Financial Management — Business Studies STD 12 Commerce — Question

Name the source of recruitment in which newspapers, employment news, television, etc. are used.

"The understanding of business environment enables the firm to identify opportunities'. What is meant by 'opportunities' here?

“Management consists of an on-going series of functions.” Which characteristic of management is highlighted by this statement?

Shruti has established a small scale factory after completing a course in textile designing. She has tied up with the big home furnishing retail outlets in the city for supplying to them good quality designer home furnishing products like bed covers, cushions etc. She believes that controlling without planning is blind. So, every time she gets an order, she sets the standards in terms of the number of personnel required, the estimated requirements in man-hours per product, the requirements of direct materials for the projected production and the amount of normal overhead expenses required at the projected workload. She also keeps a close watch on the activities so as to ensure that they conform to plans. Whenever the order size is too large, she hires extra workers by placing a notice on the notice-board of the factory specifying the details of the jobs available. Identify the function of management being performed by Shruti.

What is staffing?

Planning cannot foresee or assess future trends in the environment and thus there may be obstacles to effective planning. Mention the limitation of planning referred here.

Name the type of plan which provides directions for all decisions, and actions.

Rahul, a worker, is given a target of assembling two computers per day. Due to his habit of doing things differently, an idea struck him which would not only reduce the assembling time of computers but would also reduce the cost of production of the computers. Instead of appreciating him, Rahul’s supervisor ordered him to complete the work as per the methods and techniques decided earlier as nothing could be changed at that stage. The above paragraph describes one of the limitations of the planning function of management. Name and explain that limitation.

'Rose Ltd' is manufacturing-Textiles, Cosmetics and Kitchenware items. The company has recruited all female freshers directly from a Management Institute located in the city. Each product is headed by different female manager.Ms Pooja is looking after Textile. She believes in decentralisation and takes decisions regarding different work by consulting her subordinates.Ms. Mona, head of Cosmetics, takes little interest in managerial functions and the subordinates are left on their own.Ms Anu is heading Kitchenware items. She has kept all the authority in her own hands and makes employees perform the work exactly as per her orders.1. Which kind of organisational structure has the company adopted?2. State the specific source of recruitment used by the company.3. Identify the leadership styles practised by the 3 heads.

Give one difference between policy and procedure.