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Masters of Business
Administration Semester
1
MB0038 Management Process &
Organization Behavior Assignments
Book ID-B1621
Q.1 Explain the concept of Management. Discuss the importance of
Management. ?
Ans.
Concept of Management:
"Management is an art of knowing what is to be done and seeing that it is done in
the best possible
manner."
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Management utilizes all the physical & human resources productively. This
leads to efficacy in management. Management provides maximum utilization
of scarce resources by selecting its best possible alternate use in industry from
out of various uses. It makes use of experts, professional and these services
leads to use of their skills, knowledge, and proper utilization and avoids
wastage. If employees and machines are producing its maximum there is
no under employment of any resources.
Reduces Costs
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Ans.
The various stages in the process of planning are as follows:
1. Goal setting:
Establishment
of
goals
is
infuenced
by
the
values
and
beliefs
of
Before plans are prepared, the assumptions and conditions underlying them must
be clearly defined
these assumptions are called planning premises and they can be identifed
through accurate forecasting of likely future events. They are forecast data
of a factual nature. Assessment of environment helps to reveal opportunities
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In
practice,
several
constraints
or
limitations
affect
the
ability
of
an
Once the broad goals, planning premises and limitations are laid down, the
next step is to decide the period of planning. The planning period should be
long enough to permit the fulfllment of the commitments involved in a
decision. This is known as the principle of commitment. The planning period
depends on several factors e.g., future that can be reasonably anticipated, time
required to receive capital investments, expected future availability of raw
materials, lead time in development and commercialization of a new product,
etc.
5. Formulation of policies and strategies:
After
the
goals
are
defned
and
planning
premises
are
identified,
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Diferent plans must be properly balanced so that they support one another.
Review and revision may be necessary before the plan is put into operation.
Moreover, the various plans must be communicated and explained to those
responsible for putting them into practice.
Meaning of Control:
e ercise
All managers like to have controls because without them their plans would
go awry. There are following pre-requisites to have an efective control system.
Tailoring controls to plans and positions - A control is exercised on an
activity or a group of activities. It follows that what control is good for a
position may not be relevant for another e.g., the Vice President of marketing
and the Vice President of operations cannot have the same controls
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