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MAHALAKSHMI ENGINEERING COLLEGE TIRUCHIRAPALLI – 621213
MG2351- PRINCIPLES OF MANAGEMENT
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UNITV CONTROLLING 1) Define control?
According to Knootz “Controlling to the measurement and correction of performance in order to make sure that enterprise objectives and the plans devised to attain them are accomplished”. 2) What are the characteristics of control?
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Control process is universal. Control is a continuous process. Control is action based.
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Control is forward looking.
3) Why need of control in the organization? Control can minimize the mistake.
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To discover the deviations in the management To minimum dishonest behaviors of employees. 4) What are the Inter –relationship between planning and end with control?
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The management process of adjusting future action on the basis of information about past performance. Control helps in achieving them. 5) What is Feedback Control?
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Feedback control is the process of adjusting future action on the basis of information about past performance. 6) What is management by exception? Actual performance compare with the standard performs deviations which
Cannot significant should be avoided.
K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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7) What is concurrent control? This control measures for taking corrective action while a programme meet any obstacle in this activities. 8) What is feed forward control?
action before a particular operation is completed. 9) What is direct labour Budget?
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It is preventive in nature. This control involves evaluation of inputs and taking corrective
Direct labor Budget reveals the expected labor requirements during the budget period. 10) What is fixed budget?
11) What is flexible budget?
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In this budget in which targets are rigidly fixed .This is a forecast of the targets for the coming fear prepared well in advance.
A flexible budget is a budget designed to change in the level of activity. 12) What is Internal Audit?
13) Define Productivity?
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Internal audit is done by an internal auditor who is an employee of the organization. He examines the objectives, policies, plans procedures and performance of the management.
14) Define: OR
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Productivity is a measure of how much input is required to produce a given output. i.e. the ratio (output/input) is called productivity.
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Operation Research is a systematic analysis of a problem through scientific methods, carried out by appropriate specialists, working together. As a team, finding an optimum and the most appropriate solution to meet the given set of constraints. 15) What is JIT?
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Just in Time Inventory system. In this method the suppliers deliver the materials to the production spot just in time to be assembled .This method reduces cost of inventory. 16) What is value engineering? It is a special type of cost reduction and product improved technique.
K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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17) What is preventive control? [May 2012] An efficient manager applies the skills in managerial philosophy to eliminate undesirable activated which are the reasons for poor management. 18) Define: Multinational Corporation?
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“An enterprise which own or control production or service facilities outside the country in which they are based “. 19) What is ethnocentric attitude?
The manager orientation and managerial activities, operations was based on that of the parent company. 20) What is polycentric attitude?
Polycentric attitude manager orientation was host country orientation.
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22) What is geocentric attitude?
This type of managers is trained to balance central, local and global objectives. 23) What are the objectives of value engineering?
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1. Modify and improve product design. 2. Reduce the product cost. 3. Increase the profit.
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4. Simplify the product.
24) Give some critical point standards of control.
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1. Cost standards.
2. Revenue standards. 3. Goals standards.
4. Program standards
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25) What are the types of control? [May 2013] 1. Feedback control. 2. Concurrent control. 3. Feed forward control.
K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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26) What are the requirements for effective control?
27) What are traditional techniques of control? i. Personal observation. ii. Break –even analysis iii. Statistical reports. iv. Budgetary control. 28) What are modern techniques of control? i. Management audit. ii. Return on investment. iii. PERT& CPM. iv. MIS.
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29) Define budgetary control. [May 2012]
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i. The control should be economical ii. It must be simple iii. It should be flexible iv. It should be clear objectives.
According to J. Batty “A system which uses budgets as a means of planning and controlling all aspects of producing and or selling commodities and services”.
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30) What are the different types of Budgets?
i. Sales budget. ii. Production budget. iii. Purchase budget. iv. Personnel budget. v. Cash budget. vi. Research and Development budget. vii. Capital budget. viii. Master budget. ix. Profit budget. x. Cost budget.
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31) What are the MIS Resources?
1. Computer hardware. 2. Software. 3. Data. 4. People.
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32) What are the factors consider for product design? 1. Marketing. 2. Government policy. 3. Production. 4. Technology. 5. Product quality. 33) What is Inventory control?
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The inventory control refers to the control of raw materials, and purchased materials in store and regulation of investment in them. 34) What is Economic order Quantity? Formula, EOQ = 2DS/ C Where, D- Demand per year C- Annual carrying cost of one unit. S- Ordering cost. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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35) Define MIS. [May 2013] “A system of obtaining abstracting , storing and analyzing data, to productions information for use in planning, controlling and decision making by managers at the time they can most effectively use it”.
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36) Define budget & budgetary control. [Nov 2012] According to J. Fred Meston “ A budget is the expression of a firm’s plan is financial form for a period of time in to the future”. According to J. Batty “ A system which uses budgets as a means of planning & controlling all aspects of producing & or selling commodities & services”. 37) Define quality control. [Nov 2012, May 2011]
It is a process by which entities review the quality of all factors involved in production. 38) Mention any two advantages of budgetary control system. [May 2011]
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1. It improves the planning in the organization. 2. It provides better utilization of resources in the organization.
