FOR ALL ISBM EXAM ANSWERS CONTACT
DR. PRASANTH BE BBA MBA PH.D. MOBILE / WHATSAPP: +91 9924764558 OR +91 9447965521 EMAIL: prasanththampi1975@gmail.com WEBSITE: www.casestudyandprojectreports.com
1. Drawee:
2. Acceptance:
3. Payment:
4. Crossing:
5. Notice of
dishonor:
6. Payable to bearer
on demand:
7. Stamp:
8. Countermanding
payment:
9. Noting and
protesting:
10. Presentment:
11. Protection:
DR. PRASANTH BE BBA MBA PH.D. MOBILE / WHATSAPP: +91 9924764558 OR +91 9447965521 EMAIL: prasanththampi1975@gmail.com WEBSITE: www.casestudyandprojectreports.com
Q1. Define Public
Speaking & Determine the purpose of topic Selection
Public speaking (sometimes termed oratory or oration) is the process or act of performing a presentation (a speech) focused around an individual directly speaking to a live audience in a structured,
deliberate manner in order to inform, influence, or entertain them. Public
speaking is commonly understood as the formal, face-to-face talking of a single
person to a group of listeners. It is closely allied to "presenting",
although the latter is more often associated with commercial activity. Most of
the time, public speaking is to persuade the audience.
In
public speaking, as in any form of communication, there are five basic
elements, often expressed as "who is saying what to whom using what medium with what effects?"
The purpose of public speaking can range from simply transmitting information,
to motivating people to act, to simply telling a story. Good orators should not only be able to
engage their audience, but also able to read them. The power of a truly great
presenter is the ability to change the emotions of their listeners, not just
inform them. Public speaking can also be considered a discourse community. Interpersonal communication and public speaking have several components that embrace such things
as motivational speaking, leadership/personal development, business, customer
service, large group communication, and mass communication. Public speaking can
be a powerful tool to use for purposes such as motivation, influence,
persuasion, informing, translation, or simply ethos.
In
current times, public speaking for business and commercial events is often done
by professionals, with speakers contracted either independently, through
representation by a speakers bureau paid on commission of 25-30%, or via other means.
Selecting a topic for a speech or
presentation is often restricted: in school, speakers are limited by the nature
of the assignment whereas outside of school, speakers are limited by the nature
of the speaking engagement. Even within limitations, speakers generally have a
fair amount of flexibility to generate their own unique angles on the speech
topic. Developing a topic and identifying the purpose of a speech will aid in
the organization and direction of the overall performance.
Certain speech topics lend
themselves to certain occasions more than others (an informative speech that
commemorated the life of Martin Luther King, or a persuasive speech that only
taught people how to weave baskets would not meet the basic requirements of the
assignments.)
People generally speak better on
issues that they are familiar with; so identifying own interests is a helpful
step in developing a topic.
For example, do the things you like
in media all relate to "coming of age" or "adventure" or
"science"? You might identify an interesting speech topic by doing a
simple inventory of what interests you.
What do you know about, not know
about, and want to know more about? Your own feelings towards an issue might be
similar to an audience's--so explore your reactions to certain topics. If you
are really interested in politics, you might be able to speak to an audience
with a lot of passion on the subject; just as you would be an effective speaker
on polymers if you had a deep and abiding love for polymers.
People, events, processes, places,
and things make good speech topics. These five areas encompass most public
speeches. Categorizing them as such allows a speaker to identify what type of
subject they want to speak about.
There are three main genres of
public speech: informative, persuasive, and ceremonial. Each has a different
function and thus requires different elements. An informative speech attempts
to communicate ideas to an audience. A persuasive speech attempts to sway an
audience to embrace the speaker's position. A ceremonial speech celebrates (or
sometimes denigrates) the subject. An informative speech might be expected to
be very detail oriented, involve visual aids, or incorporate hands-on
experience. Persuasive speeches will likely include rhetorical techniques like
metaphors, repetition, and evidence from expert sources. A ceremonial speech
often uses artful language to praise or blame the subject and relies on telling
stories as primary evidence. Establishing the general purpose can help to
calibrate the type of style, type of evidence, and mode of reasoning needed to
be an effective public speaker.
