19 Jan 2022 — 19 Jan 2022Fundamental of Management Question Paper · Discuss argument for social responsibilities of business. · Explain the economic man model of decision-.
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16 Mar 2024 — 16 Mar 2024Unity of Command is a fundamental principle of management that suggests each employee should have one clear supervisor or reporting line.
Fundamental of Management Question paper BM 1141 D-5202. Course: Essentials Of Business Administration (PAD - E 426). 49 Documents.
Principles of Management are guidelines and frameworks that help managers to run their organisation efficiently and effectively.
Explain the nature of principles of management? · What do you mean by optimum utilization of resources & effective administration? · Discuss the following.
28 Aug 2022 — 28 Aug 2022Fundamentals of Financial Management Question Paper 2021, Gauhati University B.Com 5th Sem CBCS Pattern. byKumar Nirmal Prasad - August 28, 2022.
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From Principles of Management
Strategic management is important because it provides clear long-term direction and helps the organisation respond to environmental changes and competition. It supports better resource allocation and coordination of functional decisions, improves decision-making under uncertainty and helps build sustainable competitive advantage. It also strengthens organisational survival, growth and performance through continuous evaluation and improvement.
Departmentation may be functional (production, marketing, finance), product-based (separate divisions for each product line), geographical (regions like North/South), customer-based (retail, corporate, government), and process-based (stages like spinning, weaving, finishing). The selection depends on nature of business, size and market requirements.
Departmentation is the process of grouping similar activities into departments so that work can be performed efficiently and coordination becomes easier. It helps in specialization, clear responsibility and effective control.
Bases of departmentation: (i) Functional (production, marketing, finance, HR): promotes expertise and economies of scale but may create departmental conflicts. (ii) Product (divisions for each product line): gives clear accountability for product performance and flexibility for diversification but is costlier due to duplication of functions. (iii) Geographical (regions): meets local needs and improves customer service in different regions but may reduce uniformity and control. (iv) Customer (retail/corporate etc.): focuses on customer needs but may duplicate resources. (v) Process (stages of production): suitable for manufacturing but may create coordination issues between processes.
Thus, the best base depends on organisational size, product range, market spread and control requirements.