Helpful Study Material

Definition Of Outsourcing With Its Advantages (Merits) And Disadvantages (Demerits) In Management The correct option of this multiple choice question is C, as outsourcing is a management strategy which is adopted to hire or contract with individuals or other companies, usually abroad but can be made with outside source (outsiders) within the country, to perform specific tasks, activities, or to operate the business operations instead of doing by itself in order to reduce the cost of production and operation to increase efficiency to get desired results. In this way, the size of hierarchy of management decreases and as a result, the complexity among team management is also decreased i.e., as they now better know what are their responsibilities and rights within the levels of management. Why An Organization Need Outsourcing? Simply, the organization wants to focus on its core competencies, which are unique specific skills, knowledge, experiences, expertise, quality, etc., which give ...

What Is Downsizing And What Is Its Another Name? The correct option of this multiple choice question (mcq) is D), as restructuring and downsizing are the strategies implemented to reduce the workforce in the hierarchy or levels of management to cut costs in order to increase profits for the organization and make the future of the business bright i.e., to make the business viable in future for a long period of time. This strategy is adopted by management when cost of production is increased but sales is declined as the numbers of customers who buy products or services are decreasing day by day. So, there is a need to layoff employees and workers from the jobs / works and reduce the operations to cover expenses. Reasons For Downsizing / Restructuring In An Organization (i) Changes In Technology Due to change in IT system i.e., use of advanced IT tools such as AI System, Cloud Computing, Automation, etc., make the work easier and faster and as a result, there is no need of more employees ...

Answer Of MCQ With Six Sources Of Competitive Advantage / Edge What Is Competitive Advantage (CA) When a company provides unique or quality products or services which differentiates it from its competitors and gives an edge over its competitors then we say that this company has competitive advantage over its competitors in the marketplace. A company can gain CA by increasing its skill, quality and other factors which are discussed here. The correct option of this multiple choice question is D, as to be competitive, the best manager must focus on six sources of competitive advantage which are explained below: 1. Cost Competitiveness Or Cost Leadership Strategy The manager should adopt this strategy in order make sure that the cost of production and cost of distribution should be as low as possible in order to offer lower prices of products or services to customers. A company provides lower prices than its competitors in the market gain competitive advantage and earn profits due ...

What Are Intellectual Resources (IR)? | Answer Of MCQ Intellectual resources are intangible resources which are not physically touchable, can't be seen but are the most valuable intangible assets for the business. Examples include skills, talent, etc. The correct options of this multiple choice question are A, B, C, D and F, as these are the intellectual resources (intangible resources such as skill, talent, expertise and intellectual property) which knowledge managers must seek to discover, unlock, share and get further advantage after gaining ideas, knowledge, skills, expertise, etc. 1. Skills A knowledge manager has a variety of skills such as technical skills, interpersonal and conceptual skills to be required at different levels of management. Beyond these fundamental skills, he must have effective communication skills, problem-solving skills, good listening skills, etc., required according to the nature and requirement of the job. Skills able the manager to perform the tasks ...

What Is Collaboration In Management? | Answer of MCQ The answer / solution to this fill in the blank is “Collaboration” , as an organization is a group of people who are organized and work as a unit to achieve common goals. Everyone in the organization should focus only on main objectives or goals of organization, otherwise, the end results are not achieved. Work As A Unit Every department in an organization and every person i.e., from Chief Executive Officer (CEO) to lower rank employee work collectively to achieve organizational objectives & goals. For example, if the company’s goal is to provide quality products with reasonable price, then every department such as management, marketing, financial, accounting, human resource department, IT department, media department, etc., should focus this goal i.e., the management hires skillful and trained workers & staff to work effectively in producing the quality products such as a manufacturing company making furniture hires the high...

What Is Globalization | Answer Of MCQ Globalization means interconnections and interdependence of different countries' economics, cultures, knowledge, skills, human resources across the countries. One company of a country can exchange its products or services in the local market of another country. For example, people of different countries are globally interconnected to exchange ideas, knowledge, products or services due to the usage of advance technology system. The correct of options of this Multiple Choice Question (MCQ) are D and G as in globalization, different companies of different countries create challenges for each other across the country i.e., one mobile company may sell mobile phones cheaper than other one and hence create a high competition and demand in the international market / foreign market. Selling in local market and foreign market are different as in foreign market, different strategies and uses of resources such as physical, human, financial, intellectual a...

What Are Technical Skills? | Answer of MCQ The correct answer of this multiple choice question is (C) as Technical Skill (TS) are hard skills which require specialized knowledge in the specialized area such as analysis of financial statements, is a skill which require knowledge of accounting data and understanding of financial statements. Other Examples Of TS (i). Managing human resources is also a technical skill which require proper training sessions to enable a human resource manager to learn how to select, recruit and train employees and use them efficiently and effectively to achieve organizational objectives & goals. He can select the right candidates for the right positions which is beneficial for both employees and the organization. (ii). An accounts manager having the specialized knowledge of computerized accounting is more effective to achieve organizational goals. He can better use of modern accounting tools such as Peachtree, QuickBooks, Oracle, Tally, etc., and perfo...