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16 mark questions
1) Explain the steps in the process of controlling. [May 2013, Nov 2012, May 2011] 5 main steps in control process in management are:
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Control as a management function involves the following steps:
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1. Establishing standards: Standards are criteria against which results are measured. They are norms to achieve the goals. Standards are usually measured in terms of output. They can also be measured in nonmonetary terms like loyalty, customer attraction, goodwill etc. Some of the standards are as. a. Time standards: The goal will be set on the basis of time lapse in performing a task. b. Cost standards: These indicate the financial expenditures involved per unit, e.g. material cost per unit, cost per person, etc. c. Income standards: These relate to financial rewards received due to a particular activity like sales volume per month, year etc. d. Market share: This relates to the share of the company's product in the market. e. Productivity: Productivity can be measured on the basis of units produced per man hour etc. f. Profitability: These goals will be set with the consideration of cost per unit, market share, etc. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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2. Measuring performance Measurement involves comparison between what is accomplished and what was intended to be accomplished. The measurement of actual performance must be in the units similar to those of predetermined criterion. The unit or the yardstick thus chosen be clear, welldefined and easily identified, and should be uniform and homogenous throughout the measurement process.
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The performance can be measured by the following steps: (a) Strategic control points: It is not possible to check everything that is being done. So it is necessary to pick strategic control points for measurement. Some of these points are:
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(i) Income: It is a significant control point and must be as much per unit of time as was expected. If the income is significantly off form the expectation then the reasons should be investigated and a corrective action taken. (ii) Expenses: Total and operational cost per unit must be computed and must be adhered to. Key expense data must be reviewed periodically. (iii) Inventory: Some minimum inventory of both the finished product as well as raw materials must be kept in stock as a buffer. Any change in inventory level would determine whether the production is to be increased or decreased. (iv) Quality of the product: Standards of established quality must be maintained especially in food processing, drug manufacturing, automobiles, etc. The process should be continuously observed for any deviations. (v) Absenteeism: Excessive absenteeism of personnel is a serious reflection on the environment and working conditions. Absenteeism in excess of chance expectations must be seriously investigated. (b) Meclzanised measuring devices: This involves a wide variant of technical instruments used for measurement of machine operations, product "quality for size and ingredients and production processes. These instruments may be mechanical, electronic or chemical in nature. (c) Ratio analysis: Ratio analysis is one of the most important management tools. It describes the relationship of one business variable to another.
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The following are some of the important ratios: i) Net sales to working capital: The working capital must be utilised adequately. If the inventory turnover is rapid then the same working capital can be used again and again. Hence for perishable goods, this ratio is high. Any change in ratio will signal a deviation from the norm. ii) Net sales to inventory: The greater the turnover of inventory, generally, the higher the profit on investment. iii) Current ratio: This is the ratio of current asset (cash, receivables etc.) to current liabilities, and is used to determine a firm's ability to pay the short term debts. iv) Net profits to net sale: K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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This ratio measures the short-run profitability of a business. v) Net profits to tangible net worth: Net worth is the difference between tangible assets (not good will, etc) and total liabilities. This ratio of net worth is used to measure profitability over a long period. vi) Net profits to net working capital: The net-working capital is the operating capital at hand. This would determine the ability of the business to finance day-to-day operations. vii) Collection period on credit sales: The collection period should be as short as possible. Any deviation from established collection period should be promptly investigated. viii) Inventory to net working capital: This ratio is to determine the extent of working capital tied up in inventory. Generally, this ratio should be less than 80 per cent, ix) Total debt to tangible net worth: This ratio would determine the financial soundness of the business. This ratio should remain as low as possible. (d) Comparative statistical analysis: The operations of one company can be usefully compared with similar operations of another company or with industry averages. It is a very useful performance measuring device. (e) Personal observation: Personal observation both formal and informal can be used in certain situation as a measuring device for performances, specially, the performance of the personnel. The informal observation is generally a day-to-day routine type. A manager may walk through a store to have a general idea about how people are working.
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3. Comparing the actual performance with expected performance This is the active principle of the process. The previous two, setting the goals and the measurement format are the preparatory parts of the process. It is the responsibility of the management to compare the actual performance against the standards established. This comparison is less complicate if the measurement units for the standards set and the performance measured are the same and quantified. The comparison becomes more difficult when these require subjective evaluations Ralph C. Davis identifies four phases in the comparison. 1. Receiving the raw data. 2. Accumulation, classification and recording of this information. 3. Periodic evaluation of completed action to date. 4. Reporting the status of accomplishment to higher line authority. At the third phase, deviations if any are noted between standards and performance. If clear cut deviations are there, then management must study the:(i) Causes for deviation (ii) Effect of deviation (iii) Size of deviation (iv) Positive or negative deviation.
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4. Correcting Deviations: The final element in the process is the taking corrective action. Measuring and comparing performance, detecting shortcomings, failures or deviations, from plans will be of no avail if it does point to the needed corrective action. Thus controlling to be effective, should involve not only the detection of lapses but also probe into the failure spots, fixation of responsibility for the failures at the right quarters, recommendation of the best possible steps to correct them. These corrective actions must be applied when the work is in progress. The primary objective should be avoidance of such failures in future. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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The required corrective action can be determined from the qualified data as per the standards laid out and the performance evaluation already done. This step should be taken promptly, otherwise losses may be cumulative and remedial action will be all the more difficult to take. Corrective action must be well balanced, avoiding over controlling and at the same time letting not things to drift.
