Management definitions
strategic plans
Strategic plans are defined as plans “Concerned with the overall undertakings of the entire organisation. Strategic planning is initiated and guided by top level management, but its operational success depends on the participation of all levels of management.
objectives
An objective in an end result, the end point or something that a manager aims for and tries to reach. A personal manager may have the objective of hiring 14 machine operators by a given data, or a maintenance mechanic may have the objective of completing a tune-up on company vehicle by a given time. Each of these activities might also taught of in terms of goals or targets.
Centralization
Centralization refers to concentrating the power and authority near the top, or in the head of an organisation.
integrators
Management of the functional organisation often employ an integrator, whose main responsibility is to co-ordinate the activities of independent departments. Such integrators cannot be classified as either line or staff. An integrator is an organizational member whose official role is to coordinate or mix the activities of two or more departments in an organisation.. Within the matrix organisation this individual integrates the activities of functional and product departments.
Reasons forshort-run aggregate supply curve shift
A short-run aggregate supply curve may shift due to the following reason:
(i) Shifts arising from labour
(ii) Shifts arising from capital
(iii) Shifts arising from natural resources
(iv) Shifts arising from technology
(v) Shifts arising from the expected price level
Showing posts with label management. Show all posts
Showing posts with label management. Show all posts
Thursday, April 28, 2011
What is a budget?
Axis. A budget is a detailed plan or Forecast of the results expected from an officially recognised programme of operation, based on the highest reasonable expectations of operating efficiency. It is generally expressed in monetary terms.
What is a procedure?
A procedure is the set of step by step directions in which activities or tasks are to be carried out. Procedures exist for. preparing budgets, getting people paid. handling routine clinical tasks, preparing, business correspondence,etc
Friday, February 18, 2011
What is Trading on Equity?
Ans. Trading an equity is sometimes referred to as financial leverage or the leverage factor. Trading on equity occurs when a corporation uses bonds, other debt and preferred stock to increase its earnings on common stock. For example, a corporation might use long term debt to purchase assets that are expected to earn more than the interest on the debt. The earnings in excess of the interest expense on the new debt will increase the earnings of the corporation’s common stockholders. The increase in earnings indicates that the corporation was successful in trading on equity.
What is a Balanced Score Card?
Ans. The Balanced scorecard is a tool that translates an organisation’s mission and strategy into a comprehensive set of performance measures that provides the framework for a strategic measurement and management system. The balanced scorecard is an approach for driving organisational improvement toward pre-selected goals which keeps track of progress through carefully selected measure. The balanced scorecard is also an integrated management system consisting of three components:
I. Strategic Managemen’t System
2. Communication Toof
3. Measurement System
I. Strategic Managemen’t System
2. Communication Toof
3. Measurement System
Explain Victor Vroom’s Expectancy Theory.
Ans. The expectancy theory of motivation is suggested by Victor Vroom. Unlike Maslow and Herzberg, Vroom does not conntrate on needs, but rather focuses on outcomes. Whereas Maslow and Herzberg look at the relationship between internal needs and the resulting effort expanded to fulfil them, Vroom separates effott (which arises from motivation), performance and outcomes.
Vroom, hypothesises that in order for a person to be motivated that effort, performance and motivation must be linked. He proposes three variable to account for this, which he calls valence, expectancy and instrumentality.
Vroom, hypothesises that in order for a person to be motivated that effort, performance and motivation must be linked. He proposes three variable to account for this, which he calls valence, expectancy and instrumentality.
What is Business Cycle?
Ans. Business cycle is a part of the capitalist system. It refers to the phenomenon of cyclical booms and depressions. In a business cycle there are wave like fluctuations in aggregative employment, income, output and price level.
Q. What are the economies of scale of operation?
Ans. Economies of scale are the cost advantages that a business obtains due to expansion. They are factors that cause a producer’s average cost per unit to fall as scale is increased. Economies of scale is a long run concept and refers to reductions in unit cost as the size of a facility, or scale, increases.
management descriptive test
Note: This section contains five (5) questions based on the following paragraph. Each question should be answered in about thirty (30) words and each carries five (5) marks.
(5 x 5 = 25 marks)
David C Mc Clelland has contributed to the understanding of motivation by identifying three types of basic motivating needs. He classified them as the need for power, need for affiliation and need for achievement. Considerable research has been done on methods of testing people with respect to these three types of needs, and Mc Clelland and his associates have done substantial research especially on the need for achievement.
All three drives—power, affiliation and achievement—are of particular relevance to management, since all must be recognised to make an organised enterprise work well.
Mc Clelland and other researchers have found that people with a high need for power have a great concern for exercising influence and control. Such individuals generally are seeking positions of leaderships; they are frequently good conversationalists, though often argumentative; they are forceful, outspoken, hard headed, and demanding; they enjoy teaching and public speaking.
People with a high need for affiliation usually derive pleasure from being loved and tend to avoid the pain of being rejected by a social group. As individuals, they are likely to be concerned with maintaining pleasant social relationships, to enjoy a sense of intimacy and understanding, to be ready to console and help others in trouble, and to enjoy friendly interaction with others.
People with a higl need for achievement have an intense desire for success and an equally intense fear of failure. They want to be challenged, and they set moderately difficult (but not impossible) goals for themselves. They take a realistic approach to risk, they are not likely to be gamblers but rather, prefer to analys and assess problem, assume personel responsibility for getting a job done and like specific and prompt feedback on how they are doing. They tend to be restless, like to work long hours, do not worry underly about failure if it does occur, and tend to like to run their own shows.