Q2. What is media of
mass Communication & Explain the modes of Communication
Mass
media is the means that are used to communicate to the general public. In this
lesson, you will learn the different platforms for mass media and the influence
that mass media has on society.
Mass media means technology that is intended to reach a mass audience. It is
the primary means of communication used to reach the vast majority of the
general public. The most common platforms for mass media are newspapers,
magazines, radio, television, and the Internet. The general public typically
relies on the mass media to provide information regarding political issues,
social issues, entertainment, and news in pop culture.
The mass media is a diversified
collection of media technologies that reach a large audience via mass communication. The technologies through
which this communication takes place include a variety of outlets.
Broadcast media transmit information electronically, via such media as film, radio, recorded music, or television. Digital media comprises
both Internet and mobile mass communication. Internet media comprise such services as email, social media sites, websites,
and Internet-based radio and television. Many other mass media outlets have an
additional presence on the web, by such means as linking to or running TV ads
online, or distributing QR Codes in outdoor or print media to direct
mobile users to a website. In this way, they can utilise the easy accessibility
and outreach capabilities the Internet affords, as thereby easily broadcast
information throughout many different regions of the world simultaneously and
cost-efficiently. Outdoor media transmit information via such media as AR
advertising; billboards; blimps; flying billboards
(signs in tow of airplanes); placards or kiosks placed inside and outside of
buses, commercial buildings, shops, sports stadiums, subway cars, or trains;
signs; or skywriting. Print media transmit
information via physical objects, such as books, comics, magazines, newspapers,
or pamphlets. Event organizing and public speaking can
also be considered forms of mass media.
The
organizations that control these technologies, such as movie studios,
publishing companies, and radio and television stations, are also known as the
mass media.
Mode of communications
are:
Face-to-face communication is the most
common. This includes casual conversation between two or more people and
business meetings. Face-to-face is a very easy communication style that
everyone has experienced. It requires no extra materials, making this the
cheapest option for communication. It is also instant, and you get the benefit
of visual cues from the person or people to whom you are communicating.
Video communication is achieved by using Web cameras to
connect two or more parties. This is the next-best communication option after
face-to-face, as you get most of the same benefits. However, there is always
the possibility of bad connections or other technical issues that hinder the
communication.
Audio is a voice-only form of communication, such as a
conversation on a telephone. This is a good instant communication tool if you
catch the person instead of getting an answering machine or voice mail, but it
does not have the benefit of allowing you to see the other person. It is also
more difficult to include more than two parties.
Text communication includes Internet communication,
such as email, instant messaging and forums, text messaging and printed papers.
Text communication does not have the benefits of audio and video, but it is
much easier to distribute information to a large group of people and save
records of the communication.
1.
Write
short note on value education & consumerism
Values’ education is a term used to name several things, and there
is much academic controversy surrounding it. Some regard it as all aspects of
the process by which teachers (and other adults) transmit values to pupils.
Others see it as an activity that can take place in any organization
during which people are assisted by others, who may be older, in a position of
authority or are more experienced, to make explicit those values underlying
their own behavior, to assess the effectiveness of these values and associated
behavior for their own and others’ long term well-being and to reflect on and
acquire other values and behavior which they recognize as being more effective
for long term well-being of self and others.
This means that values education can take place at home, as well as
in schools, colleges, universities, offender institutions and voluntary youth
organizations. There are two main approaches to values education. Some see it
as inculcating or transmitting a set of values which often come from societal
or religious rules or cultural ethics.
Others see it as a type of Socratic dialogue where people are
gradually brought to their own realization of what is good behavior for
themselves and their community. Value education also leads to success. It has
values of hard work, how nobody is useless and loving studies.
Explicit values education is associated with those different
pedagogies, methods or programmes that teachers or educators use in order to
create learning experiences for students when it comes to value questions.
Implicit values education on the other hand covers those aspects of
the educational experience resulting in value influence learning, which can be
related to the concept of hidden curriculum. This discussion on implicit and
explicit raises the philosophical problem of whether or not an unintentional
action can be called education.
