Correct Answer: A lack of team work and a weakness for quick profit

Solution : The correct choice is the fourth option.

The weakness of traditional Indian firms, as mentioned in the passage, is that there is a lack of teamwork and a weakness for quick profit, which makes the fourth option the appropriate choice.

Correct Answer: Sourcing employees for new divisions

Solution : The correct answer is (c) Sourcing employees for new divisions

In this case, the main challenge for the HR department at XYZ Ltd. is sourcing employees for the new divisions. As the company plans to diversify its product range, the HR team will need to identify, attract, and recruit individuals with the necessary skills and qualifications to work in the new business areas. This involves talent acquisition strategies, such as recruitment and possibly training programs to ensure that the workforce is well-equipped for the expansion into different product lines.

Correct Answer: Planning Commission 

Solution : The correct option is Planning Commission.

The Planning Commission was officially established by the President of India to advise on the allocation of national resources between the central government and the states. The Planning Commission was instrumental in developing Five-Year Plans and awarding monies for different development projects and programmes. But in 2015, Planning commission was superseded by NITI Aayog.

Correct Answer: Both assertion and reason are correct, and the reason explains the assertion.
 

Solution : The correct answer is (a) Both assertion and reason are correct, and the reason explains the assertion.

The assertion is correct. Planning and controlling are indeed closely related functions in the management process, as they work together to ensure that an organization's objectives are met.

The reason is also correct and effectively explains the assertion. Planning typically involves setting goals and targets, and controlling involves assessing performance to see if those goals are being achieved.

Correct Answer: Measurable and specific goals

Solution : The correct answer is (c) Measurable and specific goals

Measurable and specific goals are essential characteristics of effective planning for several reasons. Measurable and specific goals provide clarity about what needs to be achieved. This clarity ensures that all stakeholders, including employees, understand the objectives and can work towards them with a shared understanding. Having measurable goals allows for clear accountability. Individuals or teams can be held accountable for specific outcomes, making it easier to assess performance and allocate resources effectively. Measurability enables the evaluation of progress. By having specific criteria for success, ABC Educational Institute can assess whether the goals are being met and make adjustments to the plan if necessary.

Correct Answer: A fixed dividend before equity shareholders

Solution : The correct answer is (c) A fixed dividend before equity shareholders

Preference shareholders are entitled to receive a fixed dividend at a predetermined rate before any dividend is paid to equity shareholders. This characteristic distinguishes them from equity shareholders, who may receive variable dividends based on the company's profitability and decisions made by the board of directors. However, preference shareholders typically do not have voting rights in the company's decisions, and their shares usually cannot be converted into debentures.

Correct Answer: Identifying potential risks

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

Identifying potential risks is a crucial step in the risk management process for any project, including a new product launch. This involves systematically analyzing the project to recognize any factors or events that may pose a threat to its success. By identifying potential risks early in the planning phase, XYZ Software Solutions can take proactive measures to mitigate or manage these risks effectively. Identifying potential risks involves a systematic assessment of the project to uncover any factors that could impact its success negatively.

Correct Answer: Statement 1 is false, and Statement 2 is true.

Solution : The correct answer is (d) Statement 1 is false, and Statement 2 is true.

Statement 1 is incorrect because planning is typically considered a forward-looking function of management. It involves setting future objectives and determining the best course of action to achieve those objectives. Planning is not primarily backward-looking; it's about anticipating and preparing for the future. Statement 2 is true as it accurately describes the process of planning in management.

Correct Answer: Operational plan
    

Solution : The correct answer is (b) Operational plan

Operational plan focuses on the short-term, day-to-day tasks and processes needed to achieve a specific objective. Implementing a new course involves detailed planning for curriculum development, staffing, marketing, enrollment, and delivery, making an operational plan the most appropriate choice.

Therefore, considering the specific task of introducing a new vocational course, an operational plan with detailed steps and actions is the most effective way for DEF Educational Institute to ensure smooth and successful implementation.

Correct Answer: Mergers and acquisitions

Solution : The correct answer is (c) Mergers and acquisitions

Expanding global operations through acquisitions is related to mergers and acquisitions (M&A). M&A involve the process of combining two or more companies through various financial transactions, such as acquisitions, mergers, consolidations, or purchases of assets, with the aim of achieving strategic goals like expanding into new markets, enhancing competitiveness, or achieving operational synergies. In this case, DEF Ltd.'s objective of global expansion aligns with the concept of mergers and acquisitions.