Q3. Study the following case/situation and express your opinion.
1. Navnath and Jagannath are partners of a firm dealing with civil construction activity. They have set the objective of completing 3 projects within the next four years. Navnath is responsible for arranging funds, construction machinery, and required raw material while Jagannath hired architects, draftsmen, surveyors, contractors and laborers.
Name the management function Navnath was involved in.
Who did staffing for the firm?
Which management function Navnath and Jagannath did jointly?
The management function Navnath was involved in is the organizing function. organizing is the process of identifying, bringing the required resources together, grouping, and arranging them properly for achieving the objective.
Jagannath did staffing for the firm. Staffing functions of management involve attracting, recruiting, selecting, placing, appraising, remunerating, and retaining the workforce.
Navnath and Jagannath jointly engaged in the function of planning. Planning involves deciding future course action in advance what to do, how to do it, when to do it, and who is to do it.
2. Ms. Harshali started a new business a few years ago. Her customers are located in different parts of the country and hence they are directly depositing bill amounts in her business account. She used to pay various payments from this account only.
Identify the type of account maintained by Ms. Harshali.
Suggest any one modern way of money transfer to Ms. Harshali
What kind of facility does she get on her bank account?
The current account is the type of account maintained by Ms. Harshali.
NEFT stands for National Electronic Fund Transfer. Under this system, funds are transferred electronically from one branch to another branch or from one bank to another bank in the country. The client has to give details of the IFSE code of the branch and the account number of a beneficiary to whom the money is to be transferred.
An overdraft facility is available for the current account and banks to provide a statement of account every month.
3. Mr. Sadagopan is a businessman he has two factories in Indore and Bhopal. He lives in Bhopal with his wife and two daughters aged 5 and 8 years.
Can Mr. Sadagopan take a life insurance policy for two children?
Is child insurance is suitable for the wife of Mr. Sadagopan?
Which type of insurance should Mr. Sadagopan take for protecting his factories from loss due to fire?
Mr. Sadagopan can take a whole life policy or term insurance policy for his wife and child insurance policy or a money-back policy for his daughters.
No child insurance is not suitable for the wife of Mr.Sadagopan because the child insurance policy enables to meets the child’s future financial needs and his wife is not a child.
Mr. Sadagopan can take a fire insurance policy for protecting his factories from loss due to fire.
4. Auto Parts Ltd. is a renowned company situated in Chakradharpur, Jharkhand. This company is a leading manufacturer of auto parts and also exports to some countries around the world. This company has a net worth of Rs.600 Cr. and earned an average net profit of Rs.1.20 Cr in the last 3 financial years. The company has formed a committee of directors to look after the CSR activities of the company.
Provision of which section is applicable in case the company follows CSR activities?
How much amount the does a company need to spend on CSR activities?
How many directors are required to constitute the CSR committee?
In case the company follows CSR activities, Section 135 of the companies Act,2013 is applicable.
The company needs to spend at least 2% of the average net profits made during the three immediately preceding financial years on CSR activities. Therefore, in this case, it needs to spend 2,40,000 on CSR.
Four directors are required to constitute the CSR committee
Mr. Ram, an emerging entrepreneur has designed a structure of his business organization by taking into consideration the required resources such as land, money, machinery, workforce, etc, for his new business. He appointed Mr.Shyam as a manager. Mr.Ram has assigned responsibilities such as recruitment, selection, training, and development and to determine the remuneration of the employees’ to Mr.Shyam. Mr. Ram has also appointed Mr.Shubham to supervise the work done by the employees according to the standards given to the employees. Mr.Shubham has to also suggest remedies to the employees wherever necessary. In this context, find out the management functions performed by
Mr. Ram performs the planning and organizing functions of management.
Mr. Shyam is performing the staffing function of management as his main duty is to recruit, select, train, and develop the employees and to decide their remuneration accordingly.
Mr. Subham is performing the controlling function of management. He compares the actual performance of employees with the standard performance given. He discovers the causes of deviations and suggests remedies to overcome deviations.
In ABC Company, Mr. Lele gives instructions to the employees working under him, provides guidance, and motivates them for their best performance. On the other hand, Mr.Sayyad takes an effort to harmonize the work done by the employees of different departments while achieving organizational goals. Mr.Desai is looking after the arrangement of the required resources for the business organization. Mention the name of an employee engaged in the following functions:
Mr. Desai is engaged in the organization function as he is looking after the arrangement of required resources for the business organization.
Mr. Lele is engaged in the function of directing as he gives instructions to the employees working under him, provides guidance, and motivates them for their best performance.
Mr. Sayyed is engaged in the function of coordination as he makes an effort to harmonize the work done by the employees of different departments.
Mr. Jagan is a salaried person. He wants to take policy for his two children which assures them protection as well as completes their financial needs once they become major by age.
Suggest him a policy that can satisfy the requirements of his children.
Who are beneficiaries of policy?
In the above case which principle is involved?
Mr. Jagan, a salaried person should take “Child Insurance Policy” to satisfy the financial requirements of his children.
In a child insurance policy, the children of the insured person are the beneficiaries.
