Financial Management — Business Studies STD 12 Commerce — Question

'Human Resource Management includes many specialised activities and duties'. State any four such activities.

State the steps in the organizing process.

Esha works as the cost and risk management head of a company in power sector. As a result of her excellent managerial competence, the company is able to reduce costs and increase productivity. The company belongs to infrastructure sector, wherein regular amendments are made in the government regulations and policies. She holds regular meetings to ensure that people in her department are not only aware of the related changes but are also able to adapt to these changes effectively. This helps the company to maintain its competitive edge. She motivates and leads her team in such a manner that individual members are able to achieve personal goals while contributing to the overall organisational objective. In the process of fulfilling her duties for the growth of the organisation, she helps in providing competitive services, adopting new technology, creating more employment opportunities etc. for the greater good of the people at large.
In context of the above case :
Identify the various reasons that have made management so important by quoting lines from the paragraph.

Give the meaning of ‘Objectives’ and ‘Procedure’ as types of plans.

Distinguish between leaders and managers.

Taylor's techniques of management are universally applicable. Do you agree? Give four reasons to support your answer.

Explain ‘Direct Recruitment’ and ‘Advertisement’ as external sources of recruitment.

People take example of MONA TONA Co. which is engaged in manufacturing different varieties of biscuits for its work environment. The company has earned an amount of ₹ 80 crores in the last financial year, out of which management is planning to share ₹ 10 crores with its workers. Its sugar coated biscuits are famous both in country as well as abroad. People of every age like their products. Workers are also giving their 100% to embrace change for the good of the company. Also, there is an almost equal division of work and responsibility between workers and management. All the day long, the management works almost side by side with the workers by helping, encouraging and smoothing the way for them.

1. Name the principles of scientific management discussed above.
2. Explain any two techniques of scientific management.

''All managers are leaders, but all leaders are not managers''. In the light of this statement differentiate between leadership and management.

In 2015, Naveen left his luxurious life in Mumbai, where he worked as a manager for Blue Birds Ltd. He shifted to Begampur, Chhattisgarh to fulfil his grandmother’s dream of converting their 25-acre ancestral land into a fertile farm. For this he set out specific goals along with the activities to be performed to achieve the goals.
Every activity was a challenge since he was clueless about farming. He learnt every activity from filling the land to sowing the seeds. To aid farmers he launched his own company ‘Innovative Agriculture Solutions Pvt. Ltd.’.
It was difficult initially as no one trusted an urban youth telling farmers about farming. But when everything was discussed in detail the farmers started taking interest. He wanted to ensure that the future events meet effectively the best interests of the company. Through sales forecasting, he prepared an annual plan for production and sales.
He also found that the farmers grew only paddy, which was an activity of 3-4 months and the land remained idle for the rest 8-9 months of the year. He not only identified but evaluated various alternatives through which the farms could be utilised for the remaining months of the year. Through correct foresight and logical and systematic thinking based on analysis of all facts, all alternatives were examined and evaluated. He presented a plan to the farmers, where after harvesting paddy, vegetables could be grown.
The above case highlights the features of one of the functions of management. By quoting lines from the above identify and explain these features.