Consumerism as a social and economic order and ideology encourages the acquisition of goods
and services in ever-increasing amounts. Early criticisms of consumerism occur
in 1899 in the works of Thorstein
Veblen. Veblen's subject of examination, the newly emergent middle
class arising at the turn of
the 20th century, came to
fruition by the end of the 20th
century through the process of globalization.
In
the domain of politics, the term "consumerism" has also been used to
refer to something quite different called the consumerists' movement, consumer protection or consumer
activism, which seeks to protect and inform consumers by requiring such
practices as honest packaging and advertising, product guarantees, and improved
safety standards. In this sense it is a political movement or a set of policies
aimed at regulating the products, services, methods, and standards of manufacturers,
sellers, and advertisers in the interests of the consumer.
In
the domain of economics,
"consumerism" refers to economic policies placing emphasis on consumption. In an abstract sense, it is
the consideration that the free
choice of consumers should
strongly orient the choice by manufacturers of what is produced and how, and
therefore orient the economic organization of a society (compare producerism,
especially in the British sense of the term).[3] In this sense, consumerism expresses
the idea not of "one man, one voice", but of "one dollar, one
voice", which may or may not reflect the contribution of people to
society.
2.
Give
SWOT analysis in Indian scenario.
Indian
industry has come a long way from the command, control style of functioning
rooted in an inward looking Import substitution policy to an export
orientation, globally competitive, quality driven style of functioning.
In short term, with improved investment, scenario coupled with government
continual through and reforms, the industrial performance is expected to do
better. But in large run, the performance depends on how well the reform
are initiated, the investment and growth in Infrastructure, the continued
availability of natural resources avail of low-cost , high skill workforce and
global market scenario. For sure is that it will gain momentum on the
wheel of growth has been set to motion.
Here is and SWOT(Strength, Weakness, Opportunities, Threats) Analysis in Indian scenario.
Here is and SWOT(Strength, Weakness, Opportunities, Threats) Analysis in Indian scenario.
Strengths
of India.
·
Vast
Industrial Presence in both Public and Private Sectors
·
Huge demand
for Domestic Industrial goods.
·
Avail
of Low-cost, Skilled Human Resources.
·
Proactive
government continued thrust on reforms- Further liberalization under process.
·
Increasing
investment in real assets (Capacity Expanding), Inflow of FDI(Foreign
Direct Investment) across Industrial sector.
Weaknesses
of India
·
Presence
of Vast Industrial sickness
·
Outdated
labor laws, and presence of too many political labor and trade union.
·
Nascent
Regulatory systems to check misuse of market power by firms.
·
Dependency
of Subsidies(SSI – Small scale industries)
·
Inadequate
and poor quality infrastructure cost and time delays.
Opportunities
in India.
·
Growing
Competition of Indian industry due to focus on efficient and quality.
·
Vast
export marked to explore.
·
Growing
recognition of “Made in India” brand in global market
·
Major
growth through outscoring opportunities
·
Presence
of Deming award winning firms (Focus on quality)
·
Growing
number of overseas investment and acquisition by Indian Firms.
Threats
to India
·
Heavy competition in manufacturing field from china.
·
Power crises and the virtuous growth cycling manufacturing
sector.
·
Large informal sector, Poor working condition and low wages.
·
Inclusion of social (Labor) issues in trade dialogues could
happens exports (e.g., Child labor)
·
High corruption and inadequate environmental safety norms
could affect sustainability.
Q1.
Define Corporate Culture.
Corporate
culture refers to the beliefs and behaviors that determine how a company's
employees and management interact and handle outside business transactions.
Often, corporate culture is implied, not expressly defined, and develops
organically over time from the cumulative traits of the people the company hires.
A company's culture will be reflected in its dress code, business hours, office
setup, employee benefits,
turnover, hiring decisions, treatment of clients, client satisfaction, and
every other aspect of operations.
Awareness
of corporate or organizational culture in businesses and other organizations
such as universities emerged in the 1960s. The term corporate culture developed
in the early 1980s and became widely known by the 1990s. Corporate culture was
used during those periods by managers, sociologists, and other academics to
describe the character of a company. This included generalized beliefs and behaviors,
company-wide value systems, management strategies, employee communication, and
relations, work environment, and attitude. Corporate culture would go on to
include company origin myths via charismatic chief executive officers (CEOs),
as well as visual symbols such as logos and trademarks.
