Materials Management
Question : Case Study 16:
LMN Services is a service-based organization. The management team wants to implement control measures to improve employee performance and customer satisfaction.
Question:
Which step in the process of controlling involves setting specific performance targets for employees at LMN Services?
Option 1: Setting performance standards.
Option 2: Measuring actual performance.
Option 3: Comparing actual performance with standards.
Option 4: Evaluating employee performance.
Correct Answer: Setting performance standards.
Solution : The correct answer is (a) Setting performance standards.
Setting performance standards involves establishing clear and specific performance expectations and targets that employees are expected to meet. These standards provide a benchmark against which actual performance can be measured and evaluated in the subsequent steps of the control process.
Question : Comprehension:
Read the given passage and answer the questions that follow.
Such examples of commercial success, innovation, drive, vision, determination, adaptability, and adventure are anchored in the basic Indian openness to, and talent for, acquiring material wealth. For every success story, there are, of course, dozens of failures. Traditional Indian firms have their strengths, but also their weaknesses, and of these perhaps the most debilitating are a lack of teamwork and a weakness for a quick profit. These reflect ingrained ways of thinking and planning, as does the distrust of anyone outside the family, which inhibits the adoption of modern practices of management. But such weaknesses are more than compensated for by the desire to succeed, which is probably more intense in India, given the omnipresent fear of poverty, the cut-throat competition for each opportunity, and the asphyxiating hold of hierarchy.
Question: Why is the desire to succeed more intense in India?
Option 1: Due to the hold of hierarchy, fear of poverty, and a lack of teamwork.
Option 2: Due to fear of poverty, a lack of teamwork and distrust of the outsider.
Option 3: Due to cut-throat competition, distrust of the outsider and fear of poverty.
Option 4: Due to fear of poverty, cut-throat competition, and the hold of hierarchy.
Correct Answer: Due to fear of poverty, cut-throat competition, and the hold of hierarchy.
Solution : The correct choice is the fourth option.
The desire to succeed compensates for the weakness due to the omnipresent fear of poverty, the cutthroat competition for each opportunity, and the asphyxiating hold of hierarchy, as mentioned in the last line of the passage, which makes the fourth option the appropriate choice for the question.
Question : Case Study 34
ABC Ltd. is a conglomerate planning to expand its operations. The company's management is considering the roles of SEBI in the financial market.
Question :
What is the full form of SEBI?
Option 1: Securities and Exchange Board of India
Option 2: Stock Exchange and Banking Institution
Option 3: Securities and Equity Brokerage Institute
Option 4: Stock Exchange and Business Investment
Correct Answer: Securities and Exchange Board of India
Solution : The correct answer is (a) Securities and Exchange Board of India
The full form of SEBI is Securities and Exchange Board of India. SEBI is the regulatory body in India that oversees and regulates the securities market, protecting the interests of investors and promoting the development and regulation of the securities market.
Question : Case Study: ABC Retailers
ABC Retailers is a chain of stores specializing in fashion apparel. They have a hierarchical management structure with top management, middle-level management, and lower-level management. The company aims to provide a wide range of trendy clothing options and outstanding customer service.
Which level of management in ABC Retailers is responsible for developing strategic plans and policies for the entire organization?
Option 1: Top management
Option 2: Middle-level management
Option 3: Lower-level management
Option 4: -
Correct Answer: Top management
Solution : The correct answer is (a) Top management
Top management, also known as senior management or executive management, is responsible for making strategic decisions, setting organizational goals, and formulating policies that guide the overall direction of the entire organization. They are at the highest level of the organizational hierarchy and have the most significant influence on the company's long-term success. Developing strategic plans and policies is a primary function of top management.
Question : Case Study:
ABC Manufacturing believes in providing training and skill development opportunities to its employees. Which principle of scientific management is being exemplified here?
Option 1: Harmony, not discord
Option 2: Cooperation, not individualism
Option 3: Development of each person to their greatest efficiency
Option 4: Science, not the rule of thumb
Correct Answer: Development of each person to their greatest efficiency
Solution : The correct answer is (c) Development of each person to their greatest efficiency
This principle emphasizes the importance of developing and maximizing the efficiency of each individual within the organization through training, education, and skill development. By investing in employees' growth and capabilities, the organization can achieve higher levels of productivity and efficiency, aligning with the core idea of scientific management.
Question : Statement 1: Top-level management is responsible for day-to-day operations.
Statement 2: Top-level management is responsible for setting organizational objectives and formulating policies.
Option 1: Both statements are true
Option 2: Both are incorrect
Option 3: Statement 1 is true, and Statement 2 is false.
Option 4: Statement 1 is false, and Statement 2 is true.
Correct Answer: Statement 1 is false, and Statement 2 is true.
Solution : The correct answer is (d) Statement 1 is false, and Statement 2 is true.
Statement 1 is false because top-level management is not typically responsible for day-to-day operations. Top-level management, which includes executives like CEOs and senior leaders, is more focused on setting organizational objectives, formulating policies, and making strategic decisions for the organization. Day-to-day operations are usually the responsibility of middle or lower-level managers.
Statement 2 is true because setting organizational objectives and formulating policies is a primary role of top-level management in an organization.
Question : Case Study : Leadership and Employee Development at ABC Tech
ABC Tech believes in leadership that focuses on employee development and growth. Consider the following scenario to answer the questions.
The supervisor at ABC Tech plays an active role in guiding employees toward their personal and professional growth. This aligns with which function of management?
Option 1: Planning
Option 2: Organizing
Option 3: Directing
Option 4: Controlling
Correct Answer: Directing
Solution : The correct answer is (c) Directing.
Directing is a key management function that involves guiding, motivating, leading, and overseeing employees to achieve organizational goals and objectives. It encompasses activities related to providing guidance and support to employees, promoting teamwork, enhancing skills, and facilitating their personal and professional growth. In this scenario, the supervisor is actively involved in directing employees to reach their fullest potential and succeed both personally and professionally. Planning involves setting objectives and determining how to achieve them, organizing involves arranging resources and tasks efficiently, and controlling involves monitoring and ensuring progress aligns with the plans—while all these functions are important, the described scenario best aligns with the directing function.
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Development of each person to their greatest efficiency principle focuses on enhancing employee skills and capabilities to help them reach their maximum potential and efficiency. Providing training and skill development opportunities aligns with this principle.
In summary, ABC Manufacturing providing training and skill development opportunities aligns with the principle of "Development of each person to their greatest efficiency," which emphasizes enhancing employee skills and capabilities to achieve their maximum potential and efficiency within the organization.
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