MBA Ist Semester Planning Long Study Material Notes Questions Answers Knowledge Boosters to illuminate the learning Solved case studies for practice
Section B
SHORT ANSWER QUESTIONS
MBA Ist Semester Planning Short Study Material Notes Questions Answers | Index
MBA Ist Semester Planning Short Study Material Notes Questions Answers page.1
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Q.1. what are the secondary functions of management?
Ans. Secondary Functions of Management: Management is a dynamic science. It is a living science which is developing with the development of trade and commerce. During recent years, great changes have taken place in the field of trade and industry. Because of these changes some secondary functions of management have developed. These are explained as follows:
1. Communication: Communication means to understand whatever others want to say and to convey the ideas to others. It may be regarded as an arrangement for the exchange of ideas. The following process is adopted for communication:
(a) To define the problem.
(b) To cooperate in the efforts to solve the problems.
(c) To exchange ideas and decisions.
(d) To motivate employees to do their work in accordance with the decisions. se) To evaluate the effect of communication as the importance of communication is increasing day-by-day
by-day. The reasons for its increasing importance are as under:
- It is the basis of direction and leadership.
- It helps in achieving and performing the functions of planning and coordination.
- It motivates the subordinate employees to work in accordance with the instructions of their boss.
(vi) It is an effective medium for the solution of mutual disputes.
2. Decision-making: Decision-making is a very important function of management. Various decisions have to be taken by the management whether the enterprise is a big or enterprise is a small one. The managers have to take quick decisions at different levels. The success of an enterprise depends to some extent upon the decisions taken by the management. Therefore, the manager must take their
decisions after a careful study of the situation and careful analysis of the problem. A little newly in taking the decision may cause to create loss to the enterprise. Peter F. Drucker states white manager does is based upon his decision.
3. Innovation: Management is a dynamic science. It is a process and not an activity. Dial. 8 take place in the process of management. To keep pace with the changing circuit alleger must be a dynamic person. He should be ready to adopt the changes required to séances. He should not adhere to traditional methods and techniques. For the enterprise, it is necessary that the latest methods and technologies must be adopted is called innovation. The management should adopt the latest techniques and method. inning, organizing, staffing directing, control, motivation and coordination in the field of product marketing, finance and personnel.
Thus, it may be concluded that the main and secondary functions of management are playing an important role in making industry or enterprise successful. The functions of every enterprise performed by its managers. Nowadays different managers are required for different departments.
Q.2. What do you mean by planning?
Or What do you understand by planning as a function of management?
Ans. Meaning and Definitions of Planning: Planning is forecasting which decides the things to be done in future. It is a function of anticipating the future and determining the course of action to achieve the predetermined objective of an organization. It is a process which selects the best alternative from the various alternatives for the solution of a problem to make future certain and definite. The term planning has been defined by many authors as follows:
‘Planning is the thinking process, the organized foresight, the vision based on the facts and experience that is required for independent actions.
‘Planning is the function of manager which involves the selections from among alternatives of objectives, policies, procedures and programmers. It is thus, decision-making, affecting the few courses of an enterprise or a department.’ ‘Planning is a method or technique of looking ahead-a constructive reviewing of future needs so -Koontz and O’Donnell that present actions can be adjusted in view of the established goals!
Q.3. Give the characteristics of planning.
Ans. Characteristics of Planning: The characteristics of planning are as follows:
1 Planning is Goal Oriented: All plans are formulated in order to achieve certain predetermined objectives of the enterprise.
2 planning is a Primary Function of Management: It is the foundation of management. It precedes all other managerial functions like organizing, directing and controlling because none of these functions can be performed until there is a plan.
3. planning is a Continuous Process: Planning is a continuous, never ending activity. Once a plan prepared for a specific period, it is translated into action. As soon as that specific period comes to an end, a new plan based on new situations and conditions is drawn.
4. Planning is All-proverbial: Planning is a primary function for all manage practiced at all managerial levels.
5. planning is a Mental Exercise: Planning is a mental process. It involves imagination and sound judgment. No business can succeed by guesswork and wishful thinking
Q.4. Describe the nature of planning.
Planning: The following are the points which may be described as the nature of planning:
Ans. Primary Function of Management: Various functions have to be performed by the managers of a business and industrial enterprise but for all these function First of all, a plan is to be prepared and only then other steps may be undertaken. No function of management can be performed without prior planning.
