Question :
On the basis of the information given in the case, answer the next five questions.
A Maharatna Company, Indian Oil
Indian Oil is India's largest commercial organisation. It is the top-ranked Indian company in the Fortune 'Global 500 ' listings (2017). Indian Oil's vision is drawn by a group of dynamic leaders, who have made it a name to reckon with. With an over 34,000 strong workforce, a Maharatna Company, Indian Oil has been helping to meet India's energy demands and reaching petroleum products in every part of India for over five decades.
- It plans to increase its business operations all around the world
- The company plans to invest $ 20,000$ crore in 2017 - 18 acquisitions and plans to expand overseas. The company is always believed to be ahead of the demand. Last year too, IOC had invested close to $ 20,000$ crore, including around $ 16,000$ crore in various Indian projects and on acquisition for upstream in Russia
- The company believed that if the goals are well defined, employees are aware of what the organisation has to do and what they must do to achieve those goals
- Changes or events cannot be eliminated, but they can be anticipated and managerial responses to them can be developed. Policy formation serves as the basis for coordinating the activities and efforts of different divisions, departments and individuals
- It helps in avoiding confusion and misunderstanding. Managers can look into the future and make choice from among various alternative courses of action.
Identify the function of management highlighted in the above case.
Option 1: Organising
Option 2: Staffing
Option 3: Directing
Option 4: Planning
Correct Answer: Planning
Solution : Making decisions on what has to be done and how to do it in advance is called planning. It is an essential managerial task. It comprises setting objectives and coming up with plans to reach them. Planning as a function of Management, is highlighted in the given case study.