What Are Interpersonal Skills (IS) | Answer of MCQ Interpersonal skills mean how to interact, communicate and work effectively with people working in an organization. The correct option of multiple choice question is (A), as Interpersonal skills (one of the managerial skills) are important throughout the career of a manager at every level / hierarchy of management whether it is a lower-level, middle-level of top-level. As the manager has to interact with coworkers, subordinates, seniors and top management. A manager needs to build a good relationship and coordination with them to perform the working tasks in order to accomplish organizational objectives & goals. By creating coordination among them, everyone in team wok collectively to perform effectively various jobs tasks which required combined efforts from every team member to achieve common goals. Qualities of Manages Having Interpersonal Skills (i) He also leads and motivates them to work efficiently and effectively by his ac...

Answer of MCQ | How Conceptual And Decision Skills Work In An Organization The correct option of this multiple choice question (mcq) is (B) as Conceptual Skills and decisions skills are related to the identification of problems, finding the best solution available to address these issues and implement the best chosen idea to get the desired outcome. In case of crisis, these skills plays an important role as now the manager has to make big decisions to address the root causes of issues, choose the best solution for it and finally implement the plan. For example, if the revenues of company is declining day by day then the manager must identify the root causes of this problem i.e., sales decreases due to lower quality of products or services, customer dissatisfactions, failing to meet market demand, etc., Now, after the identification of problems, now it is the time to choose the best solutions for these problems i.e., improve the quality of products or services by hiring professionals a...

Answer of MCQ | What Is Informational Roles Of Managers In An Organization The correct answer of this multiple choice question (mcq) is A as being a spokesperson is a part of Information Roles of a manager working in an organization. A manager must monitor (collecting necessary information), disseminate (distribute) information to concerned authorities, staff and within the organization and being a spokesperson transmit the correct and reliable information to outside the organization to relevant bodies, customers, investors, media and in general to public through meetings, press conferences, presentations, seminars, or whatever medium, he thinks is the best source of spreading information externally. Qualities of Spokesperson : (i) Representor of Organization In Public A manager as a spokesperson is a person who is selected to speak officially to people on the behalf of organization. He is a representor of the organization and whose responsibility is to make a voice of organization in...

Answer of MCQ With Explanation The correct options of this multiple choice question are A, B and D as due to these fundamental factors, a company can improve its performance than its competitors and get competitive advantage over its competitors. 1. Provide Quality Products And Services A company provides high quality products or services to its customers can satisfy them and retain them. And finally, they will become loyal to the company’s products or service. This creates a competitive advantage for the company over its competitors in the market. For example, if a travelling company renders the services on time to its customers and at their doorsteps can satisfy more customers than its competitors. On the other hands, if the quality of products or services are poor then customers are dissatisfied and they will become disloyal to company’s products or services. For example, if a food company provides rotten items such as eggs, biscuits, etc., to its customers, then it badly damages ...

The correct answer of this multiple choice question (mcq) is B as a front-line or lower-level manager is a new or younger manager who needs experience and knowledge to be able to reach at top-level. This is the very first level in the hierarchy of management. At this level, he supervises the operations and daily activities of the workers worked under his management. He learns new thinks and gains experiences with the passage of time on how to make plans, organize the activities, lead the team members, control the performance of team members. At this level, he learns how to make decisions at the right time and how to communicate well with his subordinates. How to delegate his authority to team members and how to build relationship to work together to achieve common goals. How to make time management, so that the work performed on time efficiently and effectively to achieve organizational objectives & goals. In an organization, the training & development programs are conducted to...

The correct options of this multiple choice question are A, B, D, E and F. In new competitive landscape, the challenges to manage a business depends upon the importance of knowledge and ideas as in new competitive filed there is a need to know lots of new things such as market behaviors, new methods to target customers, customers’ satisfaction, their loyalty, etc. What are the requirements of business to operate in this new place? How to overcome difficult situation in the new marketplace? etc. Another challenge faced by organization is workforce diversity. In organization there are differences among employees based on age, gender, disability, ethnicity, etc. To treat all employees equally, fairly and given them equal rights is the main challenge to an organization. There should be no discrimination among workforce based on these characteristics. Collaboration across organizational boundaries is also important as people from different departments within the organization share their kno...

The correct option of this multiple choice question (mcq) is (C), as in Decisional, the manager has to make decisions in handling disturbances such as in case of crisis, business faces heavy losses or there is depression period, allocating resources such as the correct use of technology for the right place and making negotiations or agreements with both internally (with owners, directors, etc.,) and externally (such as with other organization). In case of depression period of economy, the manager must make the decisions about what steps to be taken to survive in this period. During this period, he should take bold decisions to escape the organization in this difficult situation. He should take actions to face the crisis in order to achieve organizational objectives & goals. For example, if sales is down during the depression period, then he should corrective actions i.e., improve the quality of products & services, offer free delivery of products at customer’s door, hire prof...