By
2015, corporate culture was not only created by the founders, management, and
employees of a company, but was also influenced by national cultures and
traditions, economic trends, international trade, company size, and products.
There
are a variety of terms that relate to companies affected by multiple cultures,
especially in the wake of globalization and
the increased international interaction of today's business environment. As
such, the term cross culture refers to “the interaction of people from
different backgrounds in the business world”; culture shock refers to the
confusion or anxiety people experience when conducting business in a society
other than their own; and reverse culture shock is often experienced by people
who spend lengthy times abroad for business and have difficulty readjusting
upon their return.
To
create positive cross-culture experiences and facilitate a more cohesive and
productive corporate culture, companies often devote in-depth resources,
including specialized training, that improves cross-culture business
interactions.
Q2.
Define Joint Ventures.
A
joint venture (JV) is a business arrangement in which two or more parties agree
to pool their resources for the purpose of accomplishing a specific task. This
task can be a new project or any other business activity. In a joint venture
(JV), each of the participants is responsible for profits,
losses, and costs associated with it. However, the venture is its own entity,
separate from the participants' other business interests.
Joint Venture is a business preparation in which more
than two organizations or parties share the ownership, expense, return of
investments, profit, governance, etc. To gain a positive synergy from their
competitors, various organizations expand either by infusing more capital or by
the medium of Joint Ventures with organizations.
Joint
ventures, although they are a partnership in the colloquial sense of the word,
can take on any legal structure. Corporations, partnerships, limited liability companies (LLCs),
and other business entities can all be used to form a JV. Despite the fact that
the purpose of JVs is typically for production or for research, they can also
be formed for a continuing purpose. Joint ventures can combine large and
smaller companies to take on one or several big, or little, projects and deals.
Regardless
of the legal structure used for the JV, the most important document will be the
JV agreement that sets out all of the partners' rights and obligations. The
objectives of the JV, the initial contributions of the partners, the day-to-day
operations, and the right to the profits and/or the responsibility for losses
of the JV are all set out in this document. It is important to draft it with
care, to avoid litigation down
the road.
Q3.
Write a short note on value chain analysis.
Value
chain analysis is a way to visually analyze a company's business activities to
see how the company can create a competitive advantage for itself. Value chain
analysis helps a company understands how it adds value to something and
subsequently how it can sell its product or service for more than the cost of
adding the value, thereby generating a profit margin. In other words, if they
are run efficiently the value obtained should exceed the costs of running them
i.e. customers should return to the organisation and transact freely and
willingly.
Originated
in the 1980s by Michael Porter, value
chain analysis is the conceptual notion of value-added in the form of a value
chain. He suggested that an organisation is split into 'primary activities' and
'support activities'. The figure below divides activities into primary and
support activities as suggested by Porter's Value Chain Analysis model:
Q4.
What are the criticisms of the five forces model?
One critical disadvantage of the Five Forces Model is that
it only serves as a starting point for more detailed analysis of firm
performance. To be specific, the model provides a checklist of external forces
that can be beneficial or detrimental to a firm.
Another problem with the model is that it is generally
geared toward a qualitative evaluation of the strategic position of a firm.
This model does not provide a mechanism for quantifying how each force and its
factors affect firm performance. It does not also have a mechanism for
determining which of the factors within each force have more weight.
The lack of quantifying mechanism or the inclination toward
qualitative evaluation can create ambiguity or foster subjectivity.
Inexperienced individuals can have the tendency to rely on questionable data
such as personal anecdotes and hearsays, as well as general descriptions or
statements to substantiate and describe external forces.
Personal and cognitive bias might also limit the
information generated using the Five Forces Model. Due to a particular bias,
some individuals might be limited to identifying those factors within each
force that are either favorable or unfavorable.
Incompatibility with diversified firms is another
disadvantage of the Five Forces Model. Essentially, this model cannot be used
to analyze the external situation of an organization with diversified products
and service offering or in other words, of a firm with business interest across
different industries or markets.
