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Worksheet 1 - CH 1 - Nature and Significance of Management

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2K views5 pages

Worksheet 1 - CH 1 - Nature and Significance of Management

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ligafa8738
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© © All Rights Reserved
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HISP/2024-2025

NAME : WORKSHEET NO: 1

GRADE : XII SUBJECT: BUSINESS STUDIES

UNIT/ TOPIC: Chapter 1- Nature and Significance of Business

1 XYZ Power Ltd. set up a factory for manufacturing solar lanterns in a 3


remote village as there was no reliable supply of electricity in rural areas.
The revenue earned by the company was sufficient to cover the costs and
the risks. The demand of lanterns was increasing day by day, so the
company decided to increase production to generate higher sales. For this
they decided to employ people from the nearby villages as very few job
opportunities were available in that area. The company also decided to
open schools and creches for the children of its employees.
(a) Identify and explain the objectives of management discussed
above. .

2 Lakshay Wadhwa works as the Cost and Risk Management head of a 4


company in power sector. As a result of his excellent managerial
competence, the company is able to reduce costs and increase
productivity. The company belongs to infrastructure sector wherein
regular amendments are made in the government regulations and
policies. He holds regular meetings to ensure that people in his
department not only aware of the related changes but also able to adopt
to these changes effectively. This helps the company to maintain its
competitive edge. He motivates and leads his team in such a manner that
individual members are able to achieve personal goals while contributing
to the overall organisational objectives. In the process of fulfilling his
duties for the growth of the organisation, he helps in providing
competitive services, adopting new technology, creating more
employment opportunities, etc. for the greater good of the people at
large. Identify the various reasons highlighted above by quoting the lines
that have made management so important.
HISP/2024-2025

3 Shenoy joined a company after completing graduation in management 6


from a reputed business school. During his induction training, he was
informed that he would be working in production department. The
company wanted to achieve 30% increase in output in the next quarter.
His general manager, a man with decades of experience, also said that
management is a complex activity. He expected Shenoy to make
production plans, identify incentive schemes for workers to make their
strengths effective and ensure that there is no disruption due to technical
glitch. Shenoy realised very quickly that his job is a series of continuous
tasks. After one month, he was informed by the general manager that
due to increase in international demand, production targets have been
raised. He called an urgent meeting of his supervisors and senior workers.
He offered them an opportunity to realize their potential and earn more
by working overtime and in multiple shifts. He was delighted that at the
end of the quarter, he was able to meet the targets, workers were happy
and there was no chaos. Identify and explain any four characteristics of
management highlighted in the above case.

4. Shaan Ltd. is a company which provides car services at home and on road. 3
There are different departments in this company like Production,
Marketing, Finance and Human Resource. The top management of the
company tries its level best to synchronise the activities of different
departments in the best possible manner. The result is the increased
efficiency and achievement of organisational goals. However, with the
passing of time the size of the company has grown and now there are
many branches of this company. The synchronisation has turned more
important with the increase in the size of the company and the number of
employees. The departmental heads of the company are specialists in
their respective fields and the top management tries to work with them
by respecting their views on the subject. Their ego clashes are avoided to
ensure smooth functioning of the organisation.
(i) Identify the concept of management highlighted in the above
para. (ii) Also, explain any two points of importance of this
concept highlighted in the above para and quote the lines which
help in their identification.
HISP/2024-2025

5 Govinda Ltd. is a highly reputed company. Different functions are 4


performed by different individuals in this company, who are bound
together in a hierarchy of relationships. Every individual in the
hierarchy is responsible for successful completion of a particular task.
Mr. Gauranga is responsible for the welfare and survival of the
organization. He formulates overall organizational goals and strategies
for their achievement. MR. Nityanand ensures that quality of output is
maintained, wastage of materials is minimized and safety standards are
maintained. Mr. Sanatan assigns necessary duties and responsibilities
to the personnel and motivates them to achieve desired objectives
At what levels of management are MR. Gauranga, Mr. Nityanand and
Mr. Sanatan working in Govinda Ltd.? justify your answer.
.
HISP/2024-2025

Answer keys
1) (a) The objectives of management referred to are:
(i) Organisational Objectives
(a) Survival “The revenue earned by the company was sufficient to cover the costs and
the risks.”
(b) Growth “The demand of lanterns was increasing day by day, so the company decided
to increase production to generate higher sales.”

2) Following are the reasons that have made management so important:


(i) Management Increases Efficiency ‘As a result of his excellent managerial
competence the company is able to reduce costs and increase productivity.’
(ii) Management Creates a Dynamic Organisation ‘He holds regular meetings to
ensure that people in his department are not only aware of the related changes
but also able to adopt to these changes effectively.’
(iii) Management Helps in Achieving Personal Objectives ‘He motivates and leads his
team in such a manner that individual members are able to achieve personal
goals while contributing to the overall organisational objectives.’
(iv) Management Helps in the Development of Society ‘In the process of fulfilling his
duties for the growth of the organisation, he helps in providing competitive
services, adopting new technology, creating more employment opportunities, etc.
for the greater good of the people at large.

3) The characteristics of management highlighted are:-

(i) Management is a Goal Oriented Process ‘The company wanted to achieve 30%
increase in output in the next quarter.’
(ii) Management is Multidimensional ‘He expected Shenoy to make production plans,
identify incentive schemes for workers to make their strengths effective and ensure that
there is no disruption due to technical glitch.’
(iii) Management is a Continuous Process ‘Shenoy realised very quickly that his job is a
series of continuous tasks.’
(iv) Management is a Dynamic Fuction ‘After one month, he was informed by the
general manager that due to increase in international demand, production targets have
been raised.’
(v) Management is an Intangible Force ‘He was delighted that at the end of the quarter,
he was able to meet the targets, workers were happy and there was no chaos
HISP/2024-2025

4) (i) Coordination.
(ii) (a) Functional Differentiaton.
‘There are different departments in this company like Production, Marketing, Finance and
Human Resource. The top management of the company tries its level best to synchronise
the activities of different departments in the best possible manner.’
(b) Growth is Size. ‘However, with the passing of time the size of the company has grown
and now there are many branches in this company.’
(c) Specialisation. ‘The departmental heads of the company are specialists in their
respective fields and the top

5) 1. Mr. Gauranga is working at the top level management.


He is responsible for the welfare and survival of the organization.
He formulates overall organizational goals and strategies for their achievement.
2. Mr. Nityanand is working at the lower level management.
He ensures that quality of output is maintained, wastage of materials is minimized and
safety standards are maintained.
3. Mr. Sanatan is working at the middle level management.
He assigns necessary duties and responsibilities to the personnel and motivates them to
achieve desired objectives.

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