A Maharatna Company, Indian Oil Indian Oil is India’s largest commercial organisation. It is the top-ranked Indian company in the Fortune ‘Global 500’ listings (2017). Indian Oil’s vision is driven by a group of dynamic leaders, who have made it a name to reckon with. With an over 34,000 strong workforce, a Maharatna Company, Indian Oil has been helping to meet India’s energy demands and reaching petroleum products in every part of India for over five decades.It plans to increase its business operations all around the world. The company plans to invest 20,000 crore in 2017 – 18 acquisitions and plans to expandoverseas. The company is always believed to be ahead of the demand. Last year too, IOC had invested close to 20,000 crore, including around 16,000 crore in various Indian projects and on acquisition for upstream in Russia. The company believed that if the goals are well defined, employees are aware of what the organisation has to do and what they must do to achieve those goals. Changes or events cannot be eliminated, but they can be anticipated and managerial responses to them can be developed. Policy formation serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals. It helps in avoiding confusion and misunderstanding. Manager can look into the future and make a choice from amongst various alternative courses of action.
Identify the function of management highlighted in the above case.
- Organizing
- Staffing
- Directing
- Planning
The Correct Option is D
Solution and Explanation
To identify the function of management highlighted in the case, let's analyze the given information and each option in detail:
Case Analysis
The case describes Indian Oil's strategic approach to managing its operations and future growth. Key points include:
Indian Oil's vision and leadership.
Investment plans for both domestic and international projects.
The importance of well-defined goals and awareness among employees.
Anticipating changes and developing managerial responses.
Policy formation to coordinate activities and avoid confusion.
Options Analysis
Organising (1)
Definition: Organising involves arranging and structuring work to accomplish the organization's goals. It includes defining roles, responsibilities, and relationships.
Why Not: The case does not focus on the structure or arrangement of work within the organization.
Staffing (2)
Definition: Staffing involves recruiting, selecting, and placing the right people in the right jobs.
Why Not: The case does not discuss recruitment or personnel management.
Directing (3)
Definition: Directing involves guiding, leading, and influencing the work-related activities of others.
Why Not: The case does not focus on leadership or influencing employee activities.
Planning (4)
Definition: Planning involves setting goals and determining the best way to achieve them. It includes forecasting, setting objectives, and developing strategies.
Why Correct: The case highlights Indian Oil's strategic approach, including investment plans, anticipation of changes, and policy formation to coordinate activities. These are all key aspects of planning.
Conclusion
The correct answer is: (4) Planning
The case highlights Indian Oil's strategic approach to managing its operations and future growth, which aligns with the function of planning in management.
”If the goals are well defined, employees are aware of what the organisation has to do and what they must do to achieve those goals.” Identify the significance of managerial function highlighted in this statement.
Provides direction
- Reduces overlapping activities
- Reduces risks of uncertainty
Facilitates decision making
The Correct Option is A
Solution and Explanation
To identify the significance of the managerial function highlighted in the statement, let's analyze the given information and each option in detail:
Statement Analysis
The statement says, "If the goals are well defined, employees are aware of what the organization has to do and what they must do to achieve those goals." This statement emphasizes the importance of clear goals and objectives in guiding employees' actions and ensuring they understand their roles and responsibilities.
Options Analysis
Provides direction (1)
Definition: Providing direction involves guiding employees by setting clear goals and objectives, ensuring they understand their roles and responsibilities.
Why Correct: The statement directly highlights the importance of clear goals in providing direction to employees, ensuring they know what the organization needs to do and what their specific roles are in achieving those goals.
Reduces overlapping and wasteful activities (2)
Definition: Reducing overlapping and wasteful activities involves minimizing redundancy and inefficiencies in work processes.
Why Not: While clear goals can help reduce wasteful activities, the statement specifically highlights the importance of providing direction to employees.
Reduces risks of uncertainty (3)
Definition: Reducing risks of uncertainty involves minimizing the unpredictability and potential negative outcomes associated with decision making.
Why Not: While clear goals can help reduce uncertainty, the statement specifically highlights the importance of providing direction to employees.
Facilitates decision making (4)
Definition: Facilitating decision making involves providing the necessary information and support to help employees make informed choices.
Why Not: While clear goals can facilitate decision making, the statement specifically highlights the importance of providing direction to employees.
Conclusion
The correct answer is: (1) Provides direction
This option accurately describes the significance of the managerial function highlighted in the statement, which emphasizes the importance of clear goals in guiding employees' actions and ensuring they understand their roles and responsibilities.
”Changes or events cannot be eliminated, but they can be anticipated and managerial responses to them can be developed.” Identify the significance of managerial function highlighted in this statement.
- Provides direction
- Reduces risks of uncertainty
- Reduces overlapping activities
- Facilitates decision making
The Correct Option is B
Solution and Explanation
To identify the significance of the managerial function highlighted in the statement, let's analyze the given information and each option in detail:
Statement Analysis
The statement says, "Changes or events cannot be eliminated, but they can be anticipated and managerial responses to them can be developed." This statement emphasizes the ability to foresee potential changes or events and to prepare appropriate responses to manage them effectively.
Options Analysis
Provides direction (1)
Definition: Providing direction involves guiding employees by setting clear goals and objectives, ensuring they understand their roles and responsibilities.
Why Not: While providing direction is an important managerial function, the statement specifically focuses on anticipating changes and developing responses, which is more related to reducing uncertainty.
Reduces risks of uncertainty (2)
Definition: Reducing risks of uncertainty involves minimizing the unpredictability and potential negative outcomes associated with decision making by anticipating changes and preparing appropriate responses.
Why Correct: The statement directly highlights the importance of anticipating changes and developing managerial responses, which helps in reducing the risks associated with uncertainty.
