Management Essay Questions

5161 words - 21 pages

Principles of Management

1. Define Management. According to KOONTZ & WEIHRICH, “Management is the process of designing and maintaining of an environment in which individuals working together in groups efficiently accomplish selected aims”. “Management is the art of getting things through and with people in formally organized groups”. Ex: Human Resource Management, Financial Management. 2. Is Management - an art or science? Managing as practice is an art; the organized knowledge underlying the practice is a science. Managing has the following features that make it an art. • • • • • Creative Individual approach Application and dedication Initiative and ...view middle of the document...

“Scientific Management is concerned with knowing exactly what you want men to do and then see in that they do it best and cheapest way”. 5. List the principles of Scientific Management. Scientific management was introduced by F.W Taylor who is known as the Father of Scientific Management. He adopted scientific methods to increase the productivity and greater efficiency in production. The principles of Scientific Management are:    Separation of planning and working Functional foremanship Job analyzers Time study

     

Motion study Fatigue study Standardization Scientific selection of training Financial incentives and Economy and mental revolution.

6. List the contributions of Fayol towards Management. Henry Fayol is a French industrialist whose contributions are termed as operational management or administrative management. He followed ‘The Classical Approach’ to the evolution of management thought. His contributions are given as follows:• • • • Grouping of activities of an industrial organization into six groups, namely- Technical, commercial, financial, security, accounting and managerial; Identified six types of qualities of a manager are- Physical, mental, moral, educational, technical and experience; Fourteen principles of Management namely- Division of Work, Authority and responsibility and so on; and Five elements/functions of management- Planning, organizing, commanding, coordinating and controlling. 7. Functions of management • • • • • Planning Organizing Staffing Leading or Direction or Coordination Controlling

8. Management level and functions. • Top-level management

• •

Middle level management Lower level management

Top level management functions 1. To formulate goals and policies 2. To formulate budgets 3. To appoint top executives Middle level management functions. 1. To train motives &develop supervisory level 2. To monitor and control the operations performance Low level management 1. To train &develop workers 2. To assign job 3. To give orders and instructions 4. To report the information about the workers 9. What are the roles played by a Manager? Interpersonal roles 1. Figurehead role 2. The leader role 3. The liaison role Informational roles 4. The recipient role 5. The disseminator role 6. The spokesperson role Decision roles 7. The entrepreneurial role 8. The disturbance-handler role 9. The resource allocator role 10. The negotiator role

10. Define ‘Sole proprietorship’. A Business unit that is owned and controlled by a single individual is known as sole trading or sole proprietorship concern. He uses his own savings for running the business. The sole trader makes all purchases and sells on his own and maintains all the accounts. He alone enjoys all the profits and bears all the losses. Ex: A Fancy store. 11. What do you mean by a ‘Partnership firm’? A partnership is an association of two or more persons to carry on business and to share its profit and losses. The relation of a partnership arises from...

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