Correct Answer: Top management
   

Solution : The correct answer is (a) Top management

Top management, also known as senior management or executive management, is responsible for making strategic decisions, setting organizational goals, and formulating long-term plans and policies that guide the overall direction of the entire organization. Developing long-term strategic plans is a primary function of top management. Middle-level management is often involved in translating top-level strategies into specific departmental or unit plans, while lower-level management focuses on more operational and day-to-day activities.

Correct Answer: Setting organizational goals and strategies

Solution : The correct answer is (c) Setting organizational goals and strategies

Planning in management encompasses activities such as setting organizational goals, developing strategies to achieve those goals, and outlining the necessary steps and actions to be taken. While allocating resources and guiding and motivating employees are important management activities, they are typically more associated with the organizing and leading functions of management, respectively. Monitoring employee performance is part of the controlling function of management and is related to assessing progress and making necessary adjustments, but it's not the primary focus of the planning function. Planning primarily deals with setting the direction and objectives of the organization.

Correct Answer: Guiding and motivating employees to achieve organizational goals

Solution : The correct answer is (c) Guiding and motivating employees to achieve organizational goals

Leading is the management function that focuses on inspiring, guiding, and motivating employees to work toward the achievement of the organization's objectives. It involves creating a positive work environment, communicating a clear vision, and supporting and developing employees to help them reach their full potential. While elements of the other options are also important aspects of management, they are more related to the controlling, organizing, and planning functions of management. Leading specifically focuses on influencing and motivating people within the organization to contribute to its success.

Correct Answer: Identifying potential risks

Solution : The correct answer is (c) Identifying potential risks

Identifying potential risks is a crucial step in risk management and planning. This involves assessing the various factors that could impact the success of the new product launch. By recognizing potential risks, XYZ Software Solutions can develop strategies to mitigate or manage these challenges effectively.

Correct Answer: Middle-level management

Solution : The correct answer is (b) Middle-level management

Middle-level management plays a crucial role in coordinating and overseeing the work of project teams and ensuring that project plans are executed effectively. They bridge the gap between top management's strategic decisions and lower-level management's implementation of those plans. Middle-level managers are often responsible for translating top-level strategies into specific project plans, assigning tasks, and monitoring project progress. 

Correct Answer: Initiative

Solution : The correct answer is (d) Initiative

Initiative in management principles encourages employees to take the initiative, be proactive, and take on responsibilities beyond their basic job requirements. It involves empowering employees to make decisions, propose new ideas, and contribute to the organization's success. This principle reflects a culture of encouraging innovation and independent thinking among employees.

Correct Answer: Trade unions and leftist parties

Solution :  Trade unions and leftist parties were among the groups that opposed the New Economic Policy, as they were concerned about its impact on workers' rights and the influence of foreign companies.

Correct Answer: Personal objective

Solution : The correct answer is (d) Personal objective

Personal objectives in the context of management relate to the individual goals and aspirations of employees, which may include career growth, skill development, job satisfaction, and personal achievements. While economic objectives focus on financial goals, social objectives relate to fulfilling social responsibilities, and organizational objectives pertain to the goals of the organization as a whole, personal objectives are specific to the desires and ambitions of individual employees.

Correct Answer: Evaluating alternative courses of action
 

Solution : The correct answer is (a). Evaluating alternative courses of action

This evaluation process may involve considering factors such as feasibility, cost-effectiveness, and potential risks associated with each alternative. After a thorough evaluation, the company can then make an informed decision on which course of action to pursue. Subsequently, developing premises, setting objectives and goals, and allocating resources can be part of the further planning process.

Correct Answer: Middle-level management

Solution : The correct answer is (b) Middle-level management

Middle-level management is typically responsible for interpreting and implementing the strategic plans and policies formulated by top management. They act as a bridge between top management and lower-level management, ensuring that the strategies and policies are translated into specific departmental or unit-level plans and actions. While lower-level management also plays a role in implementing plans, they do so with a more operational and day-to-day focus. Top management formulates the overarching strategies and policies for the entire organization but relies on middle-level management to ensure these are effectively carried out.