"Derivation of management principles may be said to be a matter of science." Explain.
Answer: Management principles have emerged gradually, through an evolutionary process of combining deep observations and experimental studies.
(i) Observation method Under this method, managerial researchers derive management principles to observe and analyze practical events. For example, it was observed that by dividing the work into different units, the efficiency of employees improved. As a result, it led to the formulation of the principle of 'division of labour'.
(ii) Experimental method
Under this method, experiments are conducted so that management principles can be derived and their validity can be tested. For example, two units, one unit involving one superior and one subordinate and the other unit involving two superiors and one subordinate, were taken. It was found that units having one superior and one subordinate performed better. As a result, it led to the formation of the principle of "unity of command." From the above, it can be concluded that observations and experiments result in the formulation of management principles, which therefore are evolutionary. Hence, derivation of management principles can be said to be a matter of Science. It is worth mentioning here that even though the derivation of management principles is a matter of science; their application remains a matter of art. The success of managers depends upon how skillfully they put these principles into practice.
- Is planning actually worth the huge costs involved? Explain
- Two years ago Nishant, completed his degree in Textile Engineering. He worked for some time in a company manufacturing readymade garments. He was not happy in the company and decided to have his own readymade garments manufacturing unit
- How can (i) Political climate and (ii) Policies of competitors obstruct planning?
- What is meant by budget?
- 'Planning reduces creativity. How?
- Give the meaning of ‘Strategy’ and ‘Rule’ as types of plans. (CBSE BOARD 2017)
- Ramnath Ltd. is dealing in the import of organic food items in bulk. The company sells the items in smaller quantities in attractive packages. Performance of the company has been up to the expectations in the past. Keeping up with the latest packaging technology, the company decided to upgrade its machinery
- Give the meaning of 'procedure' and 'rule' as types of plans. (CBSE BOARD 2017 )
- What do you mean by planning premises?
- Somnath Ltd. is engaged in the business of export of garments. In the past, the performance of the company had been up to the expectations. In line with the latest technology, the company decided to upgrade its machinery. For this, the Finance Manager, Dalmia estimated the number of funds required and the timings
- 'Planning is the basic function of management. Comment
- 'Planning focuses on achieving objectives. Explain
- Explain any three features of 'Planning.' (CBSE BOARD 2017)
- Explain the first three steps in the process of 'Planning'. (CBSE BOARD 2016)
- Enumerate six points of importance of planning
- State any three limitations of the planning function of management. (CBSE BOARD 2016)
- It is deciding in advance what to do and how to do it. It is one of the basic managerial functions. It requires that before doing something, the manager must formulate an idea of how to work on a particular task
- Define 'Strategy' ( CBSE Question)
- Define 'Objective'? ( CBSE Question)
- Which is the most crucial step in the planning process?
- How does planning create rigidity?
- Name and state the aspect of financial management that enables to foresee the fund requirements both in terms of ‘the quantum’ and ‘in terms of the timings'
- What all qualities are required for doing planning?
- What is planning? Question Answer
- Give the meaning of 'Method' as a type of plan. (CBSE BOARD 2015)
- Briefly discuss the impact of government policy changes on the business and industry
- Explain any five ways in which managers have responded to changes in a business environment
- 'Explain 'fiscal reforms' and 'monetary reforms' as per economic change initiated by the Government of India since 1991
- Explain any five negative impacts of liberalization and globalization
- Enumerate any ten Positive impacts of liberalization and globalization.
- The social environment of business is important for a business enterprise". Explain?
- Matlab Networks and Technologies Ltd. is a leader in technology innovation in the United States, creating products and solutions for connecting the world. It has a large research and development team which invented the first smartwatch, named W-7. The watch besides showing the time also monitors a few health parameters like a heartbeat, blood pressure etc
- Mention four examples of acquisitions and mergers
- Business environment or Environmental Scanning helps in the identification of threats and early warning signals." Explain?
- Enumerate the benefits of understanding the business environment
- A recent rate cut in the interest on loans announced by the Banks encouraged Amit, a science student of Progressive School to take a loan from the State Bank of India to experiment and develop cars to be powered by fuel produced from garbage. He developed such a car and exhibited it in the Science Fair organised by Directorate of Education. He was awarded first prize for his invention.
- Explain the role of the political environment in shaping the business?
- With the change in the consumption habits of people, Neelesh, who was running, a sweets shop shifted to the chocolate business. On the eve of Diwali, he offered chocolates in attractive packages at reasonable prices. He anticipated huge demand and created a website chocolove.com for taking orders online. He got a lot of orders online and earned huge profits by selling chocolates
- ‘Accent Electronics Ltd.’ was operating its business in Malaysia. The company started exporting its products to India when the Prime Minister announced a relaxation in import duties on electronic items. The company appointed retailers in India who had direct online links which the suppliers to replenish stocks when needed
- An environmental conscious multinational company "AXN Ltd." follows certain well-defined business principles that result to minimize employee turnover. Following are some of the important environmental factors followed by 'AXN Ltd.'
- Give one measure taken by the Indian Government to introduce liberalization.
- What do you mean by disinvestment?
- Name the economic reforms introduced to free Indian businesses from unnecessary controls and restrictions
- What do you mean by Innovation?
- Which policy of the Indian Government has moved India towards globalization?
- What do you mean by Globalization?
- What is meant by opportunities?