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What is the primary focus of the systems approach?
What is the primary focus of the systems approach?
Which of the following is a characteristic of the systems approach?
Which of the following is a characteristic of the systems approach?
Which of the following is an advantage of the systems approach?
Which of the following is an advantage of the systems approach?
Which of the following is a characteristic of responsiveness in the systems approach?
Which of the following is a characteristic of responsiveness in the systems approach?
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What is a potential disadvantage of the systems approach?
What is a potential disadvantage of the systems approach?
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What is the primary benefit of clearly defining the focus of each part of the system?
What is the primary benefit of clearly defining the focus of each part of the system?
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What is the primary disadvantage of focusing on the overall system rather than sub-systems?
What is the primary disadvantage of focusing on the overall system rather than sub-systems?
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Which of the following is a characteristic of dependency in the systems approach?
Which of the following is a characteristic of dependency in the systems approach?
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What is the primary advantage of using the systems approach?
What is the primary advantage of using the systems approach?
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What is the primary benefit of using the systems approach in business?
What is the primary benefit of using the systems approach in business?
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Study Notes
Conceptual Skills
- Conceptual skills involve viewing the enterprise as a whole and analyzing the implications of external environmental factors (economic, social, political, technological, etc.) for its successful functioning.
Importance of Management
- Enables an enterprise to achieve its desired objectives through proper planning and control
- Ensures the optimum utilization of resources (materials, machines, and money) and efficient use of human resources
- Fulfills social obligations by monitoring the business environment and making necessary changes to policies and practices
- Ensures the stability of the organization in a fast-changing environment
- Improves the personality and caliber of people to raise their efficiency and productivity
- Meets the challenge of change through innovation and creativity
- Integrates various interests to achieve the objectives of the organization
Functions of Management
Planning
- Deciding in advance what should be done in the future
- Helps to work in a systematic manner
- Provides the basis for measuring actual performance
- Eliminates the tendency to work at random
- Determines the priorities of the business
- Is goal-oriented, an intellectual activity, primary, all-pervasive, continuous, and forward-looking
Organizing
- The process of bringing together the necessary resources for the accomplishment of the objectives
- Divides the total work into different parts for better performance
- Provides authority and responsibility
- Establishes answerability or accountability on the part of subordinates to their superiors
- Identifies the activities to be performed
- Groups activities
Staffing
- Employing the right number and right kind of employees to do various jobs
- Ensures the efficient use of human resources
- Impacts the cost of operation and the potential of employees
Distinction Between Public Company and Private Company
- Minimum paid-up capital: Rs. 1,00,000 for Private Company, Rs. 5,00,000 for Public Company
- Minimum number of members: 2 for Private Company, 7 for Public Company
- Limited liability: limited to the extent of capital in both cases
- Perpetual existence: Public Company has a separate legal entity, unaffected by death, retirement, or insolvency of shareholders
- Transfer of shares: freely transferable in Public Company, requires consent of all partners in Private Company
- Finance: vast and unlimited scope for raising finance in Public Company, relatively limited in Private Company
Cooperative Societies
- Have a separate legal entity
- Limited liability: liability of members is limited to the extent of their capital
- Perpetual existence: unaffected by death, insolvency, retirement, or lunacy of members
- Social service: fosters fellow feeling and inculcates moral values
- Open membership: open to all, regardless of caste, color, creed, or economic status
- Tax advantage: exempt from income-tax and surcharge on earnings up to a certain limit
- State assistance: receives grants, loans, and financial assistance from the government
- Democratic management: management is entrusted to the managing committee elected by members
Disadvantages of Cooperative Societies
- Lack of secrecy: annual reports and accounts are submitted to the Registrar of Cooperative Societies
Systems Approach
- Factors: dependency, responsiveness, results, and focus
- Advantages: helps to see the problem at a holistic level, resolves issues, and understands the problem in a better way
- Disadvantages: problems may be too complex, and focus on sub-systems may be required
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Description
This quiz covers the concept of management, its importance, and its role in achieving group goals. It also discusses the impact of external environmental factors on the enterprise.
