Learh about Organizational Context of Decision
Q.1 Explain mission?
Ans. Mission is the purpose or reason for the organizations existence.
For example:-
It means when a company provides products or service to its customers. It is the mission of a company.
Q.2 Explain objectives?
Ans. Objectives refers to the end results. It means what is to be achieved and when it is to be achieved. It states in quantifiable terms.
For example:-
Company has a target to achieve Rs 5 lakh Per month. It is called objective.
Q.3 Explain Goals?
Ans. Goal and objective are used interchangably but goal is not defined in a quantifiable terms. It is also concerned with what is to be achieved without time mentioning.
For example:-
Every businessmen wants to increase profit is called goal.
Q.4 Explain Strategy?
Ans. Strategy refers to the plans of a company how it achieves its goals and objectives.
Q.5 Explain the types of strategies.?
Ans. There are three types of strategies :
1. Corporate Strategy
2. Business Strategy
3. Functional Strategy
Q.6 Explain Corporate Strategy?
Ans. It is concerned with company’s ability to achieve its growth and long term stability.
Q.7 Explain Business Strategy?
Ans. When the Company wants to improve in its position by making improvement in the product or services.
Q.8 Explain Functional Strategy?
Ans. It refers to the Strategy in which different functional experts are required for the purpose of increasing productivity and profitability.
Q.9 Explain the process of Strategy Formulation?
Ans. It includes the following Steps:-
1. Mission: It refers to the existence of the organization
2. Objectives
3. Strategies
4. Policies: It refers to the guidelines and thinking for decision making.
Q.10 Explain Policies?
Ans. A Policy refers to the guidelines and thinking for strategy formulation and strategy implementation.
Q.11 How will you frame Policy?
Ans. Following point to be remembered while framing Policies:
o Policies should be changed with the changing environment.
o It should be Flexible.
o It should be Properly implemented .
o It should require facts and participation of all the members of as organization.
Q.12 Explain Importance of Policies?
Ans.
o It is necessary to understand the business environment
o It help in making the study & practice of management more meaningful.
o It help in understanding the organization.
o It help in integrating the knowledge gained form various functional area of management.
Q.14 Explain types of Policies?
Ans. Following are the type of Policies:
* Marketing Policy.
* Finance Policy.
* Sales Policy.
* Purchase Policy.
* Personnel Policy.
* Production Policy.
Q.15 Explain Programmes?
Ans. Programme refers to the set of instructions to be used for the purpose of completion of task.
Q.16 Explain Procedures?
Ans. It refers to the implementation of a Programme for the completion of a Particular activity.
