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 option is (a) Statement 1 correct, Statement 2 incorrect.
Statement 1 is correct. Strategy often involves resource allocation for objectives. It includes determining how resources such as finances, personnel, and time will be utilized to achieve the organization's strategic objectives.
Statement 2 is incorrect. Strategy formulation is not solely a top-level management function. While top-level management plays a crucial role, strategy formulation can involve input from various levels within the organization. Strategies are often developed through collaboration and analysis at multiple organizational levels.
Therefore, the correct option is (a) Statement 1 correct, Statement 2 incorrect.
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: The management principles of planning, organizing, leading, and controlling are interrelated and interdependent.
Statement 2: Each function supports and complements the others to achieve organizational goals.
Question : Statement 1: The primary function of middle-level management is to develop long-term strategies and policies.
Statement 2: They are responsible for coordinating the activities of various departments.
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