(i) General Guidelines:
Not absolute rules but directional
Adaptable to organizational context
Example: Unity of command principle varies in matrix organizations
(ii) Flexible:
Modifiable based on situations
Example: Centralization degree varies by crisis vs normal times
Enables cultural adaptation (Western vs Eastern management)
(iii) Cause-Effect Relationship:
Predictable outcomes from actions
Example: Proper planning → Better performance
Basis for evidence-based management
(b):
(i) Method Study:
Systematic analysis of work methods
Steps: Select → Record → Examine → Develop → Install
Example: Toyota's kaizen improvements
(ii) Differential Piece Wage System:
Higher pay for efficient workers
Taylor's example: $0.50/unit (standard) vs $0.60/unit (above standard)
Motivates productivity but criticized as exploitative
(iii) Fatigue Study:
Analyzes work-rest cycles
Optimal break scheduling
Modern application: Pomodoro technique
Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4:3:1. Their Balance Sheet as at 31st March, 2024 was as follows:
(i) Trisha's share of profit was entirely taken by Shanu.
(ii) Fixed assets were found to be undervalued by Rs 2,40,000.
(iii) Stock was revalued at Rs 2,00,000.
(iv) Goodwill of the firm was valued at Rs 8,00,000 on Trisha's retirement.
(v) The total capital of the new firm was fixed at Rs 16,00,000 which was adjusted according to the new profit sharing ratio of the partners. For this necessary cash was paid off or brought in by the partners as the case may be.
Prepare Revaluation Account and Partners' Capital Accounts.
On the basis of the following hypothetical data, calculate the percentage change in Real Gross Domestic Product (GDP) in the year 2022 – 23, using 2020 – 21 as the base year.
Year | Nominal GDP | Nominal GDP (Adjusted to Base Year Price) |
2020–21 | 3,000 | 5,000 |
2022–23 | 4,000 | 6,000 |