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5. Finding out deviations: An efficient manager easily find out locating the deviation points properly. To find out the cause of deviations the manager will have to depend on proper accurate & timely information The deviation between standard & actual performance is beyond the prescribed limit an analysis of deviations is made to identify the causes of deviation.
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2) Explain the role of MIS play at various levels of management.
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MIS can beused for the decision making process of an organisation in the following areas.
S. No. 1.
Major subsystem Marketing
2.
Manufacturing
Logistics Finance accounting
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3. 4. 5.
Top management
Application Sales planning, sales analysis, sales forecasting. Production planning, cost control analysis. Planning & control. Cost analysis, planning, income measurement. Strategic planning, policy, resource allocation.
K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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1. The MIS increases knowledge of manager & he can function effectively. 2. MIS provides decision-making process. 3. MIS provides successful achievement of the organization.
3) What are the effective steps for direct control and preventive control? Effective steps for direct control:
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1. Performance can be measured: In every enterprises some standards can be fixed, input, output, price, cost, time & quality are subjected to numerous standards. 2. Effectively utilizes time: Generally manager conducts various enquires & meetings & they consume more time. Effective utilization of time increases effective control. 3. Errors can be discovered in time: Generally errors have taken place in the major areas like cash, inventories, production etc. 4. Participation: The involvement of the employees in all the activities of the enterprises leads to effective control. 5. Coordination: Increased coordination of all the units increases the effective management. Effective coordination leads to effective control. Effective steps for preventive control:
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1) Qualified managers: The position of a manager is very important for every organisation. He must take important problem solving & decision making process. 2) Management principles to measure performance: The basic principles concepts theory, basic techniques of management are very important tools for effective manager. 3) Evaluation: Proper evaluation of managers is an essential part of preventive control. The evaluation shows the actual performance of the managers.
K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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4) What are the factors affect the operations of the multinational enterprises. Some of the factors which affect the operations of MNC are discussed below.
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1. Political & legal factor: MNC success depends upon the political & legal forces of the host country. Some countries economic policies change drastically with the change of government some other countries economic policies will not change drastically with the change of government. Therefore before making the investment & financial analysis must analyse the political environment & legal conditions of the host country. MNC also analyses imports law, exports law, foreign exchange, government rules, labour etc. 2. Economic factors: The economic factors of the host country play an important role in the MNC. Before investment the MNC must analyse the factors tax structure, control policies, tax policies of the host countries. The MNC must consider the following economical factors also a) GNP b) Local financial resources c) Trade unions problems d) Unemployment e) Infrastructure facilities f) Inflation g) Money value.
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3. Socio-cultural factors: Social & cultural environment refers to the influence exercised by certain social factors which are “beyond the company’s gate”. Such factors include attitude of people to work, attitude to wealth, family, religion, education & ethics. Generally culture differs from one country to another. European people encourage individualism whereas Asian people are a close social frame work. France society encourages freedom to their children. But in Indian society there are some restrictions which affect the MNC.
5) Explain a unified global theory of management (or) Explain in detail the preventive control mechanism towards achieving a unified global management theory.
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1. Situational and contingency approach Most experts believe that we cannot have universal styles of management, which can be used in all situations. A manager must first study the situation very carefully then he must use a style of management, which is suitable for that situation. 2. Motivation and leadership theory K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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3. Unified development and behaviour
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Most experts feel that the theories of motivation and leadership must be combined. They support the Follower Theory of leadership. According to the follower theory, people will follow those leaders who will help them to satisfy their wants. So, a leader will be successful only if he can satisfy the wants of his followers. Nowa-days leaders must combine both financial and non-financial motivation plans.
Most experts feel that Organisation Development and Organisation Behaviour are both moving towards the same direction. So, the experts are making uniform (same) theories for organisation development and behaviour. These theories are used for managing MNCs all over the world. 4. Technology:
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The technology factor is very important for successful company. Every organisation should adopt new technology. Technology is an important component of effective & efficient performance. Privatisation
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It is global truth that the public enterprises have not been doing well with regard to their socio-economic objectives set for than. Increasing inefficiency in their management shows poor financial results. Privatisation may be defined in many different ways. Some of the meanings are as follows, Liberation approach. Association of private sector management approach. Transfer of minority equity ownership approach. Transfer of complete ownership.
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a) b) c) d)
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Need for privatization a) To control on budgetary deficits. b) Proper resource mobilization. c) Reduction of extra tax burden. d) Improvement in production. e) Increase in competition. Privatization in India: In India it was the Indira Gandhi’s Government which had initiated actions regarding privatization. However, it has been accentuated only after the inauguration of Rajiv’s Government, Vajpayee Government fully support for privatization. For example central telephone exchange is converted in to Privatisation. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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Globilisation of business: i) New Industrial policy: Globalization announced the New Industrial Policy pn 1991 along with other economic reforms.
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According to NIP liberalization of Foreign investment was one of features which attempted to remove restrictions on foreign investment in Indian business. Indian business in the globalization:
1. Textiles: Arvind Mills, Raymonds, Crazim, Vimal have got good will for men’s suiting throughout the world. 2. Pharmaceuticals: Cipla, Orchid, Ranbaxyhave, manufacturing & marketing networks in many countries in the world.
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3. Software: HCL, TCS, Infosys, Wipro, IBM are world renowned manufacturer’s.
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4. Automobiles: Maruthi Cars & Hero-Honda in motorcycles are 2 important globally famous companies.
K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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6. Communication: It is designed to foster open communication. The organisation structure is informal network that facilitates extensive face-to-face communication.
K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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7. Decision making: Japanese management encourages the lower level employees ideas, knowledge & experiences. Lower level employees also take part in decision-making process. Weakness of Japanese management: It suppressed individual talents. Promotion policy is not encouraging outstanding younger employees. Decision making process is time-consuming process.
3. 4. 5.
Domestic enterprise Maximum 2 languages is used Country centered political factor is considered. It also gives importance for social service Generally government policy, procedures & rules are acceptable. Socio cultural environment homogeneous.
International enterprise Multiple languages can be used. Transactional political factors can be considered. Social service is not considered. Government policy rules & procedures are somewhere difficult. Socio cultural environment heterogeneous.
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S. No. 1. 2.
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Comparison between domestic & international enterprises:
Difference between Japanese and US Management
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6. 7. 8.
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3. 4. 5.
Japanese management It involves long term planning Many people involved in decisionmaking process. More favour for decentralization. It enhances participative management. Here informal & democratic organisation structure. Training is important activity. Job security. Appraisal process is not consider immediately. It enhances group performance. Promotion, demotion & termination process are less.
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S. No. 1. 2
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US management It involves short term planning. Only top executives involved in decisionmaking process. More favour for centralization. Here not a participative management. Formal & bureaucratic organisation structure. Training is not an important activity. Job insecurity. Appraisal process is consider immediately. It enhances individual performance. Promotion, demotion & termination process is often.
Germany Management 1. German management is autocratic. 2. The managers expect obedience from them subordinates. 3. Labour suggestions also accepted. 4. One of the labour directions is elected as a member of the executive committee. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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5. Managerial decisions are taken by the executive committee consultation with labour director. 6. Labour director is representing the employee’s problems also.
6) Explain the difference between Japanese and US Management.
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Leader is not an important role. It enhances self control & peer control.
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Execution of all the process in the organisation is very fast. Given more benefits to the employees.
9. 10.
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6. 7. 8.
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3. 4. 5.
US management It involves short term planning. Only top executives involved in decisionmaking process. More favour for centralization. Here not a participative management. Formal & bureaucratic organisation structure. Training is not an important activity. Job insecurity. Appraisal process is consider immediately. It enhances individual performance. Promotion, demotion & termination process is often. Communication system is very effectively. Leader is an important role. All the managerial activities controlled by superiors. Execution of all the process in the organisation is not very fast. Employees benefits less compared to Japan.
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Japanese management It involves long term planning Many people involved in decisionmaking process. More favour for decentralization. It enhances participative management. Here informal & democratic organisation structure. Training is important activity. Job security. Appraisal process is not consider immediately. It enhances group performance. Promotion, demotion & termination process are less. Communication system is poor.
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S. No. 1. 2
7) Explain in detail about MNCs.
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A multinational corporation (MNC) or multinational enterprise (MNE) is hard to define precisely to obtain consensus from different professions. For example, when a corporation that is registered in more than one country or that has operations in more than one country may be attributed as MNC. Usually, it is a large corporation which both produces and sells goods or services in various countries. It can also be referred to as an international corporation. The main features of MNC'S are as follows: 1. they enjoy tax liablity if their host country provide 2. They enjoy economics of scale 3. They are provided with fresh and cheap labour in the host country K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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4. Transfer of technology helped both the country provider and the receiver country as provider's country objective will be fulfilled and reciever's country technology development will take place. Advantages of MNC's for the host country
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MNC's help the host country in the following ways 1. The investment level, employment level, and income level of the host country increases due to the operation of MNC's. 2. The industries of host country get latest technology from foreign countries through MNC's. 3. The host country's business also gets management expertise from MNC's. 4. The domestic traders and market intermediaries of the host country gets increased business from the operation of MNC's. 5. MNC's break protectionalism, curb local monopolies, create competition among domestic companies and thus enhance their competitiveness. 6. Domestic industries can make use of R and D outcomes of MNC's. 7. The host country can reduce imports and increase exports due to goods produced by MNC's in the host country. This helps to improve balance of payment. 8. Level of industrial and economic development increases due to the growth of MNC's in the host country. Advantages of MNC's for the home country
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MNC's home country has the following advantages. 1. MNC's create opportunities for marketing the products produced in the home country throughout the world. 2. They create employment opportunities to the people of home country both at home and abroad. 3. It gives a boost to the industrial activities of home country. 4. MNC's help to maintain favourable balance of payment of the home country in the long run. 5. Home country can also get the benefit of foreign culture brought by MNC's. Disadvantages of MNC's for the host country
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1. MNC's may transfer technology which has become outdated in the home country. 2. As MNC's do not operate within the national autonomy, they may pose a threat to the economic and political sovereignty of host countries. 3. MNC's may kill the domestic industry by monpolising the host country's market. 4. In order to make profit, MNC's may use natural resources of the home country indiscriminately and cause depletion of the resources. 5. A large sums of money flows to foreign countries in terms of payments towards profits, dividends and royalty.
Disadvantages of MNC's for the home country 1. MNC's transfer the capital from the home country to various host countries causing unfavourable balance of payment. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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2. MNC's may not create employment opportunities to the people of home country if it adopts geocentric approach. 3. As investments in foreign countries is more profitable, MNC's may neglect the home countries industrial and economic development
8) Discuss in detail about the techniques used for improving Productivity. (Or) What tools
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& techniques you suggested to improve productivity in Indian organization.