Reduces overlapping and wasteful activities (2)
Definition: Reducing overlapping and wasteful activities involves minimizing redundancy and inefficiencies in work processes.
Why Not: While reducing wasteful activities is an important aspect of management, the statement specifically focuses on anticipating changes and developing responses, which is more related to reducing uncertainty.
Facilitates decision making (4)
Definition: Facilitating decision making involves providing the necessary information and support to help employees make informed choices.
Why Not: While facilitating decision making is an important aspect of management, the statement specifically focuses on anticipating changes and developing responses, which is more related to reducing uncertainty.
Conclusion
The correct answer is: (2) Reduces risks of uncertainty
This option accurately describes the significance of the managerial function highlighted in the statement, which emphasizes the ability to anticipate changes and develop appropriate responses to manage them effectively, thereby reducing the risks associated with uncertainty.
”Policy formation serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals. It helps in avoiding confusion and misunderstanding.” Identify the significance of managerial function highlighted in this statement.
- Facilitates decision making
- Reduces risks of uncertainty
- Provides direction
- Reduces overlapping activities
The Correct Option is D
Solution and Explanation
To identify the significance of the managerial function highlighted in the statement, let's analyze the given information and each option in detail:
Statement Analysis
The statement says, "Policy formation serves as the basis of coordinating the activities and efforts of different divisions, departments, and individuals. It helps in avoiding confusion and misunderstanding." This statement emphasizes the role of policy formation in ensuring that various parts of the organization work together effectively and efficiently.
Options Analysis
Facilitates decision making (1)
Definition: Facilitating decision making involves providing the necessary information and support to help employees make informed choices.
Why Not: While policy formation can facilitate decision making, the statement specifically focuses on coordinating activities and avoiding confusion, which is more related to reducing wasteful activities.
Reduces risks of uncertainty (2)
Definition: Reducing risks of uncertainty involves minimizing the unpredictability and potential negative outcomes associated with decision making.
Why Not: While policy formation can help reduce uncertainty, the statement specifically focuses on coordinating activities and avoiding confusion, which is more related to reducing wasteful activities.
Provides direction (3)
Definition: Providing direction involves guiding employees by setting clear goals and objectives, ensuring they understand their roles and responsibilities.
Why Not: While policy formation can provide direction, the statement specifically focuses on coordinating activities and avoiding confusion, which is more related to reducing wasteful activities.
Reduces overlapping and wasteful activities (4)
Definition: Reducing overlapping and wasteful activities involves minimizing redundancy and inefficiencies in work processes.
Why Correct: The statement directly highlights the importance of policy formation in coordinating activities and avoiding confusion and misunderstanding, which helps in reducing overlapping and wasteful activities.
Conclusion
The correct answer is: (4) Reduces overlapping and wasteful activities
This option accurately describes the significance of the managerial function highlighted in the statement, which emphasizes the role of policy formation in ensuring that various parts of the organization work together effectively and efficiently, thereby reducing overlapping and wasteful activities.
”Manager can look into the future and make a choice from amongst various alternative courses of action.” Identify the significance of managerial function highlighted in this statement.
- Provides direction
- Reduces risks of uncertainty
- Reduces overlapping activities
- Facilitates decision making
The Correct Option is D
Solution and Explanation
To identify the significance of the managerial function highlighted in the statement, let's analyze the given information and each option in detail:
Statement Analysis
The statement says, "Manager can look into the future and make a choice from amongst various alternative courses of action." This statement emphasizes the manager's ability to anticipate future conditions and select the best course of action from multiple options.
Options Analysis
Provides direction (1)
Definition: Providing direction involves guiding employees by setting clear goals and objectives, ensuring they understand their roles and responsibilities.
Why Not: While providing direction is an important managerial function, the statement specifically focuses on the ability to look into the future and make choices, which is more related to decision making.
Reduces risks of uncertainty (2)
Definition: Reducing risks of uncertainty involves minimizing the unpredictability and potential negative outcomes associated with decision making.
Why Not: While looking into the future can help reduce uncertainty, the statement specifically focuses on making choices among alternative courses of action, which is more related to decision making.
Reduces overlapping and wasteful activities (3)
Definition: Reducing overlapping and wasteful activities involves minimizing redundancy and inefficiencies in work processes.
Why Not: While effective decision making can help reduce wasteful activities, the statement specifically focuses on the ability to look into the future and make choices, which is more related to decision making.
Facilitates decision making (4)
Definition: Facilitating decision making involves providing the necessary information and support to help managers make informed choices.
Why Correct: The statement directly highlights the manager's ability to look into the future and make choices among alternative courses of action, which is a key aspect of facilitating decision making.
Conclusion
The correct answer is: (4) Facilitates decision making
This option accurately describes the significance of the managerial function highlighted in the statement, which emphasizes the manager's ability to anticipate future conditions and select the best course of action from multiple options.
Top Questions on Planning
- Planning requires application of mind involving foresight, intelligent imagination and sound judgement. Which feature of planning is being highlighted in this statement?
- Which feature of Planning function of Management is discussed in the statement – "All other Managerial functions are performed within the framework of plans drawn"?
- "Planning helps the manager to look into the future and make a choice amongst alternative courses of action." Identify the importance of Planning in the above statement.
- Which is the correct sequence of steps in the process of planning?
(A) Developing premises
(B) Implementing the plan
(C) Setting objectives
(D) Identifying alternative courses of action and evaluating them
(E) Selecting an alternative
Choose the correct answer from the options given below: - ‘Vishesh Constructions', a construction company, decided to strictly implement 'No Helmet, No Entry’ and put the following sign at their construction sites:
Identify the type of plan indicated by the above sign:
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