Comprehension
On the basis of the information given in the case, answer the next five questions.
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.
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.
Question: 1
Identify the function of management highlighted in the above case.
Identify the function of management highlighted in the above case.
Updated On: Oct 28, 2024
- Organizing
- Staffing
- Directing
- Planning
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The Correct Option is D
Solution and Explanation
Planning is the function of management where objectives are set, and ways to achieve them are determined. Indian Oil’s vision of expanding operations and anticipating future needs reflects planning.
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Question: 2
”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.
”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.
Updated On: Oct 28, 2024
- Facilitates decision making
- Reduces overlapping activities
- Reduces risks of uncertainty
- Provides direction
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The Correct Option is A
Solution and Explanation
Clearly defined goals provide direction to employees, helping them focus on achieving specific objectives.
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Question: 3
”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.
”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.
Updated On: Oct 28, 2024
- Provides direction
- Reduces risks of uncertainty
- Reduces overlapping activities
- Facilitates decision making
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The Correct Option is B
Solution and Explanation
Management helps reduce risks of uncertainty by anticipating changes and preparing appropriate responses, allowing the organization to cope with challenges effectively.
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Question: 4
”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.
”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.
Updated On: Oct 28, 2024
- Facilitates decision making
- Reduces risks of uncertainty
- Provides direction
- Reduces overlapping activities
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The Correct Option is D
Solution and Explanation
Policy formation helps streamline activities and avoid confusion, reducing the risk of overlapping efforts and wasteful activities within an organization.
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Question: 5
”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.
”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.
Updated On: Oct 28, 2024
- Provides direction
- Reduces risks of uncertainty
- Reduces overlapping activities
- Facilitates decision making
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The Correct Option is D
Solution and Explanation
Managers evaluate different courses of action and make decisions based on their future implications, helping the organization move toward its goals efficiently.
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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?
- "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 feature of Planning function of Management is discussed in the statement – "All other Managerial functions are performed within the framework of plans drawn"?
- 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: - ______element of business plan helps the entrepreneur to carefully evaluate and decide the legal structure of the organisation. Fill in the above blank with correct option:
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