The same incompatibility is also demonstrated whenever the
model is applied in a firm operating in a complex industry with multiple
industrial and market interrelations. Thus, this model is best applied in
simple market structures.
Critics have also identified other shortcomings of the
model. For example, the model disregards the interaction and possibility of
collusion among buyers, competitors, and suppliers—and how this interaction and
possible collusion can affect firm performance.
Because the model is based on the idea of competition,
particularly how a firm competes over similar firms as well as customers and
suppliers, it disregards strategies such as strategic alliances.
Another criticism of the Five
Forces Model is that it does not help a firm to identify sources of sustainable
advantage. The model merely lists down the factors that are either favorable or
unfavorable to firm performance but it does not have any mechanism for
determining which factors give a firm sustainable competitive advantage over
its competitors.
In comparison to SWOT
Analysis and even the VRIO framework, another problem with the model is
that it seems a useless tool for analyzing the situation of non-profit
organizations and government institutions. It simply works best for profit-oriented
organizations.
Disregarding dynamic competition is another criticism of
the Five Forces Model. For example, forces such as barriers to entry and
threats of substitute are generally assumed as static. The model fails to
consider that competition is actually dynamic. Globalization has also
demonstrated that certain firms have continuously neutralized or destroyed the
competitive advantage of other firms through innovation.
1.
What
are the functions of controller.
A financial controller -- sometimes called a
"comptroller -- is the lead accounting executive in a company. A
controller’s duties can vary depending upon the size of the company, the
complexity of accounting and financial operations and the number of people
employed in the accounting department. The controller provides financial
leadership and is instrumental in forming accounting strategies. A controller's
role, especially in smaller companies, can include broad visionary
responsibilities as well as hands-on management.
Functions of controller
are:
Accounting
A financial controller is responsible for ensuring that all
accounting allocations are appropriately made and documented. In smaller
companies, the controller may also perform cash management functions and
oversee accounts payable, accounts receivable, cash disbursements, payroll and
bank reconciliation functions. Every company should maintain a separation of
duties with regards to accounting functions to insure that there are checks and
balances in the system. For instance, if the controller is responsible for
preparing cash disbursements, he should not be a signatory on the account; the
owner, chief executive or chief financial officer should be required to sign
all checks.
Internal Controls
A financial controller is responsible for establishing and
executing internal controls over the company’s accounting and financial
procedures. This includes reviewing and approving all invoices to be paid, as
well as reviewing accounts receivable aging reports. In smaller companies, the
controller will often handle collections on invoices, especially ones that are
45 days to 60 days overdue. A financial controller is also responsible for
coordinating with external tax accountants for income tax preparation and
auditors who prepare internal audits of the company. This includes keeping
company records organized and readily available for examination.
Financial Planning and Reporting
Financial controllers in smaller companies are responsible
for all banking and finance activities. This includes negotiating lines of
credit and vendor agreements, as well as reviewing all financial contracts,
financing agreements and insurance policies. She is also responsible for
providing accurate and comprehensive financial information to executive
management for long-term financial strategizing. Unless a company has a CFO to
provide the leadership for long-term financial planning, the controller will be
required to fulfill this responsibility as well. In any case, she must provide
crucial financial data and work with executive management to coordinate all
financial planning functions with business operations. Financial reporting
duties include preparing financial statements, balance sheets, cash flow
reports, budgets, budget-to-actuals and financial projections.
Financial Analysis
In addition to financial reporting, a controller must be
skilled at in-depth financial analysis and providing expert financial
perspective and opinions. This means that a financial controller must be
proficient in spreadsheet design that is often complex. While a CFO is
responsible for finalizing financial policy, a controller’s financial analysis
skills are instrumental in helping to assess risk, analyze efficiency and
inform policy decisions made by executive management.
2.
Distinguish
cheque and bill of exchange
A
cheque differs from a bill of exchange in the following respects:
1. Drawee:
A cheque is always drawn on a bank or a
banker while a bill of exchange can be drawn on any person including a banker.
2. Acceptance:
A
cheque does not require any acceptance while a bill must be accepted before the
drawee can be made liable upon it.
3. Payment:
A
cheque is payable immediately on demand without any days of grace, but a bill
of exchange is normally entitled to three days of grace unless it is payable on
demand.
