Question 14 Marks
Suhasini a home science graduate from a reputed college has recently done a cookery course. She wished to start her own venture with a goal to provide 'health food' at reasonable price. She discussed her idea with her teacher (mentor) who encouraged her. After analysing various options for starting her business venture, they shortlisted the option to sell readymade and 'ready to make' vegetable shakes and sattu milk shakes. Then, they both weighed the pros and cons of both the shortlisted options.(a) Name the function of management being discussed above and give any one of its characteristics.(b) Also briefly discuss any three limitations of the function discussed in the case.
Answer
View full question & answer→(a) Planning
Characteristics of planning (any one)
(i) Planning focuses on achieving objectives.
(ii) Planning is a primary function of management.
(iii) Planning is pervasive. (iv)Planning is continuous.
(v) Planning is futuristic.
(vi) Planning involves decision-making.
(vii) Planning is a mental exercise.
(b) Limitations of planning (Any three)
(i) Planning leads to rigidity.
(ii) Planning may not work in a dynamic environment.
(iii) Planning reduces creativity.
(iv) Planning involves huge cost.
(v) Planning is a time consuming process.
(vi) Planning does not guarantee success.
Characteristics of planning (any one)
(i) Planning focuses on achieving objectives.
(ii) Planning is a primary function of management.
(iii) Planning is pervasive. (iv)Planning is continuous.
(v) Planning is futuristic.
(vi) Planning involves decision-making.
(vii) Planning is a mental exercise.
(b) Limitations of planning (Any three)
(i) Planning leads to rigidity.
(ii) Planning may not work in a dynamic environment.
(iii) Planning reduces creativity.
(iv) Planning involves huge cost.
(v) Planning is a time consuming process.
(vi) Planning does not guarantee success.