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Question
Answer the following question:
Saurabh decided to start a chocolate manufacturing business. He set then a target of earning 10% profit on sales in the first year. As a good businessman, he was concerned about the future of the business, which was uncertain. He gathered information that the demand for chocolates is increasing day-by-day. He used this information as the base for future planning and shared it with his team. On the basis of the gathered information, he scheduled a meeting in the following week to find innovative ways to achieve the objectives.
List the first two steps, which have been followed by Saurabh that are related to the process of one of the functions of management.
Solution
Steps followed by Saurabh which are related to planning:
- Setting objectives
- Developing premises
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RELATED QUESTIONS
Planning has vital importance in the management process.
Answer the following question.
‘Konark Ltd.’ Is an electronic good manufacturing enterprise situated in Shivpuri, Madhya Pradesh. It is earning a very low revenue in comparison to a competing electronic good manufacturing enterprise, ‘Nova Ltd.’ situated in Mumbai. Both Konark’s and Nova’s operations are affected directly by the investors, customers, competitors, and suppliers, which are unique to their respective locations. In addition to this, individual firms of this field are affected indirectly by the factors like the money supply in the economy, the composition of the families, the technological changes, etc.
1) Identify and state the feature of the concept discussed in the above paragraph.
2) Also, state any four points of importance of this concept.
State the Importance of Planning ?
Write short notes
Importance of organising.
Planning and Staffing. Distinguish between HSC OCM.
Characteristics of planning.
Write a word or a phrase or a term which can substitute the following :
A function where right people are given right jobs.
Write a word or a phrase or a term which can substitute the following :
A function where recruitment, selection, training, development, etc. is done for the people.
Write Short Note on the following:
Importance of organizing.
Write short answer of the following :
Why is organising considered an important function of management?
Answer the following Question:
Define organizing. And explain its importance as management function.
Answer the following Question:
What do you mean by Staffing and give its importance?
Answer the following Question:
Define and explain the nature of Staffing.
State with reasons whether the following statement is TRUE or FALSE :
Planning is an intellectual process.
State with reasons whether the following statement is TRUE or FALSE :
Co-ordination is same as co-operation.
Planning is concerned with especially ______.
Management is a/an ______ process as it is an ongoing and never-ending process.
Name the function of management which helps in the formulation of future plans, in the light of the problems that were identified and thus, helps in better planning in the future period.
'The final step in the controlling process is taking corrective action, but when deviations are within acceptable limits no corrective action is required.'
When and why corrective action is required? State.
