Nature and Significance of Management — Business Studies STD 12 Commerce — Question

State three examples each of standards used in different areas-Production, Marketing, Personnel Management, Evaluation Based Questions.

Explain the following as factors affecting financing decision:

1. Cost.
2. Cash flow position of the business.
3. Level of fixed operating costs.
4. Control considerations.

Define ‘Planning’. State any four points of importance of planning.

Mega Ltd. holds an Annual Management Programme every year in the month of March in which the top managerial personnel formulate plans for the next year by analyzing and predicting the future to meet future events effectively.
As they are responsible for providing direction to the organization, facts are thoroughly checked using scientific calculations. Detailed plans are prepared after discussion with professional experts. Preliminary investigations are also undertaken to find out the viability of the plan. Since it is an intellectual activity requiring intelligent imagination and sound judgement so it is mainly done by the top management. Usually rest of the members just implement the plans. Middle level managers are neither allowed to deviate from the plans nor are they permitted to act on their own. The top management ensures that the expenses incurred in formulating the plans justify the benefits derived from them.
State any two limitations and any two features of planning discussed above.

Discuss the basic features of management as a profession.

Name any two important characteristics of management.

The workers of 'Gargya Ltd.' are unable to work on new computerised machines imported by the company to fulfil the increased demand. Therefore, the workers are seeking extra guidance from the supervisor, and the supervisor is overburdened with the frequent calls of workers.
Suggest how the supervisor, by increasing the skills and knowledge of workers, can make them handle their work independently.
Also, state any three benefits that the workers will derive by the decision of the supervisor.

Explain the following ‘Rights of Consumers’:

1. Right to be informed.
2. Right to seek redressal.

Distinguish between rule and method.
OR
Explain ‘Method' and 'Rule' as types of plans.

Explain any four features of co-ordination.