Question : Statement 1: Strategy involves resource allocation for objectives.
Statement 2: Strategy formulation is solely a top-level management function.
Option 1: Statement 1 correct, Statement 2 incorrect.
Option 2: Statement 1 incorrect, Statement 2 correct.
Option 3: Both statements are correct.
Option 4: Both statements are incorrect.
Correct Answer: Statement 1 correct, Statement 2 incorrect.
Solution : The correct answer is (a) Statement 1 correct, Statement 2 incorrect.
Statement 1 is correct. Strategy often involves the allocation of resources, including financial, human, and other assets, to achieve organizational objectives. Efficient resource allocation is a crucial aspect of strategic planning.
Statement 2 is incorrect. While top-level management plays a significant role in formulating overall organizational strategy, strategy formulation is not solely their function. It may involve collaboration and input from various levels within an organization, including middle and lower levels. Strategic planning often benefits from a more inclusive and collaborative approach.
Therefore, Statement 1 correct, Statement 2 incorrect.
Question : Which of the following statement is correct? Statement 1- Management in action is the directing function of management. Statement 2- Monitoring function is the controlling function of management.
Question : Statement 1: Planning is a backward-looking function of management.
Statement 2: Planning involves setting objectives and determining the best course of action to achieve them.
Question : Statement 1: Controlling is an isolated function and not connected to other management activities.
Statement 2: Controlling is interconnected with planning, organizing, and leading functions.
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