Materials Management
Question : 'To evaluate such proposal detailed calculation of earning, earning per share, interest, taxes, dividends are made and decisions taken' Identify the step of planning function of management is highlighted above.
Option 1: Selecting an alternative
Option 2: Setting objective
Option 3: Follow up action
Option 4: Evaluating alternative courses
Correct Answer: Evaluating alternative courses
Solution : After creating a list of various alternatives and the assumptions that support them, the manager begins evaluating each alternative and noting the positive and negative aspects of each alternative. The evaluation of alternative courses is discussed in the preceding case. Hence, option 4 is the correct answer.
Question : Anglo India Ltd. has an Operating Profit Ratio of 10%. To maintain this ratio at 15%, management may ____________.
Option 1: Increase selling price of Stock in-trade.
Option 2: Reduce Cost of Revenue from Operations.
Option 3: Increase selling price of Stock-in-Trade and to reduce Cost of Revenue from Operations.
Option 4: None of the above
Correct Answer: None of the above
Solution : Answer = All of the above If S.P. increases, the cost of Revenue from operations Reduces, firm's Net profit will improve. So, in all cases, ROI would increase. Hence, the correct option is 4.
Question : Case Study: XYZ Electronics Pvt. Ltd.
XYZ Electronics Pvt. Ltd. is a growing company specializing in the manufacturing of electronic gadgets. The management believes in effective directing to ensure smooth operations. Consider the following scenario to answer the questions.
Question:
The supervisor at XYZ Electronics plays a crucial role in:
Option 1: Encouraging autocratic decision-making
Option 2: Fostering employee isolation
Option 3: Enhancing communication and coordination
Option 4: Promoting conflicts within the team
Correct Answer: Enhancing communication and coordination
Solution : The correct answer is (c) Enhancing communication and coordination.
Enhancing communication and coordination is a crucial role for a supervisor. Effective supervisors facilitate clear communication within the team, ensuring that everyone is informed about goals, expectations, and procedures. Additionally, they coordinate efforts to ensure tasks are performed efficiently and aligned with organizational objectives.
Overall, enhancing communication and coordination is a key role of a supervisor that contributes to a more productive and harmonious work environment at XYZ Electronics.
The supervisor at XYZ Electronics emphasizes effective communication to prevent:
Option 1: Employee development and growth
Option 2: Bureaucratic procedures
Option 3: Misunderstandings and conflicts
Option 4: Innovation and creativity
Correct Answer: Misunderstandings and conflicts
Solution : The correct answer is (c) Misunderstandings and conflicts.
Effective communication is crucial in preventing misunderstandings and conflicts within a workplace. By emphasizing clear and open communication, the supervisor at XYZ Electronics aims to ensure that information is conveyed accurately, expectations are understood, and potential conflicts are mitigated. It helps in building trust, fostering a positive work environment, and promoting teamwork. Effective communication supports employee development, facilitates adherence to appropriate procedures, and encourages innovation and creativity through sharing ideas and feedback.
Question : Case Study: ABC Educational Institute
ABC Educational Institute is a reputed school with a large student population. The management is planning to introduce a new curriculum to meet the changing educational needs. Question:
The characteristic of effective planning that ABC Educational Institute should consider is:
Option 1: Lack of employee involvement
Option 2: Ambiguous objectives
Option 3: Measurable and specific goals
Option 4: Ignoring external opportunities
Correct Answer: Measurable and specific goals
Solution : The correct answer is (c) Measurable and specific goals
Measurable and specific goals is a key characteristic of effective planning. Goals should be clear, specific, and measurable to provide a concrete target for the organization. Measurable goals allow for tracking progress and assessing the success of the plan.
In summary, ABC Educational Institute should consider setting measurable and specific goals as a characteristic of effective planning. This ensures clarity, accountability, and the ability to assess progress toward the desired outcomes.
Question : Assertion: Scientific management principles aim to optimize worker output.
Reason: It promotes standardization and specialization in tasks.
Option 1: Both assertions and reasons are correct, and the reason is the correct explanation of the assertion.
Option 2: Both are correct, but the reason is not the correct explanation.
