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.
’Organising involves a series of steps in order to achieve the desired goals.” Explain these steps.
The organising process involve the following steps:
1) Defining the objectives: It is the first step in developing organisation structure.
2) Determining activities: In order to achieve the objectives, various activities are to be identified and enumerated.
3) Grouping of activities: The entire activities are to be grouped on the basis of functions, products, customers etc.
4) Assigning duties: The individual groups of activities are then allotted to different individuals on the basis of their ability and aptitude.
5) Delegation of authority: After allotting jobs, he is given the necessary authority to perform the task efficiently.
6) Co-ordinating activities: The activities and efforts of different persons are to be coordinated properly for effective performance.
7) Provision of physical facilities and good environment: Physical facilities light, recreation, rest room etc. should be provided in addition to good working environment.
8) Establishment of structural relationship: A clear cut structural relationship should be established among individuals and groups for the success of enterprise.
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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