In the above case, the principle of insurable interest is involved.
Mr. Sharan is a successful manufacturer. He is having production units at various locations. He is having multiple production units, he has a large stock of raw material and finished goods. He is worried about safeguarding goods from any unwanted financial loss. He also requires transferring raw material and finished goods from one unit to another but does not have any facility for that. He also requires funds for expansion.
Name the service which will help him to safeguard goods from any damage?.
Which service will help him to remove the difficulty of the place?
From which service sector will he get financial support?
Warehousing is the service that helps Mr. Sharan to safeguard his goods from any damage.
Transport service will help Mr. Sharan to remove the difficulty of the place.
Mr. Sharan will get financial support from the Banking sector.
Mr. Harshad is an entrepreneur and engaged in the production of eco-friendly utensils. Both male and female workers are working in his factory. All male employees are directly working on machines whereas female employees are working in Packaging Department. Mr. Sharath is working as Finance Manager while Mrs. Naina is working as HR Manager who is responsible for recruiting employees in the factory. On this basis:
Identify any one principle of management in the above case.
What is the designation of Mrs. Naina in this organization.
Who is responsible for overall planning of the organisation?
In the above case, the principle of Division of work is identified.
The designation of Mrs. Naina is Human Resource Manager.
Mr. Harshad, an entrepreneur of eco-friendly utensils, is responsible for the overall planning of the organization.
Yashwant Co. Ltd. is providing facilities for their female staff like a daycare center for kids and work from home facility. Even management takes their suggestions while taking the decisions though they are members of trade union
By doing this they are following social responsibilities towards which interest groups?
What values are they presenting?
What kind of responsibilities employer follows in the above case?
By treating the staff with dignity and respect the company follows the social responsibilities towards the employees.
Yashwant Co. Ltd. is presenting social values by showing co-operation to their female staff.
Management takes the employee’s suggestions while taking decisions even though they are members of a trade union. By doing this, management recognizes the right of employees to join Trade Unions. The company also does not restrict employees from forming Trade Union. Thus they follow social responsibility towards employees.
Organization manufacturing paint has been enjoying a prominent market position for many years. It has been dumping its untreated poisonous waste on the riverbank: which has created many health problems for the nearby villages.
i) Which responsibility is neglected by the manufacturing organizations? ii) What kind of pollution they are doing? iii) What precautionary measures do they need to take?
Responsibility towards the protection of the environment is neglected by manufacturing industries.
They are creating water pollution by dumping its untreated poisonous waste on the river bank.
Proper waste management techniques should be adopted by the organization under which waste should be reduced, effort should be made to reuse the waste. Waste that cannot be reduced or reused should be recycled.
Q4. Distinguish Between.
Planning and Directing
Controlling and Coordinating
Organising and Staffing
National Commission and District Commission
Central Bank and commercial bank
Fire insurance and Life insurance
Fixed deposit account and Savings account
State Commission and National Commission
Marine Insurance and Life Insurance
Fire Insurance and Marine Insurance
Q5. Answer in brief.
What is e-business? Explain its advantages
Explain 4ps of the marketing mix.
Explain any four principles scientific of management.
Explain any five rights of consumers.
Describe characteristics of an entrepreneur.
Explain any five functions of an entrepreneur.
State social responsibilities of business towards society.
Explain responsibilities of business towards owners.
Explain any four functions of marketing.
Types of warehouse
Explain the importance of planning.
Explain the importance of ORGANIZING.
Explain the importance of STAFFING.
Explain any five points of the Importance of directing.
Explain the importance of COORDINATING.
Explain the importance of Controlling
Q6. Justify the following statements.
Principles of management are flexible in nature.
An entrepreneur must be an innovator
The right person at the right job with the right pay is the basic principle of staffing.
Management principles are helpful in optimum utilization of resources.
Taylor emphasized on standardization of tools and equipment.
It is easy to set up an e-business as compared to traditional business.
E-business allows users to work across the globe in any field.
Entrepreneurs must be good communicators.
Consumers are protected with various rights.
The Consumer Protection Act was passed in the interest of consumers
Online transaction is done with the help of the internet.
Businesses should allow worker’s participation in management.
Marketing helps in increasing consumer awareness.
Business organisations have responsibilities towards different interest groups
Planning is the first function of management.
Promotion plays an important role in marketing
The role of NGOs is important in consumer protection
CPA has set up various consumer dispute redressal forums at various levels
Q7. Attempt the following.
Explain the rights of the consumer.
Explain the secondary function of a commercial bank
Explain social responsibility towards government
Explain types of banks
What outsourcing? Explain its advantages and disadvantages
What is E-business? Explain its advantages and disadvantages
What are the functions of Warehouse?
Explain marine insurance policies
Explain principles of scientific management.
Explain the nature of principles of management
Explain the importance of planning.
Explain the process of online transactions.
Explain the entrepreneurship development programme.
Explain the significance of principles of management.
Q.8. Answer the following.
What is insurance? Explain the principles of insurance.
What is life insurance? Explain the types of life insurance policy
What is fire insurance? Explain the types of fire insurance policy
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