Management scope in different areas
Management scope in different areas
Q.1. What is human resource development Ans. It is the part of human resource management that specially deals with training and development of the employee in the organisation.
Q.2. What is Manpower Planning?
Ans. Manpower planning means anticipation the number and types of human resources required for each job unit.
Q.3. Define recuirtment.
Ans. It is the process of searching for prospective employee and encourging them to apply for jobs in the organization.
Q.4. What are the source of recruitment.
Ans. (i) Internal sources. (ii) External sources
Q.5. What is performance appraisal?
Ans. Performance appraisal refers to all formal procedure used in working organisation to evaluate personalities, contribution and potential of group members.
Q.6. Define material management.
Ans. Material management is concered with contral of materials in such a manner which ensures maximum return on the working capital of the enterprise.
Q.7. What are the function of material management?
Ans. (i) Material planning
(ii) Material purclasing
(iii) Store management
(iv) Inventory control
Q.8. Define ABC analysis?
Ans. ABC means "Always Better Control". In order to reduce cost of material and to have better control of stock. The stock are grouped into three categories ( as a iterms , B items and C items ). This grouping is done according to money value of the item.
Q.9. Define EOQ?
Ans. EOQ means "Economic Odering Quality". It is the important decision to be taken by a firm in inventory management is how much to buy at a time.
Q.10. Define Marketing?
Ans. It is defined as the performance of business activites directing of satisfying nees and wants through exchange process.
Q.11. What is physièal distribution.
Ans. Physical distribution is the set of activities concerend with efficeint movement of finished product from the preduction line to the consumers.
Q.12. Define promotion mix.
Ans. Promotion mix is a specific combination of promotional methods used for one product or a family or product.
Q.13. What is sales promotion.
Ans. Sales promotion is one of the important tool used to widen the customer network. In this technique, various incentives are offered to the customer for purchasing product.
Q.14. Defien Financial Management Ans. The decision taken by the entrepreneur well in advance regarding the future financial aspect of the enterprise is called financial planming.
Q.15. Define taxation.
Ans. Taxation is the collection of a share.of individual and organisational income and wealth by a governement under the authority of law.
Q.16. What is Income Tax?
Ans. The direct tax which is paid by individuals on the annual income to the government is known as income tax.
Q.17. What is Sales Tax?
Ans. Sales tax is tax which is liable at the time when we purchase someting. It is an indirect tax the burden of which is passed on consumer.
Q.18. What is Excise Duty?
Ans. Excise duty is the tax on production or manufacture of goods within the country. It is an indirect tax as it is levied on the manufucature which is posses on the consuumer.
Q.19. What is Custom Duty?
Ans. Custom duty is duty or tax which is levied by government on the import of goods into and export of goods from India.
Q.20. What is VAT?
Ans. VAT means "Value Added Tax" is a form of sales tax. It is a multi-point tax with provision of granting set off.
Q21. Define are the objective of HRD?
Ans. Following are the objective of HRD:
(1) To develope the capabilities of each employee as an individual.
(ii) To develope relationship between each employee and his supervisor.
(iii) To develop team spirit.
(iv) TO provide the frame-work for the development of human resources in an organisation .
Q.22. What are the objective of manpower planning.
Ans. (i) To forecast the further human resource requirement of anlorganisation.
(ii) To ensure optimum utilisation of current human resource employed in the organisation.
(iii) To determine the status of available human resources.
(iv) To determine the suitable recruitment process.
Q.23. Define recruitment? What factor affeting recruitment.
Ans. It is the process of searching for prospective employee and encourging them to apply for jobs in the organisation. The following factors affects the recruitment:
( i ) The size of the organisation.
(ii)The employment conditions in the society where the organisation is located.
(iii) The rate of the growth of the oranisation.
(iv) Cultural, economical and legal factor etc.
Q.24. What are various source of recruitment? Ans. There are two main source of recuitment:
1. Internal source
2. External source
1. Internal Source : Internal source of recruitment is the process in which the vacancy filled within the organisation. is
2. External Source: It is the process of recruitment of man power from the outside sources.
(a) Educatioal and training insititutes
(b) Public employment exchanges
(c) Private employement agencies.
Q.25. What are the objective of performance appraisal (Evaluation).
Ans. The main objective of performance appraisal are:
(i) To identification of areas for further promotion.
(ii) To determining promotions and transfer.
(ii) To improving job performance.,
(iv) To improve the working habbits among the employee.
(v) To know the strengths and weaknesses of the employee.
Q.26. What are the objective o material management?
Ans. The main objective of materials managemetn are:
(i) To ensure that materials cost is brought down to the minimum.
(ii) To ensure good quality of product at the appropiate price.
(iii) To find out new sources of supply and develop healthy relation with them.
(iv) To ensure constant flow of material for production.
Q.27. What are the function of material management.
Ans. The function of material management are listed under:
(i) Material planning and programming
(ii) Purcahse and procurement
(iii) Store keeping
(iv) Inventory control
(v) Material handling.
(vi) Quality control and inspection.
(vii) Value analysis and standardisation.