4. Crossing:
A
cheque may be crossed but there is no such provision in the case of a bill of
exchange.
5. Notice of
dishonor:
When
a cheque is not met, notice of dishonor is not necessary. Want of assets in the
hands of the banker is sufficient notice. It is necessary to give a notice of
dishonor in order to make the drawer of a bill liable.
6. Payable to bearer
on demand:
A
cheque can be drawn payable to bearer on demand. But a bill of exchange cannot
be so drawn.
7. Stamp:
A bill of exchange must be stamped, whereas
a cheque does not require any stamp.
8. Countermanding
payment:
A
cheque may be revoked by countermand of payment. The payment of a bill, however
cannot be countermanded.
9. Noting and
protesting:
A
cheque is not noted or protested for dishonor and is generally inland.
10. Presentment:
A
bill of exchange must be duly presented for payment otherwise the drawer will
be discharged. The drawer of a cheque is not discharged by failure of the
holder to present it in due time unless the drawer has sustained damage by the
delay.
11. Protection:
A
banker is given statutory protection with regard to payment of cheques in
certain circumstances. No such protection is available to the drawee or
acceptor of a bill of exchange.
1.
What are the objectives of cost accounting and what is the relation with
Management
accounting department?
Objectives of cost accounting are ascertainment of cost, fixation of
selling price, proper recording and presentation of cost data to management for
measuring efficiency and for cost control and cost reduction, ascertaining the
profit of each activity, assisting management in decision making and
determination of break-even point.
The aim is to know the methods by which expenditure on materials,
wages and overheads is recorded, classified and allocated so that the cost of
products and services may be accurately ascertained; these costs may be related
to sales and profitability may be determined. Yet with the development of
business and industry, its objectives are changing day by day.
Following
are the main objectives of cost accounting:
1. To ascertain the cost per unit of the different products
manufactured by a business concern;
2. To provide a correct analysis of cost both by process or
operations and by different elements of cost;
3. To disclose sources of wastage whether of material, time or
expense or in the use of machinery, equipment and tools and to prepare such
reports which may be necessary to control such wastage;
4. To provide requisite data and serve as a guide for fixing prices
of products manufactured or services rendered;
5. To ascertain the profitability of each of the products and advise
management as to how these profits can be maximised;
6. To exercise effective control if stocks of raw materials,
work-in-progress, consumable stores and finished goods in order to minimise the
capital locked up in these stocks;
7. To reveal sources of economy by installing and implementing a
system of cost control for materials, labour and overheads;
8. To advise management on future expansion policies and proposed
capital projects;
9. To present and interpret data for management planning, evaluation
of performance and control;
10. To help in the preparation of budgets and implementation of
budgetary control;
11. To organise an effective information system so that different
levels of management may get the required information at the right time in
right form for carrying out their individual responsibilities in an efficient
manner;
12. To guide management in the formulation and implementation of
incentive bonus plans based on productivity and cost savings;
13. To supply useful data to management for taking various financial
decisions such as introduction of new products, replacement of labour by
machine etc.;
14. To help in supervising the working of punched card accounting or
data processing through computers;
15. To organise the internal audit system to ensure effective
working of different departments;
16. . To organise cost reduction programmes
with the help of different departmental managers;
17. To provide specialised services of cost audit in order to prevent
the errors and frauds and to facilitate prompt and reliable information to
management; and
18. To find out costing profit or loss by identifying with revenues
the costs of those products or services by selling which the revenues have
resulted.
Relation of cost accounting with
management accounting
- The accounting related to the
recording and analyzing of cost data is cost accounting. The accounting
related to the producing information which is used by the management of
the company is management accounting.
- Cost Accounting provides
quantitative information only. On the contrary, Management Accounting
provides both quantitative and qualitative information.
- Cost Accounting is a part of
Management Accounting as the information is used by the managers for
making decisions.
- The main objective of the Cost
Accounting is the ascertainment of cost of producing a product, but the
main objective of the management accounting is to provide information to
managers for setting goals and future activity.
- There are specific rules and
procedure for preparing cost accounting information while there is no
specific rules and procedures in case of management accounting
information.
