Learn Business Studies with Free Lessons & Tips

PROCESS RELATED QUESTIONS

Planning Process

1. Setting Objectives: The first step is setting objectives for the entire organisation and each department or unit within the organisation.
2. Developing Premises: Since future is uncertain therefore, the manager is required to make certain assumptions called as premises.
3. Identifying alternative courses of action through which the desired goals can be achieved.
4. Evaluating alternative courses to analyse the relative pros and cons of each alternative in the light of their feasibility and consequences.
5. Selecting an alternative or a combination of plans which appears to be most feasible
6. Implement the plan with the help of a strategy.
7. Follow up action in order to monitor the plans to ensure that the desired objectives are achieved efficiently and effectively.

Organizing Process

1. Identification and division of work: The work is divided into manageable activities so that duplication can be avoided and the burden of work can be shared among the employees.
2. Departmentalisation involves grouping of similar activities into departments, units, sections, etc. using several criteria.
3. Assignment of duties is done to the members as per their job positions. Once departments have been created, each of them is placed under the charge of an individual.
4. Establishing reporting relationships each individual should also know who he has to take orders from and to whom he is accountable. The establishment of such clear relationships helps in coordination.

Staffing Process

1. Estimating the manpower requirements on the basis of workload analysis and workforce analysis.

• Workload Analysis number and types of human resources necessary for various jobs.
• Workforce Analysis the number and type of human resources available.

2. Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organisation.
3. Selection is the process of choosing from among the pool of the prospective job candidates developed at the stage of recruitment.
4. Placement and Orientation is done by giving the charge of the post to the employees for which he has been selected. It also includes introducing him to the other employees and familiarising him with the rules and policies of the organisation.
5. Training and development is done in order to ensure continuous learning of their employees so that they contribute effectively and efficiently to achieve organisational goals. Training is given to make a person job fit whereas development seeks to increase their potential for higher level jobs.
6. Performance appraisal is to evaluate the worth of an employee to the organisation
7. Promotion and career planning are an integral part of people’s career and enhance their job satisfaction.
8. Compensation refers to all forms of pay or rewards going to employees.

Selection Process

1. Preliminary Screening helps the managers to eliminate unqualified or unfit job seekers who do not fulfil the minimum requirements of job.
2. Selection Tests helps to measure certain characteristics of individuals.
3. Employment Interview is a face-to-face conversation conducted to evaluate applicant’s suitability for the job.
4. Reference and Background check is to verify information and gaining additional information about an applicant.
5. Selection Decision is made from among the candidates who pas the tests and interview.
6. The candidates are required to undergo a medical examination before the job offer is made.
7. Job Offer is made to those applicants who have passed all the previous tests.
8. Contract of Employment is issued to the selected candidate and includes information like job title, duties, responsibilities date of joining, pay and allowances etc.

Controlling Process

1. Setting Standards in clear, specific and measurable terms
2. Measurement of actual performance as far as possible in the same units in which standards are set.
3. Comparing actual performance with standards to identify deviations if any.
4. Analysing deviations through critical point control and management by exception approaches.

• Critical Point Control (CPC): control should focus on key result areas (KRAs) which are critical to the success of an organisation.
• Management by exception (MBE): only significant deviations which go beyond the permissible limit should be brought to the notice of management.

5. Taking corrective action whenever the deviation occurs beyond the permissible limits so that it does not re occur in future.

Trading Procedure on a Stock Exchange

1. The investor approaches a registered broker or sub-broker for trading.

• The investor has to sign a broker-client agreement and a client registration form.
• The investor has to give certain details and information about him including PAN number, date of birth, bank account details, income details etc.
• After the completion of the above formalities, the broker opens a trading account in the name of the investor.

2. The investor has to open a demat account with a depository participant and a bank account for trading transaction in cash.
3. The investor then places an order to buy or sell shares with the broker.

• By giving clear instructions about the desired quantity and price.
• The broker will then make the investor aware about the feasibility of the order.
• The broker will issue an order confirmation slip to the investor.

4. The broker will then execute the order through screen based trading by considering the best available deal.
5. The broker will issue a trade confirmation slip to the investor.
6. Within 24 hours after the deal is executed the broker issues a contract note.

• A contract note contains details about the deal i.e., the number of securities bought/sold, price, date and time of transaction etc.
• The contract note includes a unique order code generated by the stock exchange for that transaction.