[May 2012]
A few factors that can help to improve the employee productivity at the workplace are:
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1. Accountability Every employee needs to be well aware that he is accountable for his actions and decisions, and he can neither pass the buck or pass the blame to someone else. This will help him work more meticulously , Take cautious rather than reckless decisions, and not take advantage of his place, position or relationship with his superiors.
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2. Follow up Employers often set targets and feel their job is done. No, every target or milestone set needs to be followed up as well, to see if the progress is sufficient and if not, whether any interim measures can be taken before it is too late to salvage a situation. It also keeps the employee on track, ensuring there is consistent effort throughout the lifetime of the project
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3. Manage the work force but avoid micromanagement It is well known that a large pool of employees does need to be managed, provided direction and given assistance. But with this they must also be trusted, given freedom to operate in their style and adopt measures which they think are the best to deliver results. This freedom to act as they deem fit helps to keep them encouraged, motivated and happy in the belief that they are trusted. Micro management is a human tendency but one that is detrimental to achievement, since it makes mere puppets out of employees, who are expected to toe the boss’ line and not think for themselves. Employees need to think for themselves, analyze the consequences of every decision or action to be able to give their best to their jobs. And the employers must make it possible for their workers to do so.
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4. Encourage, motivate, reward and recognize The employer must ensure that on his part he always has words of encouragement for his staff. Encouraging them helps them move forward and do even better, and makes the worker feel happy. Innovative ways of motivating them spurs them even more. For example, holidays or conferences paid for by the company have been found to motivate employees immensely. Rewarding the hard work put in by employees makes them continue to work in the same fashion, and if the employee feels that his work is not appreciated in words or in material K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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terms, he may gradually stop doing so, since he may feel that others working less are given the same too, so he need not work more. Rewards, and other ways of keeping employees happy makes them feel that their effort is being recognized and that they are needed by the company. Without these, they may soon start looking for greener pastures and new jobs.
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5. Reach out to employees by seeking them out Every employee loves to feel he has the ears of the management who will recognize him and listen to what he says. Display of inter personal skills in which the boss appears humane and one of them, rather than a larger than life, distant figure, helps to have employees warm up to him and feel happy working for him. A bit of effort to reach out helps them all do better. If this extends beyond the work place it may prove to be even more encouraging to increase employee productivity.
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6. Demand realistic targets Employers need to set realistic goals that are within the limits of achievement. While an aggressive employer may want his people to outstretch themselves to achieve farfetched goals, it may also burn them out.
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7. Team work Team work always helps in increasing workplace productivity since there is more input in the form of more ideas and minds at work. Working alone is not always the happiest situation either, especially in the field. Successful team building and working together is bound to bring out the best out of the employees who may also then compete with each other ensuring the business is the winner. 8. Ensure that people enjoy their work The best performing employee is the happy employee, and the employer has to find ways of making his people happy. Besides working conditions and the work culture implemented, he has to devise ways of making the work seem challenging and interesting rather than mundane and boring.
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9. Break the monotony and rotate While employers assign tasks according to an employee’s core competence, even the task they are best at, can make an employee bored and his work seem monotonous. This monotony can be broken with rotation and giving people new tasks and exposure to other divisions. This adds their learning and helps them get a holistic view of the business.
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10. Courses and improvement options Employees are delighted when they can enhance their skills and get additional learning opportunities sponsored by the employer. This helps them learn, feel indebted for the money being spent on them, which also adds to their resume, and are obliged to perform better by applying all the knowledge gained in these courses. 11. Spend less time on meetings and more on action The current trend to have more meetings and discussion rather than spending more time working to achieve results, leads to precious productive time loss. Meetings for reviews and sharing of ideas can be limited and kept short. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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Employees should have more time to show results. 12. Tools and equipment to raise productivity
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9) Explain the term ‘Reporting”.
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Finally, the workplace must have the best machinery, devices and equipment that yield error free results in the minimum possible time. Efficient electronic equipment with no connectivity issues and breakdowns will help to save precious time. They should take the place of paper work, and yield fast results. Some of these include: Smart phones Laptops Tablet computers Latest applications and software that offers quick connectivity and access Digital recorders-these help to record thoughts and new ideas when they strike, when no paper is available and the fear is of forgetting the idea Bluetooth to stay connected Personal digital assistants or PDA’s GPS to stay on track on the road
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Reporting: Budget summaries & reports Every enterprise has its own objectives. Submission of budget & reports play a very important role. Budget & reports are the resume of the particular company. It includes company sales volume, profit, credit, cost, purchase & return on investment. Purpose of budget & reports: The manager should compare planned budget & actual budget. Minor deviations can be ignored. The manager is responsible to take corrective action or report to the top management. When the major deviation is taken place, budgets reflect the company’s objectives or goals. Every budget is influenced by uncertainty. Every enterprise meets some unexpected events in the course of action that time budget changes is uncontrollable. The deviation between planned budget can be controlled by an efficient manager. The budget summaries & reports are the major tools for top managements to find out where the deviation has occurred.
10) Impact of IT in Management concept – Discuss. IT Education for Prospective Managers
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With the advent of the new millennium, Internet based computer hardware and software will usher in. Most of the business schools in India are now plentifully supplied with PCs and related technologies. However, most of the machines are under utilized. After earning degree in management, majority of the students aspires for employment in industry, commerce and service sector. Employers in these areas with that their prospective managers should not only qualified in different functional areas of K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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management but also possess necessary knowledge regarding popular application software packages, application programming and also understanding about how the PCs may be used optimally at their placement situations.
