Materials 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
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.
Question : Change in attitude of workers and management towards from competition to cooperation. Which of the following concept is being discussed in the given statement?
Option 1: Standardization of work
Option 2: Time study
Option 3: Mental revolution
Option 4: Motion study
Correct Answer: Mental revolution
Solution : Mental revolution in was a change in the attitude of workers and management towards one another from competition to coperation. What should realise that they require one another and both of them should aim to increase the profits.
Hence, Option C is correct.
Question : Case Study 78
GHI Ltd. is a conglomerate that has recently traded its shares on a stock exchange. The company's management is reviewing the process of placing an order.
Question :
What is the first step in the process of trading securities on a stock exchange?
Option 1: Settlement
Option 2: Execution of the order
Option 3: Dematerialization
Option 4: Placing an order
Correct Answer: Placing an order
Solution : The correct answer is (d) Placing an order
The first step in the process of trading securities on a stock exchange is "placing an order." Investors initiate the trading process by placing orders to buy or sell securities at a specified price. Once
Question : Case Study: XYZ Electronics Pvt. Ltd.
XYZ Electronics Pvt. Ltd. is a growing company specializing in the manufacturing of electronic gadgets. The management believes in effective directing to ensure smooth operations. Consider the following scenario to answer the questions.
Question:
At XYZ Electronics, what would be the consequence of a supervisor lacking effective communication skills?
Option 1: Enhanced coordination among team members
Option 2: Improved employee motivation and satisfaction
Option 3: Misunderstandings and reduced productivity
Option 4: Increased autonomy among employees
Correct Answer: Misunderstandings and reduced productivity
Solution : The correct answer is (c) Misunderstandings and reduced productivity.
Effective communication is vital in any workplace, including XYZ Electronics. When a supervisor lacks proper communication skills, it can lead to misunderstandings among team members, confusion regarding tasks and objectives, and a decrease
Question : Case Study: XYZ Manufacturing Company
XYZ Manufacturing Company is a well-established firm that produces consumer electronics. The management is planning to launch a new line of smart home appliances. Question:
What is the first step XYZ Manufacturing Company should take in planning the new line of smart home appliances?
Option 1: Setting objectives and goals
Option 2: Identifying potential risks
Option 3: Allocating resources
Option 4: Evaluating alternatives
Correct Answer: Evaluating alternatives
Solution : The correct answer is (d) Evaluating alternatives
Before setting objectives and goals, identifying potential risks, or allocating resources, it's essential for XYZ Manufacturing Company to assess and evaluate different alternatives or options for the new line of smart home appliances. This involves considering various
Question : Case Study 1:
XYZ Electronics is a company that manufactures smartphones. The management team at XYZ Electronics is concerned about maintaining the quality of their products and ensuring they meet customer expectations. They want to implement effective control measures to achieve these objectives.
What is the relationship between planning and controlling at XYZ Electronics?
Option 1: Planning and controlling are unrelated.
Option 2: Planning comes before controlling.
Option 3: Controlling comes before planning.
Option 4: Planning and controlling are simultaneous processes.
Correct Answer: Planning and controlling are simultaneous processes.
Solution : The correct answer is (d) Planning and controlling are simultaneous processes.
In reality, planning and controlling are not strictly sequential processes where one comes before the other. They are closely interconnected and often occur simultaneously. While planning involves setting goals,
Question : Case Study: ABC Manufacturing implements scientific management techniques to standardize and optimize work processes. Which technique involves measuring the time taken to complete a specific task accurately?
Option 1: Fatigue study
Option 3: Method analysis
Correct Answer: Time study
Solution : The correct answer is (b) Time study
Time study involves analyzing and measuring the time required to perform a specific task or job. It helps in determining the standard time needed to complete a job efficiently. It is focused on accurately measuring and optimizing
Question : Which of the following statement is incorrect?
Option 1: Management principles are flexible to adapt to dynamic business environment.
Option 2: Management decisions taken on the basis of principles includes bias and prejudice.
Option 3: The principles of management provide the managers with useful insights into real world situations.
Option 4: None of the above
Correct Answer: Management decisions taken on the basis of principles includes bias and prejudice.
Solution : Management decisions taken on the basis of principles include bias and prejudice. Decisions based on management principles tend to be more realistic and free from personal bias. Principles of management have been developed after
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.
ABC Retailers' management team believes in maintaining transparency and open communication with employees. This reflects the management principle of:
Option 1: Centralization
Option 2: Unity of direction
Option 3: Scalar chain
Option 4: Openness
Correct Answer: Openness
Solution : The correct answer is (d) Openness
Openness in management principles emphasizes transparency, honesty, and open communication between management and employees. It encourages a culture of trust and clear communication, where information is shared, feedback is welcomed, and decisions are made in a transparent manner. This
Question : Case Study 11:
ABC Pharmaceuticals is a company that manufactures and sells medicinal products. The management team at ABC is concerned about maintaining the quality of its products and ensuring compliance with regulatory standards.
Which feature of controlling is ABC Pharmaceuticals most likely to emphasize?
Option 1: Goal setting.
Option 2: Employee training.
Option 3: Workplace diversity.
Option 4: External communication.
Correct Answer: Goal setting.
Solution : The correct answer is (a) Goal setting.
Given that ABC Pharmaceuticals is concerned about maintaining product quality and regulatory compliance, the most relevant feature of controlling for them to emphasize would be "goal setting." Goal setting involves establishing clear objectives and standards for performance,
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