- The scope of Cost Accounting is
limited to cost data however the Management Accounting has a wider area of
operation like tax, budgeting, planning and forecasting, analysis etc.
2.
Define costing. Discuss briefly the objectives and advantages of costing.
Costing
is the System of computing cost of production or of running a business, by allocating expenditure to various stages of production or to different operations of a firm.
The main
objectives of costing are as follows:
1. To record, analyze, and classify the cost of products and
operations with a view to ascertain the cost per unit of production, also the
cost of each element of expenditure and thereby to determine the selling price
of such products or services.
2. To help management in its task of cost minimization by
facilitating cost control through standard costing and budgetary control, etc.
and enable management to measure the efficiency of the organization as a whole
or departmentally and also devise means of increasing efficiency.
3. To provide information to enable management to make such tactical
decisions as the closing down of or continuance of a department, a product mix,
make or buy, etc., and also strategic investment decisions.
4. To enable management to have frequent review of production, sales
and operating by supplying information at shorter intervals say, daily, weekly,
or monthly about the volumes of units produced, accumulated costs together with
appropriate analysis.
Advantages of Costing:
(a) Cost accounting is an aid to management. It enables
management to maintain effective control over inventory, to maximize
efficiency, and to minimize wastages and losses by providing detailed costing
information, it facilitates delegation of responsibility for important tasks
and rating of employees. It helps cost estimation and price fixation.
(b) It is an aid to creditors. Investors, banks and other
financial institutions benefit immensely by the installation of an efficient
costing system. They can rely on costing records to form their judgment about
the profitability and future of the firm.
(c) It is an aid to employees. Employees are benefited in a
number of ways by the installation of an efficient costing system. For example,
they are benefited, through continuous employment and higher remuneration by
way of incentives, bonus plans, etc.
(d) It is an aid to nation. Costing system boost up the
government revenue by bringing prosperity to the business firms. Cost
reduction, cost control, and elimination of wastes and inefficiencies lead to
the progress of the nation as a whole.
FIRE & SAFETY MANAGEMENT
Q1. List out key safety measures for power tools.
Appropriate personal protective
equipment such as safety goggles and gloves must be worn to protect against
hazards that may be encountered while using hand tools. Workplace floors shall
be kept as clean and dry as possible to prevent accidental slips with or around
dangerous hand tools.
Power tools must be fitted with
guards and safety switches; they are extremely hazardous when used improperly.
The types of power tools are determined by their power source: electric,
pneumatic, liquid fuel, hydraulic, and powder-actuated.
To prevent hazards associated with the use of power tools, OSHA
recommends that workers should observe the following general precautions:
·
Never carry a tool by the cord or hose.
·
Never yank the cord or the hose to disconnect it from the receptacle.
·
Keep cords and hoses away from heat, oil, and sharp edges.
·
Disconnect tools when not using them, before servicing and cleaning
them, and when changing accessories such as blades, bits, and cutters.
·
Keep all people not involved with the work at a safe distance from the
work area.
·
Secure work with clamps or a vise, freeing both hands to operate the
tool.
·
Avoid accidental starting. Do not hold fingers on the switch button while
carrying a plugged-in tool.
·
Maintain tools with care; keep them sharp and clean for best
performance.
·
Follow instructions in the user's manual for lubricating and changing
accessories.
·
Be sure to keep good footing and maintain good balance when operating
power tools.
·
Wear proper apparel for the task. Loose clothing, ties, or jewelry can
become caught in moving parts.
·
Remove all damaged portable electric tools from use and tag them:
"Do Not Use."
Q2. Write a short note on safety performance measurement.
Safety measures adopted by a company is just as
important as measuring their financial performance or their productivity
performance. While health and safety performance measurements are used as a
tool to help prevent workplace injury and disease, it is difficult to determine
what performance measurements a company should have in place to effectively and
efficiently prevent workplace injury and diseases.
The main purpose of measuring a company’s health and safety performance
is to provide information on the current status, as well as the progress of
strategies and processes used by the company to mitigate health and safety
measures related risks. This information is beneficial because it helps to:
GENERAL MANAGEMENT
1.