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It is suggested that initially an exposure of basic concepts of hardware and software, word processing, spreadsheets, Database, Network and Internet is adequate. Simultaneously, students should be encouraged to solve real life problems with the help of spread sheet and data base packages. For those who wish to make advance use of computers, knowledge of data and file structure, UNIX operating system and programming methodology using computer languages C, C++, or Visual C++ and application of programming viz. in numerical analysis and computational techniques may be given. The purpose is to enable the prospective managers to develop their knowledge of computer potentiality and skill building for better placement. In employment market demand exists and likely to grow for those who are IT literate. Knowledge of web technology (particularly Java application E-Commerce) and programming in COBOL will be other desirable and attractive qualifications.
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• There exists a common feeling among different stakeholders that IT literacy of management students may provide four benefits: • The technologies that are learnt can be applied directly to useful ends. • The skills which are sharpened may increase analytical abilities, insight, creativity and problem solving capacity of the students. • Managers who are computer literate will feel at ease in the new millennium of innovation, vision and cybernetics. • Lucrative placement opportunities for the IT educated managers.
11) Discuss in briefly about the various functions of MNC.
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1. Planning in the MNC
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Planning involves analyses of international and external environment to find out the strengths, weaknesses, opportunities and threats. After conducting the SWOT analysis, the management sets the objectives. It is very difficult to analyse the external environment. This is because the world markets, are changing continuously. Even large MNCs find it difficult to compete in the world markets. Therefore, they form Global Strategic Partnerships (GSPs) with local companies. Due to GSPs, planning becomes easier. That is because the managers of the local branches have full knowledge about the local environment. Some MNCs use consultants to study the external environment of foreign countries.
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2. Organising in the MNC Organisation is a structure, which helps to achieve corporate objectives. A MNC can select an organisation structure from the following options:1. A MNC may appoint one Vice-President for all its foreign branches. He will control all the foreign branches from the MNC's head office. 2. A MNC may use geographic structures. It may appoint a head in every single country or region in which it operates. For e.g. A manager may be appointed as a Head for the Asian region or for India; another manager may be in-charge of the European region, etc. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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3. A MNC may also organise the structure on the basis of production lines. For eg., One manager may be incharge of one product. Another manager may be incharge of another product, etc. 3. Staffing in MNC
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Staffing involves selecting the right man for the right job. It also includes manpower planning, promotion, transfers, training and development, compensation, etc. Staffing function of an international business is very important, especially while appointing the top-level managers. The top-level managers must be competent and committed persons. A MNC has three options to select managers :1. Managers from the home country who are working in the headquarters of the MNC. These managers know about the MNC's policies and operations. 2. Managers from the host-country can be selected to manage the operations in that country. These managers know their countries environment, i.e. culture, legal, educational, political, etc. This environmental knowledge is very important for the success of the MNC. 3. Managers from a third country who have worked in the MNC's parent headquarters, or experienced managers from some other MNC, can be selected. The MNC must select the right managers to manage the international business. They must consider factors, such as compensation, labour laws of the host country, level of competence of the managers in the host country, etc. 4. Leading in the MNC
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Leading is the process of influencing the subordinates to perform willingly towards group objectives. Leading involves motivating and communicating. Managers must have effective leadership qualities. Leading and motivating employees require an understanding of employees and their cultural environment. For eg., Participative management may work well in democratic countries, but it may confuse the employees in a country having a dictator. Communication is a problem for MNCs because they do business in countries where different languages are spoken. However, their communication problems can be solved by having local managers. 5. Controlling in MNC
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Controlling involves monitoring actual performance and taking corrective measures, to correct deviations, if any. Controlling is a bit difficult in international business due to certain reasons:1. Revenues, costs, and profits are measured in different currencies. 2. The ratios between currencies are subject to foreign exchange fluctuations. 3. Accounting practices, and financial reporting differ from country to country.
12) Explain in detail about the Globalization and Liberalization. Globalization: The government attitude towards the business has undergone a drastic change beginning from the later years of eighties. This change can be seen from the various policies announced by the government particularly. K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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a) Industrial policy statement. b) Long term fiscal policy. c) Exim policy. All these policies measured clearly reflect the changing attitude of government towards business & the commitment of government to integrate Indian Economy with the world’s economy is called globalization.
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Liberalization: It eliminates licensing quantitative restrictions & the other regulatory & discretionary controls. The liberalization has enormously expanded the scope of the private sector. Now only a small number a industries are reserved. The liberalization of the policies towards foreign capital & technology & import liberalization have given further growth & competition. The liberalization has given an enormous boost to private investment in the industrial sector. In 1990-91 the year prior to liberalization the total capital mobilized by the private co-operate factor by equity issues was Rs. 1,262 crores. In 1994-95 i.e. 4 years since the liberalization the equits capital mobilized increased to about Rs. 25 27, 621 crores. After 1970 the industrial policy of the government turned towards liberalization of industrial licensing with a view of the industrial sector & to achieve export promotion on a large scale. In October 1975 the government delicensed 21 industries & permitted unlimited expansion. Later it also announced that 25% of excess unauthorized capacity was declared legal on the basis of normal activity & another 25% would be covered in 5 years by automatic licensing. When Rajiv Gandhi became the Prime Minister the wave of liberalization gathered further momentum. On January 30, the government decided to delicense 23 MRTP & FERA companies provided they are located in backward areas. Permissions were given liberally for expansion & modernization.
