Correct Answer: Taking corrective action.

Solution : The correct answer is (d) Taking corrective action.

In the controlling process at EFG Manufacturing, the step that involves identifying the causes of deviations is "Taking corrective action." When deviations between actual performance and established standards occur, it's important to investigate the underlying causes. This step helps the management team understand why the deviations happened and what factors contributed to them. Once the causes are identified, appropriate corrective actions can be taken to address the issues, bring performance back in line with the standards, and prevent similar deviations in the future.

Correct Answer: Comparing actual performance with standards.

Solution : The correct answer is (c) Comparing actual performance with standards.

Comparing actual performance with standards allows the company to identify any deviations or discrepancies between what was planned and what is actually happening. This step is essential for identifying areas where coordination may be lacking or where business units might be deviating from the overall strategic direction. By comparing the performance of different units against established standards, LMN Corporation can assess whether they are operating in alignment with the company's goals and make informed decisions to address any coordination issues that arise.

Correct Answer: Method analysis

Solution : The correct answer is (c) Method analysis

Method analysis, a scientific management technique, is appropriate for improving efficiency by optimizing work methods and eliminating unnecessary actions. It involves analyzing and breaking down a task into its constituent steps, studying each step, and identifying the most efficient way to perform the task. By optimizing the methods used to complete a task, ABC Retail Corporation can eliminate wasteful actions, streamline processes, and enhance overall efficiency in their operations.

Correct Answer: Organising

Solution : Identifying and classifying various organisational activities falls within the management function of organising. In addition, it deals with assembling the material, financial, and people resources necessary and established to accomplish organisational goals. Hence, the correct option is 2.

Correct Answer: Social objective
    

Solution : The correct answer is (b) Social objective

The social objective of management is concerned with creating a positive work environment, fostering employee well-being, and ensuring that employees are satisfied with their jobs. It encompasses aspects such as workplace safety, employee engagement, work-life balance, and employee development. While the economic objective is related to financial goals, the social objective emphasizes the welfare and satisfaction of the workforce.

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 increase efficiency through job specialization 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 allows employees to focus on specific tasks, leading to expertise, is also correct. Job specialization in scientific management does indeed enable employees to concentrate and become experts in their specific tasks, which enhances efficiency and productivity.

Both the assertion and the reason are correct, and the reason effectively explains assertion.

Correct Answer: Ensuring transparency
 

Solution : The correct answer is (b) Ensuring transparency

The main aim of SEBI's protective functions is to ensure transparency in the securities market. SEBI's protective functions are designed to safeguard the interests of investors and maintain the integrity and fairness of the market. By enforcing regulations, preventing fraudulent practices, ensuring accurate and timely disclosure of information, and prohibiting insider trading, SEBI promotes transparency. Transparency is crucial for investor confidence, fair market practices, and the overall health and stability of the financial system. It allows investors to make informed decisions based on accurate and reliable information, fostering trust and contributing to the development and growth of the market.

Correct Answer: Strategic plan
   

Solution : The correct answer is (b) Strategic plan

A strategic plan is most appropriate when an organization, in this case, a school like ABC Educational Institute, is making significant changes such as introducing a new curriculum. A strategic plan would involve setting long-term goals, outlining key strategies, and aligning resources to achieve those goals. It provides a roadmap for the overall direction and vision of the educational institution.

Correct Answer: The assertion is correct, the reason is incorrect.

Solution : The correct answer is (c) The assertion is correct, the reason is incorrect.

The assertion that scientific management principles aim to optimize worker output is correct. Scientific management principles, as advocated by Frederick Taylor, focus on optimizing productivity and efficiency in the workplace through various methods such as time and motion studies, standardized work processes, and incentives to increase output.

The reason provided, stating that it does not promote standardization and specialization in tasks, is incorrect. Scientific management does indeed promote standardization and specialization in tasks to streamline processes and enhance productivity.

Therefore, while the assertion is correct in stating the aim of scientific management principles, the reason provided is incorrect as it contradicts the fundamental principles of scientific management.

Correct Answer: Lower-level management

Solution : The correct answer is (c) Lower-level management

Lower-level management, also known as first-line or front-line management, is directly responsible for overseeing and ensuring the smooth execution of day-to-day operations. They supervise employees, manage tasks, and ensure that operational processes run efficiently. Top management focuses on strategic decisions and overall direction, while middle-level management often handles departmental coordination and specific project planning. Lower-level managers and supervisors are the ones who are closest to the operational activities of the organization.