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

Name the concept, which suggests that only significant deviations which go beyond the permissible limit should be bought to the notice of management.
OR
Which principle of management control suggests that the routine problems should be left to the subordinates?

OR
Which principle of management control suggests that an attempt to control everything results in controlling nothing?

OR
The operations manager set a limit of 5% deviation in production and decided to take corrective action only if deviations occurred beyond 5%. Name the controlling principle applicable here.

Give the meaning of ‘Delegation’.

Name any two essential ingredients of sound working capital management.

Pawan is working as a Production Manager in CFL Ltd engaged in manufacturing of CFL bulbs. There is no class-conflict between the management and workers. The working conditions are very good. The company is earning huge profits. As a policy matter, management is sharing the gains with the workers because they believe that prosperity of the company cannot exist for a long time without the prosperity of the employees.

• State the principle of management described in the above para.
• Identify any two values which the company wants to communicate to the society.

'They don't sell what they can make, but they make what they can sell'. Name the concept to which this statement is related?

What is the another name for long term investment decision?

It refers to the use of scientific methods in decision making to resolve management problems rather than depending on rule of thumb or trial and error methods. Name it.

'The application of principles of management is dependent upon the prevailing situation at a particular point of time'. State and explain the feature of management principle mentioned here.

Simone, a budding entrepreneur wishes to operate a business of Flowers. Since they are perishable in nature, she plans to open a flower shop so that she can directly sell them to the customers. Being a small venture, the number of consumers is also less. So she decides that the direct channel of distribution is better. Her friend, Ankit is a manufacturer of gift items. He is confused regarding the level of channel he should follow. Can you guide him regarding the problem? Give points for support of yours answer.