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13) Explain in detail reporting and ROI.
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Reporting: Budget summaries & reports Every enterprise has its own objectives. Submission of budget & reports play a very important role. Budget & reports are the resume of the particular company. It includes company sales volume, profit, credit, cost, purchase & return on investment. Purpose of budget & reports: The manager should compare planned budget & actual budget. Minor deviations can be ignored. The manager is responsible to take corrective action or report to the top management. When the major deviation is taken place, budgets reflect the company’s objectives or goals. Every budget is influenced by uncertainty. Every enterprise meets some unexpected events in the course of action that time budget changes is uncontrollable. The deviation between planned budget can be controlled by an efficient manager. The budget summaries & reports are the major tools for top managements to find out where the deviation has occurred. Return On Investment (ROI):
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Profit b) Percentage profit on sales =
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The return on Investment is the broadest measure of overall performance of a business. The prime objective of a business is to obtain satisfactory return on capital invested. ROI can be used to measure the efficiency of the company. ROI is calculated on the basis of three factors. Sales a) Investment Turn Over = Capital employed or Investment X 100 Sales Profit c) Return on capital employed =
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Advantages of ROI: 1. ROI measurement shows business efficiency. 2. ROI plays vital role for top management for budget decisions. 3. It is used in Inter departmental comparison. 4. ROI is used for comparisons of other companies. 5. ROI gives ideas for analysis & decisions to bring about effective changes in financial policies. Disadvantages of ROI: 1. ROI measurements some factors such as inventory valuation, depreciation cannot be considered. 2. A high rate of ROI the managers may not be interested in the business activities due to the fear of decrease in ROI. 3. High or low profits are possible in the concern. In such cases ROI is not correct judgement of financial analysis.
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14) Write down the management concept in Germany. 7. German management is autocratic. 8. The managers expect obedience from them subordinates. 9. Labour suggestions also accepted. 10. One of the labour directions is elected as a member of the executive committee. 11. Managerial decisions are taken by the executive committee consultation with labour director. 12. Labour director is representing the employee’s problems also.
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15) Explain in detail the various forms of International business. There are number of ways for internationalization / globalization of business. these are referred as foreign market entry strategies. Each of these ways has certain advantages and disadvantages. One strategy for a particular business may not be very suitable for another business with different environment. Therefore it is quite common that a company employs different strategies for different markets. The different strategies are : K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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1. Imports : Imports is defined as goods and services produced by host country and purchased by parent country. it is reverse process of Exports. 2. Exports : Exports is defined as goods and services produced in one country then get marketed to other country. 3. Foreign Direct Investment (FDI) : Here funds are invested in equity from parent country to a host country. Rich countries invest funds in growth industries and geographic areas of economic development. 4. Licensing : Licensing which involve minimal commitment of resources and effort on the part of the international marketer, are easy ways of entering the foreign markets. Under international licensing, a firm in one country (the licensor) permits a firm in one country permits the firm in another country to use the intellectual property (such as patents, trademarks, copyrights, technology, technical know – how, marketing skill or some other specific skill). The monetary benefits to the licensor is the royalty fees, which the licensee pays. 5. Franchising : Franchising is giving right at a parent company (Franchiser) to another company (Franchisee) using his name selling his products, do business in a prescribed manner and get advantage of brands of parent company. 6. Joint Venture : It is a mutual agreement of two or more partners across globe to collectively own the company to produce goods and services. This will be pooling the resources to mutual advantages. 7. Manufacturing in Foreign Country : When a company finds better economy in manufacturing in host country due to lower costs of materials labour or duties the manufacturing is undertaken in host country. The local conditions in host country should support manufacturing and marketing activities. 8. Management Contracts : The foreign country needs management expertise in managing existing or a sick company this method is used. Under management contract the service provided gets fees or shares in the company. The contracts is for a specific period. 9. Consultancy Services 10. Strategic Partnerships : The positive aspect of two companies in different countries are joined together. The resources are pooled together to produce new marketable products. This will put both companies in win-win situations . 11. Mergers : A Corporate Merger is a combining of corporations in which one of two or more corporations survives and works for common objectives. These are several types of mergers with a variety of filing requirements based on number of corporations merging and the type of merger. 12. Counter Trades : Counter trade is a form of international trade in which certain exports and import transactions are directly linked with each other and in which imports of goods are paid for by exports of goods, instead of money payments.
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16) Explain the steps involved in the implementation of budgetary control. [May 2013] 1. Planning-programme budgetary syste ms (PPBS): Features of PPBS: 1. Analysing the basic objectives policies of each activity in the organisation. 2. Analysing the each activity of the programme in the organisation. 3. Measuring the total costs of the programme.
