PRINCIPLES & PRACTICE OF MANAGEMENT

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SUBJECT: PRINCIPLES & PRACTICE OF MANAGEMENT

 

  1. a) What are the steps involved in planning?
  2. b) How you make planning effective?

 

Answer: – b)  steps involved in planning:-

  1. Goal setting:

Plans are the means to achieve certain ends or objec­tives. Therefore, establishment of organizational or overall objectives is the first step in planning. Setting objectives is the most crucial part of planning. The organizational objectives should be set in key areas of operations.

They should be verifiable i.e., they should as far as possible be specified in clear and measurable terms. The objectives are set in the light of the

 

  1. b) How you make planning effective:-

While it is true that the planning suffers from several limitations, an organization cannot do without planning. The following steps should go a long way in overcoming these limitations and making planning effective:

Creation of suitable organization systems: management should consciously create an organizational system that facilitates planning. All the known hurdles to planning should be removed and the managers at

 

  1. What is the difference between a policy and a procedure?

Answer: – Policies and procedures are two words often talked about in any organization. They are extremely important and no organization can work in the absence of policies and procedures. But there are so many similarities in the two concepts that many often use the words interchangeably, which is not correct. This article intends to highlight the difference between policy and procedure so that any person working in an organization may not have any confusion between the two.

Policy:-You must have read the term policy in

 

  1. Explain the advantages and limitations of planning.

Answer: – All organizations whether it is the government, a private business or small businessman require planning. To turn their dreams of increase in sale, earning high profit and getting success in business all businessmen have to think about future; make predictions and achieve target. To decide what to do, how to do and when to do they do planning.

Meaning:

 

  1. Explain the strategic planning in the Indian industry. Which are the planning skills required for better business.

Answer: – Explain the strategic planning in the Indian industry:- Management education received a big boost in early 60s after the setting up of Indian Institute of Management (IIMs) and the Administrative Staff College of India. IIMs structured their curriculum along the followed in reputed American business schools. The case method of study (as followed in Harvard Business School) was an important pedagogical tool, employed in IIM, Ahmedabad all these years. But in India the Mater of Business Administration program is first introduced by the

 

  1. a) Define a decision making?
  2. b) Explain common difficulties in decision-making.

Answer:- decision making:- Decision-making can be regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice that may or may not prompt action. Decision-making is the study of identifying and choosing alternatives based on

 

  1. b) Explain common difficulties in decision-making:-

Incomplete information

This is a major problem for every manger. Lack of information leaves a manager adrift in a sea of uncertainty. Not only this, most decisions involve too many complex variables for one person to be able to examine all of them fully.

Un-supporting Environment

 

  1. a) Decision-making is a key part of a manager’s activities. – Elaborate.
  2. b) What are the steps involved in rational decision-making.

Answer: –) Decision-making is a key part of a manager’s activities. – Elaborate:- Decision-making is an essential aspect of modern management. It is a primary function of management. A manager’s major job is sound/rational decision-making. He takes hundreds of decisions consciously and subconsciously. Decision-making is the key part of manager’s activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as “a course of action which is consciously chosen from among a set of alternatives to achieve a desired result.” It represents a well-balanced judgment and a commitment to action

 

  1. b) What are the steps involved in rational decision-making.:-

The Steps of the Rational-iterative Decision-making Process:

  • Identify the roles of different people
  • Scope the target area
  • Determine the objectives
  • Develop measurable criteria to determine how well the objectives are being met
  • . Develop as wide a range of alternatives as possible
  1. a) Explain the individual and group decision-making.
  2. b) Describe advantages and disadvantages of group decisions.

Answer: – a) Explain the individual and group decision-making:- Making decisions is a large part of doing business. When there is only one person involved or affected by a decision, making that decision is relatively easy. But when coworkers or employees need to be taken into consideration, a group decision could be the best solution. Deciding between individual and group decision making methods depends on the decision that needs to be made, the group that is affected and the employer’s general leadership style.

 

  1. b) Describe advantages and disadvantages of group decisions:-

Advantages of Group Decision Making:

Group decision making often benefits from two major natural advantages: synergy and sharing of information. Synergy relates to the idea that certain outcomes can only be achieved by many minds brought to bear on a certain decision-making process. One can liken synergy in group processes to achieving social economies of scope, whereby decision

 

  1. a) Draw models of decision-making?
  2. b) Explain any two.

Answer: – Some decisions appear to be relatively straight forward until you take a step back and look at the entire picture with a fresh perspective. You may notice that there are a variety of factors that actually impact a choice or decision that you did not notice before. If you’re having trouble making a decision try some of the following solution

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