Long Answer TypeDescribe any five reasons which clarify that management is gaining importance day-by-day.
Principles of Taylor and Fayol are mutually complementary. One believed that the management should not close its ears to constructive suggestions made by the employees while the other suggested that a good company should have an employee suggestion system whereby suggestions which result in substantial time or cost reduction should be rewarded.
Identify and explain the principles of Taylor and Fayol referred in the above para.
Taylors principle of management which says, management should not close its ears to any constructive suggestions made by the employees, is Cooperation. There should be complete cooperation between the labour and the management instead of individualism. They should be part of management and, if any important decisions are taken, workers should be taken into confidence.
According to Fayol’s principle of management, Workers should be encouraged to develop and carry out their plans for improvements. It is based upon the principle of initiative. Initiative means taking the first step with self-motivation. It is thinking out and executing the plan. Initiative should be encouraged. A good company should have an employee suggestion system whereby initiative/ suggestions which result in substantial cost/time reduction should be rewarded.
’Organising involves a series of steps in order to achieve the desired goals.” Explain these steps.
With the help of any four points, explain the crucial role that organising plays in an enterprise.
Short Answer TypeState any one consequence of a well performed 'allocative function' of financial market.
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