Q.28. What is inventory control? Gives its main function.
Ans. Inventory is defined as the descriptive lists of all the movable materials along with the cost of each item. The main function of inventory control are as under:
(i) Effective running of the stores.
(ii) Availability of materials at proper time.
(iii) Avoid build up of stock.
(iv) Development of stock control system.
(v) Maintaining of overall control.
Q.29. What do you mean by Economic Order Quantity (EOQ).
Ans. Economic order quantity is the level of inventory that minimizes the total inventory holding costs and ordering cost. It is one of the oldest classical production scheduling models. The framework used to determine this order quantity is also known as wilson EOQ model or wilson formula.
Q.30. Explain the importance of marketing management? Ans. The importance of marketing management are:
(i) Customer generation
(ii) Product awareness to the customer.
(iii) Need satisfaction of customer.
(iv) Increase the sales of the product.
(v) It can maximize the profit.
(vi) Increase the standard of living.
Q.31. What are the function of marketing management?
Ans. The following are the important function of the marketing management;
(i) Buying raw materials
(ii) Selling the goods
(iii) Marketing research
(iv) Pricing of the product
(v) Advertising and sales promotion
(vi) Financing
Q.32. What are the function of Financial Management?
Ans. Various function of financial management are as follows:
(i) Determining financial needs
(ii)Arranging funds as per requirement
(iii) investment of funds.
(iv) Financial analysis
(v) Profit planning and control
(vi) Maintaining lipuidity
(vii) Implementing Financial control
Q.33. Define taxation? What are direct and indiret taxes.
Ans. Taxation is the collection of a share of individual and organisational income and wealth by government under the authority of law.
There are two type taxes
(i) Direct tax
(ii) Indirect tax
• Direct Tax: Direct tax is borne by the persons on whom it is intended to be levied by the taxing authority.
• Indirect Tax: An indirect tax is one, the burden of which is passed on by the person on whom it is imposed to other person.
Q.34. What is the process of selection?
Ans. The process of selection is defferent in different companies; however a general procedure of selection can be framed. The process of seleçtion can be explained with the help of the following diagram.
Q.35 What are the element of Promotion Mix .
Ans. Element of promotional mix are also called as tools, means. The element of promotion mix are:
(i) Advertiaing
(ii) Sale promotion
(iii) Personal selling
(iv) Publicity
(v) Public relation
Q.36 Define manpower planning ? Explain various source of recruitment.
Ans. Manpower planning means anticipation the number and types of human resource requiredfor each job of unit.
There are two source of reeruitment: (i) Internal Source
(ii) External Source
(i) Internal Source: Internal source of recruitment is the process in which the vacancy is filled within the organisation .
There are different method of internal recruitment:
(1) Promotion
(2) Department examination
(3) Transfer
(4) Retirement
(5) Internal advertisement
(6)Employee recommendation
(ii) External Sources: External source of recruitment is the process in which the vacancy is illed outside the company. There are different method of external reeruitment:
(1) Management consultant
(2) Empleyment agencies
(3) Campus recruitment
(4) Newspaper advertisement
(5) Internet advertisement
(6)Walk in Interview
Q37. Explain the various methods of performance appraisals.
Ans. The following are the important methods of performance appraisals.
(i) Unstructured apparaisals
(ii) Ranking method Forced
(iii) distribution method
(iv) Check list appraisal method
(v) Critical incident method
(i) Unstructured apparasial method: This method is simple and highly subjective. IĮt is specially used in government departments and publicsector undertakings, In this mehtodiap- praiser notes dowwn his helath, behaviour, personality/quality of job performance etc.
(ii) Ranking Method: Overall performance of the employee is judged and accordingly ranks are alloted. The best person is given first rank and the weakest person is given by last rånk. It is simple technique of assessment and does not mention the degree of difference be- tween the first person and the last person.
(iii) Forced distribution method: In this techniques all employee are divided into five categories such as outstanding, above average, average, below average and poor respectively. This classification reduces the subjective judgement of the rates.
(iv) Checklist Method: Various behavioural statements are prepared under this method. These statement describes various types of behaviour of employes. It is a lengthly procedure and relatively more expensive.
(v) Critical Incident Method: In this method, critical incidents of each employee is behaviours, whether positive or negative are recorded by appraiser in a specially designed notebook for the purpose.
Q.38. Explain basic principle of Financial Management in detail.
Ans. The most important component of any business is money. Money is required to start, expand, and running of the business. The success and failure of companies are measured in terms of the profits they make hene financial management is very crucial to the success of the business venture. Financial management of any company would start with procurement of funds for the business may includes:
(a) Raising capital through loans from banks
(b) Raising capital through equity sales
(c) Funds from borrowing
(d) Funds from making partnerships.
Once the funds are available with the company, financial management takes charge of efficient utilization of these funds in the business. Financial management contains planning for the future of a person or a business to ensure a positive cash flow and profitability. Financial management includes:
(a) Administration of financial assets
(b) Maintenance of financial assets
(c) Identification of financial risks
(d) Management of financial risks.
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