed?

1

(a)

Due to increase in competition, it is the duty of seller to sell quality products. Thus, the approach has now been changed to 'caveat venditor '  which implies 'let the seller beware'.

What are consumer organisations?

1

(a)

Consumer organisations or consumer associations are voluntary associations of consumers.Upbhokta Sewa Samiti and Grahak Panchayat are some examples of consumer organisations.The Government of India provides financial assistance to such consumer organisations.

An MBA professional applied his acquired knowledge and skills in managing the tasks of an organisation. In the context of this stated example, briefly discuss management as an art?

3

(a)

Briefly explain the meaning and nature of coordination.

3

(a)

State three reasons as to why study of management principles is necessary.

3

(a)

Distinguish between unity of command and unity of direction.

3

(a)

What is meant by business environment? Explain 'dynamic nature' and 'uncertainty' as features of business environment.

3

(a)

Discuss in brief the social environment as the dimension of business environment.

3

(a)

What are the features of New Industrial Policy, 1991?

3

(a)

'Planning is not a guarantee of success'. Comment.

3

(a)

How planning bridges the gap between where we are and where we want to go? Explain in brief.

3

(a)

Explain 'objectives' as one of the types of plan.

3

(a)

State the steps involved in the process of organising.

3

(a)

State the features of formal organisation.

3

(a)

How does informal organisation support the formal organisation?

3

(a)

The CEO of XYZ Ltd assigned some task to the general manager and the general manager assigned the work to his subordinate and gave him the authority. By doing so, he thought that his accountability has ended. But the fact is, success or failure of the work of his subordinates will make general manager accountable to the CEO.
(i) Explain in brief, the relevant principle which is related to above para.
(ii) Identify the missing values in the above para.

3

(a)

A company is manufacturing greeting cards.It prints 100000 cards each day.But due to the arrival of Christmas and New Year, it has got an urgent order of extra 50000 cards.Which method of recruitment do you suggest?

3

(a)

1. What is the meaning of training? What are its chief objectives?

   4

   (a)

2. Why is there a need of motivating employees?

   4

   (a)

1. Name the type of formal communication illustrated in the following examples
   (i) Application for grant of leave.
   (ii) Sending notice to employees to attend a meeting
   (iii) A production manager contacting a marketing manager to prepare a schedule for production.

   4

   (a)

2. A production incharge of a company was given a target to produce 100 toy cars in a day. After a month, target was achieved due to applying good control system.
   (i) How a good control system enables manager to verify whether set standards are accurate and objective?
   (ii) What values have been shown by the employees of the company in achieving the target of the organization?

   4

   (a)

1. How is shareholders'wealth maximisation linked with the market price of the shares of the company? 

   4

   (a)

2. 'Financial market plays an important role in the allocation of scarce resources in an economy by performing various functions'. Explain any three functions of financial market. 

   4

   (a)

1. Over the years, Brooke Bond Taj Mahal tea has been a choice of millions of customers. They are using slogan 'Waah Taj' on its label.
   Their price range, quality, tastes are different and unique from their competitors.
   (i) What are the advantages of labelling shown in this case?
   (ii) Which values does this product highlight?

   4

   (a)

2. What is the importance of price element of marketing mix?

   4

   (a)

1. Explain the following rights of a customer.
   (i) Right to safety.
   (ii) Right to consumer education.

   4

   (a)

2. Distinguish between top level, middle level and lower level of management

   4

   (a)

1. Explain the following principles of management given by Fayol.
   (i) Unity of Direction
   (ii) Equity
   (iii) Esprit De Corps
   (iv) Order
   (v) Centralisation and Decentralisation
   (vi) Initiative

   6

   (a)

2. What are the essential features of 
   (i) Liberalisation    
   (ii) Privatisation    
   (iii) Globalisation

   6

   (a)

1. Explain 'objective' and 'strategy' as a type of plan.

   6

   (a)

2. Decentralisation is an optional policy. Do you agree? Explain why an organisation would choose to be decentralised?

   6

   (a)

1. A newly appointed manager is of the view that there is no need for training the workers who have been selected after a rigorous process of selection.Do you agree with his viewpoint? Give reasons.

   6

   (a)

2. Manav, a sales manager, achieved his target one month in advance. This achievement was displayed on the notice board and a certificate for the best performance was awarded to him.
   (i) Name the incentive provided to him.
   (ii) Identify the type of incentives.
   (iii) List any 3 incentives of the same type.

   6

   (a)

1. 'Controlling is a systematic process involving a series of steps'. State the steps involved in the process.

   6

   (a)

2. What is meant by 'Financial Planning' ? Explain any five points which highlight its importance

   6

   (a)

1. 'In today's commercial world, the stock exchange perform many vital functions which lead the investors towards positive enviroment'. Explain how by giving any two reasons.

   6

   (a)

2. Identify and explain the promotional tool of marketing mix, which involves oral presentation of message with one or more prospective customers for the purpose of making sales. Also, explain any three benefits of this tool in the economic progress of the society.

   6

   (a)