Financial Management — Business Studies STD 12 Commerce — Question

Mr. Mukesh used to manufacture shoes by employing labour who were easily available. When his son after completing his MBA joined the business, he analysed that if we use capital intensive method by using a machine it will reduce the cost and the quality of shoes will also improve.1. Which technique of Scientific management is used by his son.2. What is the objective of that technique.

It is concerned with instructing, guiding and inspiring people in the organisation to achieve its objectives. Name it.

At which level of management more time is consumed on planning as compared to other levels?

State one violating effect of the principle of management-namely the ‘Division of Work’.

Saurabh decided to start a chocolates manufacturing business. He set the 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 of 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.

Give any two advantages of branding to the marketer.

How does directing bring stability and balance?

Mr Sandhu worked as a manager in a company manufacturing stationery items for 10 years. Later he thought of starting his own business as he acquired the skills and expertise in past years. He started his own venture. He divided the organisation into six major departmentsProduction, Purchase, Marketing, Legal, Human resource and Finance. After a month, he called upon the meeting of all the departmental heads in his office and told the production marketing and finance department managers to be very vigilant as their departments are critical to the success of the business. Shortcomings in Purchase, Personnel or Legal department would not affect much the success of business. Therefore, Mr Sandhu determined deviation tolerance limits for the critical departments.1. Identify the two functions of management referred above.2. Describe the relevant concept of the identified functions.

Planning is the primary function of management. Justify.

ABC Ltd. gives promotion on the basis of seniority. Which type of plan is it?