What
are the methods of gathering job information?
a. The Interview
1. The three types of
interviews managers use to
collect job analysis data are: individual (to
get the employee's perspective on the job's duties and responsibilities, group (when large numbers of
employees perform the same job), and supervisor (to get his/her perspective on
the job's duties and
responsibilities).
2.
The pros of using an interview are that it is: simple, quick, and more comprehensive
because the interviewer can unearth
activities that may never appear in written form.
3.
The following questions are some examples of
typical questions. "What is the job being
performed?" "In what activities
do you participate?" "What are the
health and safety conditions?" Figure
3-3 gives an example of
a job analysis questionnaire.
4.
The following are interview guidelines: a)
the job analyst and supervisor should identify
the workers who know the job best and would be
objective; b) establish a rapport with the
interviewee; c)
follow a structured guide or checklist; d) ask worker to list duties in order of
importance and frequency of
occurrence; and e)
review and verify the data.
b. Questionnaire
1. Structured or unstructured questionnaires may be used to obtain job analysis information
2. Questionnaires can be a
quick, efficient way of
gathering information from a large number
of employees. But, developing and testing a questionnaire can be expensive and time consuming.
c. Observation
1.
Direct observations are useful when jobs consist of
mainly observable physical activity as
opposed to mental activity.
2. Reactivity can be
a problem with direct observations, which
is where the worker changes
what he/she normally does because he/she is
being watched
2.
What
are the direction of communication?
The directions of communication are:
1. Downward communication:
Communication in the first place, flows downwards. That is
why, traditionally this direction has been highlighted or emphasised. It is
based on the assumption that the people working at higher levels have the
authority to communicate to the people working at lower levels. This direction
of communication strengthens the authoritarian structure of the organisation.
This is also called Down Stream Communication.
Limitations of Downward
Communication:
(i) Distortion/Dilution:
Quite often the communication originating at the highest
level gets distorted or diluted on the way to the lower levels. Sometimes the
messages may get lost. It has to be ensured that the receiver fully understands
the purport/ instructions/directions coming from above. This requires an
efficient feedback system.
(ii) Delay:
Another drawback of downward communication is that often it
becomes time-consuming. The more the levels the greater the chances of delay.
That is why sometimes managers choose to send their massages directly to the
person concerned.
(iii) Filtering:
Sometimes managers may withhold some valuable information
from the employees. In such a situation the employees become frustrated,
confused and powerless. This may spoil the employer-employee relationship.
2. Upward communication:
The function of upward communication is to send information,
suggestions, complaints and grievances of the lower level workers to the
managers above. It is, therefore, more participative in nature. It was not
encouraged in the past, but modern managers encourage upward communication.
This is a direct result of increasing democratisation. This is also called Up
Stream Communication.
Limitations of upward
communication:
(i) Psychological:
Certain problems, primarily of psychological nature, may
come up in upward communication.
(ii)Hierarchical:
Many managers do not like to be ‘told’ by their juniors.
They may not be patient enough to listen to them or may even suppress the
message sent to them from below. In such a situation the employees may feel let
down.
Ways to Overcome the
Limitations—Ombudsperson:
In order to tide over such problems an Ombudsperson plays an
important role. The concept of Ombudsman or Ombudsperson was first used in
Sweden to go into the complaints of lower level employees against government
officials or agencies.
Now a number of companies in many countries have established
positions for persons to investigate employees, complaints and grievances. An
Ombudsperson, therefore, effectively mediates between the employers and the
employees and smoothens upward communication.
3. Lateral or horizontal
communication:
This type of communication can be seen taking place between
persons operating at the same level or working under the same executive.
Functional managers operating at the same level, in different departments,
through their communication, present a good example of lateral communication.
The main use of this dimension of communication is to maintain coordination and
review activities assigned to various subordinates.
Occasions for lateral communication arise during committee
meetings or conferences in which all members of the group, mostly peers or
equals, interact. The best example of lateral communication can be seen in the
interaction between production and marketing departments.
4. Diagonal or crosswise
communication:
Diagonal or crosswise communication takes place when people
working at the same level interact with those working at a higher or
lower-level of organisational hierarchy and across the boundaries of their
reporting relationships.
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