2. There are some Fundamental Targets of Planning: There are some fundamental targets of an organization and all the activities of the organization are controlled towards the accomplishment of these targets. Planning is also to be prepared keeping in view those fundamental objectives.
3. Planning is a Continuous Process: It is not only a function which is required at the time of establishment of a business and industrial undertaking but also a part of the day-to-day activities of the enterprise. It is a function which never ends. As soon as the conditions and assumptions change, old plans are to be reviewed and new plans are to be decided. Therefore, there is no end to the process of planning
4. Planning is a Function for Every Manager: Planning is a function which is formed at every level of management. Every manager has to plan. Planning is the responsibility of all the managers at all the levels and planning exists in all the types of organization.
5. Planning is a Selective Process: Planning involves the selection of the best alternative from among the various alternatives open for a particular step. It is basically a problem of choosing.
6. Planning is Necessary for Every Enterprise: Every enterprise, whether, large or small requires planning because planning decides the fundamental structure of the activities of the organization for the accomplishment of predetermined goals.
Q.5. Give principles of planning.
Ans. Principles of Planning: The principles of planning are summed up by Koontz as follows:
1. Every plan should help in the achievement of pre-decided goals by the enterprise.
2. It is a primary function and precedes all other managerial functions.
3. It is an all pervasive function, regardless to the position and status of managers.
4. It should adopt to changing conditions without unnecessary cost.
5. It should be integrated and inter-connected in such a way so as to achieve the desired objectives economically and efficiently.
6. It is based on carefully considered assumptions.
7. The factors like money, manpower, machinery, material, etc. should be taken into consideration before putting a plan into action.
Q.6. Write about the scope of planning.
Ans. Scope of Planning: Planning is a future course of action. Scope of planning in a business enterprise, centers around the objectives of the enterprise. In brief, following are the activities involved in the process of planning:
1. Determination of objectives.
2. Forecasting
3. Deciding the policies for all the departments and activities.
4. Preparing the programmers.
5. Deciding the rules. 6. Deciding the programmers.
7. Preparing the budgets.
8. Preparing the strategies.
Q.7. What are the main objectives of planning in business?
Or discuss the important features of planning.
(2010-11)
Ans. Objectives/Features of Planning: Planning is the base of business administration and management. Following are the main objectives of planning in a business or industrial undertaking:
1. To Provide Important Information: All the employees and all the outsiders dealing with an organization can get all the important information regarding objectives, policies, and programmers of the organization.
2. To Forecast the Risk: Planning helps in forecasting the risk that may appear in future. By forecasting the risks, the strategies may be designed to treat with them effectively and successfully.
3. Helpful in Forecasting: Forecasting is the essence of planning. It helps in effective forecasting.
4. Certainty in Activities: Planning decides the policies, defines the procedures and make rules for the activities of all the employees of the organization. This helps to bring in the activities of the organization.
5. To Give a Specific Direction: Planning gives a specific direction to all the organisation preparing the outlines of these activities well in advance.
6. To Maintain Healthy Competition: Planning helps in creating healthy competition amo all the employees of the organization and also among all the activities.
7. To Establish Coordination: Planning is an important tool of coordination. Policies, objective procedures and programs of an enterprise are coordinated with the help of planning.
Q.8. What is the significance of planning?
Ans. Significance of Planning: Planning is required for every business and industrial enterprise whether it is at large scale or at small scale, whether the field of its activities is local or national international, whether it is in private sector or in public sector or in joint sector. Following are the reasons which state the importance of planning:
1. To Increase Organisational Efficiency: Planning helps in increasing the efficiency of the organisation. It avoids the wastage, unnecessary delay and red-tapism.
2. Helpful in Control: Planning determines the standards for future performance, collects the data of actual results, compares these actual results with the predetermined standards and discover the points of variation. Effective planning helps the management in maintaining the control by exceptions.
3. Economy in the Operations of Enterprise: Planning help
requires application of in obtaining the maximum production at minimum cost with the mind involving foresight, minimum efforts because under the planning process programmes intelligent imagination and are prepared to perform the activities in the best possible manner.
4. To Offset Future Uncertainties: Planning Becomes necessary in the business enterprise because of the future uncertainties. Planned activities help in minimizing the future uncertainties and helps in easy accomplishment of objectives of the enterprise.