Option 3: The assertion is correct, the reason is incorrect.
Option 4: The assertion is incorrect, the reason is correct.
Correct Answer: Both assertions and reasons are correct, and the reason is the correct explanation of the assertion.
Solution : The correct answer is (a) Both assertions and reasons are correct, and the reason is the correct explanation of the assertion.
The assertion that scientific management principles aim to optimize worker output is correct. Scientific management emphasizes breaking down work into specialized tasks to improve efficiency and productivity by allowing employees to focus on specific tasks.
The reason provided, stating that it promotes standardization and specialization in tasks, is also correct. Scientific management indeed promotes standardization and specialization to streamline processes, reduce inefficiencies, and optimize worker performance.
Both the assertion and the reason are correct, and the reason effectively explains the assertion.
Question : Read the passage given below and answer the question that follows: Once upon a time, a psychology professor walked around on a stage while teaching stress management principles to an auditorium filled with students. As she raised a glass of water, everyone expected they'd be asked the typical "glass half empty or glass half full" question. Instead, with a smile on her face, the professor asked, "How heavy is this glass of water I'm holding?" Students shouted out answers ranging from eight ounces to a couple of pounds. She replied, "From my perspective, the absolute weight of this glass doesn't matter. It all depends on how long I hold it.
If I hold it for a minute or two, it's fairly light. If I hold it for an hour straight, its weight might make my arm ache a little. If I hold it for a day straight, my arm will likely cramp up and feel completely numb and paralyzed, forcing me to drop the glass to the floor. In each case, the weight of the glass doesn't change, but the longer I hold it, the heavier it feels to me." As the class shook their heads in agreement, she continued, "Your stresses and worries in life are very much like this glass of water. Think about them for a while and nothing happens. Think about them a bit longer and you begin to ache a little. Think about them all day long, and you will feel completely numb and paralyzed incapable of doing anything else until you drop them."
Question: The professor was of which subject?
Option 1: psychology
Option 2: biology
Option 3: chemistry
Option 4: physics
Correct Answer: psychology
Solution : The correct option is 1 i.e "Psychology." Explanation:
Let's examine the opening sentence of the passage: - Once upon a time, a psychology professor walked around on a stage while teaching stress management principles to an auditorium filled with students.' - It is clear from a thorough analysis of the aforementioned statement that the professor was a specialist in psychology. Therefore, the appropriate response is "psychology."
Question : Which technique of scientific management aim at eliminating unnecessary diversity of products?
Option 1: Method study
Option 2: Simplification of work
Option 3: Motion study
Correct Answer: Simplification of work
Solution : Simplification refers to eliminating unnecessary variety size in grades of the product manufactured by the organisation. It aim to eliminate unnecessary diversity of products.
Hence, option B is correct.
Question : Case Study: ABC Retailers
ABC Retailers is a chain of stores specializing in fashion apparel. They have a hierarchical management structure with top management, middle-level management, and lower-level management. The company aims to provide a wide range of trendy clothing options and outstanding customer service.
ABC Retailers' management team believes in empowering employees to make decisions and take initiatives. This reflects the management principle of:
Option 1: Equity
Option 2: Authority and responsibility
Option 3: Flexibility
Option 4: Initiative
Correct Answer: Initiative
Solution : The correct answer is (d) Initiative
Initiative in management principles encourages employees to take the initiative, be proactive, and seek opportunities for growth and development. It involves empowering employees to make decisions and take actions to contribute to the organization's success. This principle aligns with fostering a culture of employee empowerment and allowing them to be proactive in their roles.
Question : Case Study: ABC Electronics encourages its employees to take the initiative and propose innovative ideas. This reflects the application of which principle of management?
Option 1: Unity of direction
Option 2: Order
Option 3: Initiative
Option 4: Discipline
Solution : The correct answer is (c) Initiative
The principle of "Initiative" in management encourages employees to take proactive steps, make suggestions, and propose innovative ideas to improve processes, products, or services within the organization. ABC Electronics encouraging its employees to take the initiative and propose innovative ideas aligns with the principle of initiative, fostering a culture of creativity, innovation, and active participation among its workforce.
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