7. Since the settlement cycle is T+2 therefore, within two days of receiving the Contract Note, the investor has to pay cash or deliver shares sold as the case may be. The can then forward it to the exchange.  This is called pay-in-day.
8. On the T+2 day, cash will be paid or shares will be delivered as the case may be by the exchange to the other broker. This is called pay-out-day. Then, in case of sale of shares, the broker has to make payment to the investor within 24 hours.

Motivation Process

1. Unsatisfied Need
2. Tension
3. Drives
4. Search
5. Satisfied need
6. Reduction of Tension

Communication Process

1. Sender
2. Message
3. Encoding
4. Media
5. Decoding
6. Receiver
7. Feedback
8. Noise

Art is something creative , something that come from personalised application , varies from person to person because they apply their personalised experience, practice and creativity .

Science is something that derived from logical experiment , straight forward rules form our county to anywhere in this world .

No change at all weather applied at one person on another . In simple word it is static and can't be changed in any situations.

So know let's  compare the management with the art and science :

Common in art and science,

Systematic body of knowledge : In art and science there is a systematic books and study material to acquire knowledge of art and science , likewise in management also there and many book , also many courses which helps manager a lot to get knowledge of management.

AS AN ART

Based on practice and creativity : Practice makes a man perfect , this idioms is applied in every field weather he is any artists or manager , now creativity means something extraordinary or different which must be present in artist , same with management that's why different manager react in one situation differently . So this feature of art is present in MANAGEMENT

Personalised application : it means the application which was applied by individuals themselves and differs from person to person let's take example of singer every singer have their own style of singing , different tones etc .

Same case applied in terms of management , manager has to use his own personalised application and creativity to handle every situation.

As a science 

Based on repeated experiments : Scientific principle are based on several repeated experiments in different conditions.

Same in case of management principle they are derived after being in various situations.

Derived from logical experiment : Scientific principles are derived from logical experiment means it is objective and straight forward in all situation . But this is not in case of management principle as they are based on human being which vary from person to person , so this feature is not present in management .

Universal applicable : Scientific principles applied universally as it is formed without any change but this is not in case of management as it has to be applied on human beings and human behavior is dynamic and have to modify according to situation demands . So this feature of science is not present in management .

1. It effects the GDP of the country. It effects the industrial growth and production of the country.

2. Effects the export and imports of the country.

3. Overall it effects the balance sheet of the country. It effects the living standards of the people.

4. Balance trade also effects.

1-Makes the organisation goal oriented.

2. Creates a motivated workforce.

3. Ensures conformity and facilitates Controlling and Coordination.

4. Initiates action.

5. It create adaptability.

6. Ensure employ discipline.

Improves Understanding: 1. Direction for Training of Managers. 2. Role of Management. 3. Guide to Research in Management. 4. Improves Understanding: From the knowledge of principles, managers gets an indication of how to manage an organization. The principles enable managers to decide what should be done to accomplish given tasks and to handle situations which may arise in management. These principles make managers more efficient. Direction for Training of Managers - Principles of management provides an understanding of management process what managers would do to accomplish what. Thus, these are helpful in identifying the areas of management in which existing & future managers should be trained. 5. Role of Management: Management principles makes the role of managers concrete. Therefore these principles act as a ready reference to the managers to check whether their decisions are appropriate. Besides these principles define managerial activities in practical terms. They tell what a manager is expected to do in the specific situation. 6. Guide to Research in Management: The body of management principles indicate lines along which research should be undertaken to make management practical and more effective. The principles guide managers in decision making and action. The researchers can examine whether the guidelines are useful or not.

a. This is an extreme example of Management by Objective process of HR Department. 

b.

Step 1 is setting of objectives. That is usually done together with the Manager concerned by his immediate line boss

Step 2 is evaluation of actual results with the targets set again through a face-to-face interview process.

However if the top management of GIPRA continues this process without applying its mind, there will be marge scale sagging of moral among the employees and the high turnover will be commented by other industries and the company will soon be an example of how not to do the Management Development Process. New skills development and training in emerging technologies are very good damage control measures but the root cause of why a large number of senior managers did so bad during Annual Performance Evaluation must be examined by the Chief Executive. 

Planning is the first step in management. If you plan an activity well and in advance you will face less difficulty when it is being implemented. If you list the possible difficulties that may arise and take sufficient preventive actions, you will easily circumvent when the difficulties arise. While uncertainty can not be totally avoided, by planning you can foretell and take care of many uncertain events and this reduce the risks of uncertainty