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CYCLE TEST-II
Date:23.02.2017
Answer key:
Part A (2 marks)
1. Define Brainstorming.
It is a Process for generating creative ideas and solutions through intensive
and freewheeling group discussion. Every participant is encouraged to think aloud
and suggest as many ideas as possible, no matter seemingly how outlandish or
bizarre.

2. What is meant by SWOT?

SWOT stands for 'Strengths, Weaknesses, Opportunities and Threats'.
This is a method of analysis of the environment and the company's standing in it.
SWOT is made of two parts: the strengths and weaknesses refer to the internal
environment of a company while the opportunities and threats are external
environment to the company and exist in the environment.

3. Define Forecasting.
Forecasting is a decision-making tool used by many businesses to help in
budgeting, planning, and estimating future growth. In the simplest terms,
forecasting is the attempt to predict future outcomes based on past events and
management insight. Forecasting starts with certain assumptions based on the
management's experience, knowledge, and judgment.

4. What is the meaning of Planning?

In organizations, planning is a management process, concerned with defining
goals for company's future direction and determining on the missions and resources
to achieve those targets. To meet the goals, managers may develop plans such as a
business plan or a marketing plan.

5. List out the Merits and Demerits of MBO.

Merits:
1. Clearly defined roles and structures,
2. Improves relation between superior and subordinate,
3. Helps to identify talents and need of nay training programs.
Demerits:
1. It is a time consuming process,
2. More paper work required,
3. Need high level commitment from top level management.

6. What do you mean by Policy? Give an example.

A set of policies are principles, rules, and guidelines formulated or adopted by
an organization to reach its long-term goals and typically published in a booklet or
other form that is widely accessible.
Examples: Employee Conduct Policies - Conduct policies are in place as a
guideline for appropriate employee behavior, and they outline things such as proper
dress code, workplace safety procedures, harassment policies and policies regarding
computer and Internet usage.

7. What are the objectives of planning?

It helps in achieving objectives.
It is done to cope with uncertainty and change.
It helps in coordination.
Planning guides in decision making.
It is a primary function of an organization.

8. Name any four Quantitative Forecasting techniques.

Delphi method,
Simple moving average method,
Weighted moving average method,
Trend projection method.

9. State the difference between Strategy and Policy.

Strategy Policy
Strategy is a comprehensive plan, made Policy is the guiding principle, that helps the
Meaning
to accomplish the organizational goals. organization to take logical decisions

Top Level Management and Middle Level Top Level Management only formulate the
Formulation
Management follows strategies. policies.

The strategy is a plan of action the policy is a principle of action

Strategies can be modified as per the
Nature
situation, so they are dynamic in nature.
Policies are uniform in nature. However,
relaxations can be made for unexpected
situations.

10. Define the terms Mission and Objective.

Mission:
It may be defined as a statement which defines the role that an organization
plays in the society.
Objective:
The terms objectives or goals are often used interchangeably. Objectives
are the aims, purposes, or goals that an organization wants to achieve over varying
periods of time.