MGT503 Subjective important questions for Final Papers

[MGT503 Principles of Management]

Question No: 51    ( Marks: 5 )

 Who are responsible for setting goals? Do you think different Managers set goals, or one manager is responsible for it?

 

ANS: GOAL SETTING: Goals are the desired outcomes for the individuals, groups or organizations. The success of an organization depends on its goals and how they are achieved. Goal setting is the responsibility of a manager. There are three managers at three different levels:

• Top manager
• Middle manager
• First Line manager

 Each manager is responsible for setting goals at different level.

1. Top manager sets the strategic goals which are organization wide.
2. Middle managers set Tactical goals
3. First line managers set operational goals which are related to the operations of the organization.

But it is important that all the goals set by managers should be in accordance to organization's mission.

 

 

 

   

Question No: 52    ( Marks: 10 )

 Describe the significant workplace issues that affect motivation in today's workforce.

 

ANS: MOTIVATION: It is the willingness to exert high levels of efforts to reach organizational goals.

               Motivation is an important aspect in today's world where competition is increasing day by day, so there is a strong need for motivating employees in order to get best performance from them. Inspite the importance of motivation there are various issues which affect the motivation in today's workforce. Some of the such factors are given below:

• Inappropriate Goals: the goal itself acts as a motivator but if not set well it creates lack of understanding in employees which results in poor performance.
• Recognition: In today's world recognition acts as a strong motivator. If a worker's performance is good he needs to be recognized so that his performance is reinforced but if there is lack of recognition it will de- motivate the worker.
• Salary/Pay: The basic physiological needs are satisfied by money so salary /pay plays an important role in motivating an employee. If it is not upto to the limit where it satisfies workers basic needs it is obvious that low salary will cause de-motivation in employee.
• Opportunities: Everyone desires to develop their capabilities and reaching their full potential, it can somehow be achieved by career opportunities offered by the organization. If an organization does not allow an employee to excel in his/her career this may lose his interest in work.
• Work Itself: The job and the working conditions if not liked by worker he will not do his job with interest and will yield low performance.

   

     

 

   

Question No: 53    ( Marks: 10 )

 How can a manager make the delegation process more effective? Give logical reasons to support your answer.

 

ANS: DELEGATION: Delegation is the assignment of part of manager's work to others along with responsibility and authority.

Effective Delegation: Delegation can be made effective in many ways:

·        Trust: It is very important while delegating to have full trust in the subordinates. If manger lacks trust in subordinates he will always have a threat of their failure.

·        Training the subordinates: Delegation can be effectively done if subordinates know what and how they have to do their work. For this they must be trained well.

·         Manager's knowledge about delegation: While delegating manager should know how to delegate i.e how to take work from subordinates and which tasks should be assigned to subordinates.

 

 

Question No: 54    ( Marks: 10 )

 Discuss the Boston Consulting Group (BCG) matrix and explain its usefulness in segmenting businesses. Discuss the characteristics for each of the four categories based on the BCG matrix..

 

ANS: BOSTON CONSULTING GROUP (BCG) MATRIX: The BCG matrix was developed by Boston Consulting Group. Its main purpose was to compare different businesses in an organization's portfolio on the basis of market share and market growth. It helps the organization in allocating resources to its various businesses.

Categories of BCG matrix:

                 The matrix defines four business groups. The SBUs plotted on BCG matrix can be classified as follows:

• Star: Star has a high market share in a growing market.
• Cash Cow: Cash Cow is an SBU which has high market share in a slowly growing market.
• Question Mark: Have low market share in a growing market. They are the problem creators.
• Dog: Has low market share in a low growing market.

[+ M.Tariq Malik]

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[+ M.Tariq Malik]

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