Question : ABC Ltd. is a reputed company. They had devoted a lot of time and money to its plan. Identify the limitation of planning mentioned here.
Option 1: Planning may not guarantee success
Option 2: Planning may not work in a dynamic environment
Option 3: Planning involves huge cost
Option 4: Planning creates rigidity
Correct Answer: Planning involves huge cost
Solution : Planning process involves lot of cost because it is an intellectual process and companies need to hire the professional experts to carry on this process. Along with the salary of these expert the company has to spend lot of time and money to collect accurate facts and figures. Hence, option 3 is the correct answer.
Question : Rahul, a worker is given target of assembling two computer per day. Due to his habit of doing things differently, an idea stuck him which would not only reduce the assembling time of computers but would also reduce the cost of production of computer. Rahul's supervisor instead of appreciating him, ordered him to complete the work as per the method and technique decided earlier as nothing could be change at this stage. The above para describes one of the limitation of planning function of management. Name that limitation?
Option 1: Planning reduces creativity
Option 3: Planning leads to rigidity
Option 4: Planning is a time consuming 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: What has the Indian talent for acquiring material wealth led to?
Option 1: Commercial success, stagnation, innovation
Option 2: Adaptability, quick profit, opportunity
Option 3: Commercial success, innovation, adaptability
Option 4: Determination, team work, adventure
Question: What are the weaknesses of traditional Indian firms?
Option 1: Ingrained ways of thinking and adoption of modern practices of management
Option 2: A weakness for quick profit and the openness to acquiring wealth
Option 3: A lack of team work and the cut-throat competition
Option 4: A lack of team work and a weakness for quick profit
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile