MBA Ist Semester International Perspective Long Questions Answers Notes Study Material Knowledge Boosters to illuminate the learning Solved case studies for practice 3 mock papers for self-assessment.
LONG QUESTION ANSWERS
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Q.1. Explain the contemporary issues of management in brief.
Ans. Contemporary Issues of Management: Over the last decade, the business world has been thoroughly evolved. Some businessmen, who were visionary enough to forecast the upcoming changes, survived this change successfully and flourished. On the other hand, many managers and executives fell bhing. Now-a-days, the management of an organization does not only have the traditional issues and problems to tackle, they also have to deal with the modern challenges of management.
Knowing the modern challenges in management, can be a good start in the right direction.
- Globalisation: Globalisation has changed the way managers used to work. Probably, the biggest change of thef 21st century is that the world has now become a gloal village. Globalisation brought a lot of interesting possibilities, profitable opportunities and the whole world as a big, grand global market. But on he other hand, globalization also brought a lot of problems and headaches for today’s managers. Successfully. Responding to globalization has actually become the biggest management challenge of the 21st century.
2. Information Technology : Even if you are in a business tha goals.does not require you to learn about computers, internet and other information technology skills, being a manager of the 21st century makes it moreover the management also needs to explore the possibilities of online marketing. Having a website with proper search engine rankings, visibility in online business directories and social media presence are some other important things.
3. Competing with the Low-Cost Labour: Another great modern challenge in management is to find a way to minimise your cost of operations. So you can compete with the low-cost labor that many other countries can afford. As the world is now a global market, no businessman is out of reach. This is one of the biggest modern challenges in management.
4. Diversity in Workforce: Managing people, who are very different to each other, is also one of the modern challenges of management. The workforce has never been more diverse. It is commonly known as workforce diversity and it means that organisations are now fastly becoming a mixture of different age groups, genders, cultures, races and ethnicities.
Managing a workforce which has women, colored people, disabled persons, senior citizens, young people, internees, gays and lesbians, and people belonging to different countries, religions, and cultures, has become a global concern and management challenge.
5. Learning Organisations: The concept of ‘Learning organizations’ was first presented by Peter Senge. According to his concept, employees, who are committed to an organization, works harder and produce better results. That’s why he proposed that organizations should invest in their employees and facilitate the learning of their members. As a result of that, the organization actually develops and transforms itself.
Conclusion: The role of today’s managers is becoming more and more difficult. These modern challenges in management require a lot of experience and skills, along with the ability to foresee future changes. And that’s one more reason to study and understand organizational behavior.
Q.2. What are the different types of benchmarking in management?
Ans. Types of Benchmarking: The different types of benchmarking are as follows: 1. Strategic Benchmarking:
(a) Used when businesses need to improve overall performance. Strategic benchmarking examines the long-term strategies and general approaches that have enabled high performers to succeed.
(b) It involves considering high level aspects such as core competencies, developing new products and services, and improving capabilities for dealing with changes in the extern environment.
(c) Changes resulting from this type of benchmarking may be difficult to implement and take a long time to materialise.
Most appropriate for… Re-aligning business strategies that have become inappropriate.
2. Performance or Competitive Benchmarking:
(a) Used when businesses wish to consider their position
Characteristics of key products and services.
(b) Benchmarking partners are drawn from the same sector. (c) This type of analysis is often undertaken through trade
Most appropriate for: assessing the relative level of performance in key areas or activities in comparison with others in the same sector, and finding ways o closing gaps in performance.
3. Process Benchmarking:
(a) Focuses on improving specific critical processes and operations.
(b) Benchmarking partners are sought from best practice or
18 partners are sought from best practice organisations that perform similar work or deliver similar services.
(c) Involves producing process maps to facilitate comparison and analysis.
(d) Often results in short term benefits.
Most appropriate for… Achieving improvements in key processes to obtain quick benefits.
4. Functional Benchmarking:
(a) Businesses look to benchmark with partners drawn from different business sectors or areas of activity to find ways of improving similar functions or work processes.
(b) Can lead to innovation and dramatic improvements.
Most appropriate for… Improving activities or services for which counterparts do not exist.
5. Internal Benchmarking:
(a) Involves benchmarking businesses or operations from within the same organisation, for example business units in different countries.
(b) Three main advantages of internal benchmarking are: (i) access to sensitive data and
information is easier (ii) standardised data is often readily available and (iii) usually, less
time and fewer resources are needed.
(c) Fewer barriers to implementation as practices may be relatively easy to transfer across the same organisation.
(d) Real innovation may be lacking, and best in class performance is more likely to be found through external benchmarking.
Most appropriate for… Several business units within the same organisation exemplify good practice, so management want to spread this expertise throughout the organisation, quickly,
6. External Benchmarking:
(a) Involves analysing outside organisations that are known to be best in class.
(b) Provides opportunities of learning from those who are at the ‘Leading edge’
( c) can take up significant time and resources to ensure the comparability of data and information, the credibility of the findings and the development of sound recommendations