Identify and explain the function of management discussed above.
Show Hint
Solution and Explanation
- Controlling is a management function that ensures that all activities are performed as planned and in accordance with organizational objectives.
- It involves comparing actual performance with established standards, identifying deviations, and taking corrective measures to address these deviations.
Explain the step of the function identified in (i) above, followed by Nishtha to find out the causes of declining revenue.
Show Hint
Solution and Explanation
- Analyzing deviations involves comparing actual performance with the standards to identify significant differences.
- Nishtha focused on a key area (customer footfall) that is critical to the restaurant business. This is referred to as Critical Point Control, where deviations in vital areas are given immediate attention.
- Management by Exception was applied as only significant deviations were escalated for detailed investigation.
Explain the step Nishtha will take after she gets the report from the team formed to find out the causes of declining revenue.
Show Hint
Solution and Explanation
- Taking corrective action involves addressing the root causes of the identified deviations to ensure that performance aligns with the planned standards.
- Nishtha will implement solutions based on the findings of the team, such as improving service quality, introducing new promotions, or addressing operational inefficiencies.
- Corrective actions ensure that similar deviations do not recur in the future.
Top Questions on Principles and Functions of Management
- In the context of agribusiness, SWOT analysis is used to assess:
- ICAR AIEEA (PG) - 2025
- Agri Business Management
- Principles and Functions of Management
- Which of the following is a primary function of management in agribusiness?
- ICAR AIEEA (PG) - 2025
- Agri Business Management
- Principles and Functions of Management
- Which of the following best reflects that management aims at achieving results through others?
- CUET (UG) - 2025
- Business Studies
- Principles and Functions of Management
- A company hired consultants to restructure departments for better efficiency. Identify the management function.
- CUET (UG) - 2025
- Business Studies
- Principles and Functions of Management
Direction (Q1-Q5): Read the passage given below and answer question.
Sunrise Solar Solutions is experiencing rapid growth in the demand for its residential solar panel installations in Gurugram. To manage this expansion, the CEO, Mr. Sharma, held a meeting with his senior managers. During the meeting, Mr. Sharma outlined the company's goal of increasing installation capacity by 25% over the next fiscal year to capitalize on the booming market. Following this, the Operations Manager, Ms. Verma, began grouping the increasing number of installation teams geographically and assigning specific service areas to each team to ensure efficient coverage. The HR Manager, Mr. Khan, was tasked with determining the number of new technicians and support staff required and developing a recruitment drive to fill these positions. As the new teams were onboarded, the Installation Supervisor, Mr. Singh, personally explained the new installation protocols and provided hands-on training to ensure quality and safety. Finally, the Finance Manager, Ms. Das, implemented a system to track the actual number of installations against the set targets and identify any deviations requiring corrective action.
- CUET (UG) - 2025
- Business Studies
- Principles and Functions of Management
Questions Asked in CBSE CLASS XII exam
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.- CBSE CLASS XII - 2025
- Partnership 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 - CBSE CLASS XII - 2025
- National Income Accounting
- Determine those values of $x$ for which $f(x) = \frac{2}{x} - 5$, $x \ne 0$ is increasing or decreasing.
- CBSE CLASS XII - 2025
- Functions
- Analyse how freedom is curbed in the context of Franz in ‘The Last Lesson’ and Saheb in ‘Lost Spring’.
- CBSE CLASS XII - 2025
- The Last Lesson
- Altima Ltd. invited applications for 2,00,000 equity shares of ₹ 10 at a premium of ₹ 4 per share. Amount payable:
On application and allotment – ₹ 7 (incl. ₹ 1 premium)
On first and final call – Balance.
Applications received for 2,40,000 shares. 30,000 rejected. Manvi allotted 4,000 shares failed to pay first and final call. Her shares were forfeited. These were reissued at ₹ 4 per share fully paid-up.
Pass journal entries in the books of Altima Ltd.- CBSE CLASS XII - 2025
- Accounting for Share Capital