Question : Statement 1: The management principles used in a manufacturing company may not apply to a service-based organization.
Statement 2: Different industries have unique requirements and challenges, necessitating different management approaches.
Option 1: Both statements are true
Option 2: Both are incorrect
Option 3: Statement 1 is true, and Statement 2 is false.
Option 4: Statement 1 is false, and Statement 2 is true.
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 false because management principles, to some extent, can apply across different types of organizations, including both manufacturing and service-based organizations. While there may be differences in specific practices, the fundamental principles of management, such as planning, organizing, leading, and controlling, can be adapted and applied in various industries.
Statement 2 is true because different industries do indeed have unique requirements and challenges. These differences may necessitate variations in management approaches and practices to address the specific needs and characteristics of each industry.