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2. Zero-based budgeting is an approach to planning and decision-making which reverses the working process of traditional budgeting. In traditional incremental budgeting (Historic Budgeting), departmental managers justify only variances versus past years, based on the assumption that the "baseline" is automatically approved. By contrast, in zero-based budgeting, every line item of the budget must be approved, rather than only changes.[1] During the review process, no reference is made to the previous level of expenditure. Zero-based budgeting requires the budget request be re-evaluated thoroughly, starting from the zero-base. This process is independent of whether the total budget or specific line items are increasing or decreasing. The term "zero-based budgeting" is sometimes used in personal finance to describe "zero-sum budgeting", the practice of budgeting every unit of income received, and then adjusting some part of the budget downward for every other part that needs to be adjusted upward. Zero based budgeting also refers to the identification of a task or tasks and then funding resources to complete the task independent of current resourcing.
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Advantages Efficient allocation of resources, as it is based on needs and benefits rather than history. 1. Drives managers to find cost effective ways to improve operations. 2. Detects inflated budgets. 3. Increases staff motivation by providing greater initiative and responsibility in decisionmaking. 4. Increases communication and coordination within the organization. 5. Identifies and eliminates wasteful and obsolete operations. 6. Identifies opportunities for outsourcing. 7. Forces cost centers to identify their mission and their relationship to overall goals. 8. Helps in identifying areas of wasteful expenditure, and if desired, can also be used for suggesting alternative courses of action
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Disadvantages 1. More time-consuming than incremental budgeting. 2. Justifying every line item can be problematic for departments with intangible outputs. 3. Requires specific training, due to increased complexity vs. incremental budgeting. 4. In a large organization, the amount of information backing up the budgeting process may be overwhelming.
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3. Human Resource Accounting is the process of identifying and reporting the Investments made in the Human Resources of an Organisation that are presently not accounted for in the conventional accounting practices. In simple terms, it is an extension of the Accounting Principles of matching the costs and revenues and of organising data to communicate relevant information.
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Advantages of Budget Control The major strength of budgeting is that it coordinates activities across departments. Budgets translate strategic plans into action. They specify the resources, revenues, and activities required to carry out the strategic plan for the coming year. Budgets provide an excellent record of organizational activities. Budgets improve communication with employees. Budgets improve resources allocation, because all requests are clarified and justified.
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Budgets provide a tool for corrective action through reallocations. Disadvantages of budgets are:
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The major problem occurs when budgets are applied mechanically and rigidly. Budgets can demotivate employees because of lack of participation. If the budgets are arbitrarily imposed top down, employees will not understand the reason for budgeted expenditures, and will not be committed to them. Budgets can cause perceptions of unfairness. Budgets can create competition for resources and politics. A rigid budget structure reduces initiative and innovation at lower levels, making it impossible to obtain money for new ideas.
17) Give an account of some popular non- budgetary control techniques, with special reference to break-even analysis &ratio analysis. [May 2012, May 2011] The break-even level or break-even point (BEP) represents the sales amount—in either unit or revenue terms—that is required to cover total costs (both fixed and variable).
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Break-even analysis
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Break-even analysis is a graphical technique of control. By this technique business can identify an appropriate number of units to be produced to generate maximum revenue to cover the Cost. By this technique a point is located where the total cost is equal to the total revenue. By the use of this technique production and sales volume can be controled to avoid loss.
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By inserting different prices into the formula, you will obtain a number of break-even points, one for each possible price charged. If the firm changes the selling price for its product, from $2 to $2.30, in the example above, then it would have to sell only 1000/(2.3 - 0.6)= 589 units to break even, rather than 715.
To make the results clearer, they can be graphed. To do this, you draw the total cost curve (TC in the diagram) which shows the total cost associated with each possible level of output, the fixed cost curve (FC) which shows the costs that do not vary with output level, and finally the various K.SUBADHRA, AP/Chemistry, MAHALAKSHMI ENGINEE RING COLLEGE, Trichy-621213
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total revenue lines (R1, R2, and R3) which show the total amount of revenue received at each output level, given the price you will be charging. The break-even points (A,B,C) are the points of intersection between the total cost curve (TC) and a total revenue curve (R1, R2, or R3). The break-even quantity at each selling price can be read off the horizontal axis and the break-even price at each selling price can be read off the vertical axis. The total cost, total revenue, and fixed cost curves can each be constructed with simple formulae. For example, the total revenue curve is simply the product of selling price times quantity for each output quantity. The data used in these formulae come either from accounting records or from various estimation techniques such as Limitations
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Break-even analysis is only a supply-side (i.e., costs only) analysis, as it tells you nothing about what sales are actually likely to be for the product at these various prices. It assumes that fixed costs (FC) are constant. Although this is true in the short run, an increase in the scale of production is likely to cause fixed costs to rise. It assumes average variable costs are constant per unit of output, at least in the range of likely quantities of sales. (i.e., linearity). It assumes that the quantity of goods produced is equal to the quantity of goods sold (i.e., there is no change in the quantity of goods held in inventory at the beginning of the period and the quantity of goods held in inventory at the end of the period). In multi-product companies, it assumes that the relative proportions of each product sold and produced are constant (i.e., the sales mix is constant).
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Ratio analysis :- Ratio anaysis is the most important method of interpretation the financial statement. A financial ratio implies a relationship between two variable of financial statements of an organisation. Generally the variables for ratio analysis are taken from both profit and loss account and balance sheet. Ratio may be expressed in three ways, such as percentage (25%), a proportion (1:4) and a fraction (¼).
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18) Discuss the various types of budgetary control. [Nov 2012]
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19) Explain cost control.
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20) Explain purchase control.
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21) Explain Maintanence control.
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22) Explain quality control.
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23) Explain planning operations.
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