Q.1. What is the current relevance of Mc Clelland’s contribution to the understanding of motivation?
Ans. David C Mc Clelland advocated achievement motivation theory. It is also known, as three needs theory. Achievement motivation theory propounded by Mc Clelland has been considered as more practicable theory than Maslow and Herzberg’s theories. The concept of overlapping needs has signiflcance for organisations in designing motivational strategies. Similarly, recognising that achievement needs could be created throu training has brought new dimension in managerial motivation.
Q.2. Describe the Mc Clelland’s theory of Motivation?
Ans. In his’quired-needs theory, David Mc Clelland proposed that an individual’s specific needs are acquired over time and are acquired over time and are shaped by one’s life experiences. Most of these needs can be classed as either achievement, affiliation, or power. A person’s motivation and effectiveness in certain job functions are influenced by these three needs.
Q.3. Detelinine the job suitabillty of the people who have high need for power.
Ans. A person’s need for powel can be one of two types—personal and institutional. Those who need personal power want to direct others, and this need often is perceived as undesirable. Persons who need institutional power (also known as social power) want to organise the efforts of others to further the goals of the organisation. Managers with a high need for institutional power tend to be more effective than those with a high need for personal power.
Q.4. What do you mean bjneed for affiliation?
Ans. Need for affiliation is the desire for friendly and close interpersonal relationships. Mc Clelland suggested that need for affiliation is based on the concept of belongingness needs advocated by Maslow. Affiliation oriented individual’s exhibit high preferences towards inter-personal relationships, establish psychological contact with others and crave for social acceptance. They always strive for friendship and prefer cooperative situations.
Q.5. What are the characteristics of high achievers?
Ans. The characteristics of high achievers are as follows:
1. Monetary rewards do not motivat high achievers.
2. High achievers create situations in which they can attain personal responsibility for finding solutions to problems.
3. High achievers do not depend on chance. They assume responsibility.
4. They are willing to work independently. They wish to establish relationship between their effort
and success. -
(5 x 5 = 25 marks)
David C Mc Clelland has contributed to the understanding of motivation by identifying three types of basic motivating needs. He classified them as the need for power, need for affiliation and need for achievement. Considerable research has been done on methods of testing people with respect to these three types of needs, and Mc Clelland and his associates have done substantial research especially on the need for achievement.
All three drives—power, affiliation and achievement—are of particular relevance to management, since all must be recognised to make an organised enterprise work well.
Mc Clelland and other researchers have found that people with a high need for power have a great concern for exercising influence and control. Such individuals generally are seeking positions of leaderships; they are frequently good conversationalists, though often argumentative; they are forceful, outspoken, hard headed, and demanding; they enjoy teaching and public speaking.
People with a high need for affiliation usually derive pleasure from being loved and tend to avoid the pain of being rejected by a social group. As individuals, they are likely to be concerned with maintaining pleasant social relationships, to enjoy a sense of intimacy and understanding, to be ready to console and help others in trouble, and to enjoy friendly interaction with others.
People with a higl need for achievement have an intense desire for success and an equally intense fear of failure. They want to be challenged, and they set moderately difficult (but not impossible) goals for themselves. They take a realistic approach to risk, they are not likely to be gamblers but rather, prefer to analys and assess problem, assume personel responsibility for getting a job done and like specific and prompt feedback on how they are doing. They tend to be restless, like to work long hours, do not worry underly about failure if it does occur, and tend to like to run their own shows.
Q.1. What is the current relevance of Mc Clelland’s contribution to the understanding of motivation?
Ans. David C Mc Clelland advocated achievement motivation theory. It is also known, as three needs theory. Achievement motivation theory propounded by Mc Clelland has been considered as more practicable theory than Maslow and Herzberg’s theories. The concept of overlapping needs has signiflcance for organisations in designing motivational strategies. Similarly, recognising that achievement needs could be created throu training has brought new dimension in managerial motivation.
Q.2. Describe the Mc Clelland’s theory of Motivation?
Ans. In his’quired-needs theory, David Mc Clelland proposed that an individual’s specific needs are acquired over time and are acquired over time and are shaped by one’s life experiences. Most of these needs can be classed as either achievement, affiliation, or power. A person’s motivation and effectiveness in certain job functions are influenced by these three needs.
Q.3. Detelinine the job suitabillty of the people who have high need for power.
Ans. A person’s need for powel can be one of two types—personal and institutional. Those who need personal power want to direct others, and this need often is perceived as undesirable. Persons who need institutional power (also known as social power) want to organise the efforts of others to further the goals of the organisation. Managers with a high need for institutional power tend to be more effective than those with a high need for personal power.
Q.4. What do you mean bjneed for affiliation?
Ans. Need for affiliation is the desire for friendly and close interpersonal relationships. Mc Clelland suggested that need for affiliation is based on the concept of belongingness needs advocated by Maslow. Affiliation oriented individual’s exhibit high preferences towards inter-personal relationships, establish psychological contact with others and crave for social acceptance. They always strive for friendship and prefer cooperative situations.
Q.5. What are the characteristics of high achievers?
Ans. The characteristics of high achievers are as follows:
1. Monetary rewards do not motivat high achievers.
2. High achievers create situations in which they can attain personal responsibility for finding solutions to problems.
3. High achievers do not depend on chance. They assume responsibility.
4. They are willing to work independently. They wish to establish relationship between their effort
and success. -
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