IJMB 2024 BUSINESS MANAGEMENT QUESTIONS AND ANSWERS
IJMB 2024 BUSINESS MANAGEMENT PAPER I QUESTIONS BELOW
IJMB 2024 BUSINESS MANAGEMENT ANSWERS BELOW
BUSINESS MANAGEMENT
NUMBER 1
The term “management” refers to the process of planning, organizing, leading, and controlling resources to achieve specific goals and objectives. It involves coordinating and supervising tasks, people, and activities to accomplish desired outcomes efficiently and effectively.
Management as a function refers to the process of planning, organizing, leading, and controlling resources to achieve specific goals and objectives.
There are three main managerial levels:
(1) First-Line Management (Supervisory Level):
– Responsible for overseeing day-to-day operations and supervising employees.
– Focuses on technical skills and efficiency.
– Examples: Team leaders, shift supervisors, and department supervisors.
(2) Middle Management (Tactical Level):
– Responsible for implementing plans and strategies set by top management.
– Focuses on coordinating and controlling resources.
– Examples: Department managers, branch managers, and project managers.
(3). Top Management (Strategic Level):
– Responsible for setting overall direction and strategy.
– Focuses on long-term planning and decision-making.
– Examples: CEOs, CFOs, COOs, and executive directors.
Each level has distinct responsibilities, skills, and focus areas, but they work together to ensure effective management and achievement of organizational goals.
To change workers’ commitment to an organization, consider the following strategies:
1. Clear communication: Share the organization’s vision, mission, and goals, and explain how employees’ contributions impact the bigger picture.
2. Involve and engage: Encourage participation in decision-making, seek feedback, and provide opportunities for growth and development.
3. Recognize and reward: Acknowledge and reward employees’ achievements and contributions to foster a sense of appreciation and value.
4. Positive work culture: Foster a supportive, inclusive, and positive work environment that promotes work-life balance and well-being.
5. Empowerment and autonomy: Give employees the freedom to make decisions, take ownership of their work, and provide the necessary resources and support.
6. Leadership by example: Demonstrate commitment and passion from top-level management to inspire and motivate employees.
IJMB 2024 BUSINESS MANAGEMENT QUESTIONS AND ANSWERS
BUSINESS MANAGEMENT
NUMBER 2
The Scientific Management Theory, also known as Taylorism, is a management approach developed by Frederick Winslow Taylor in the late 19th century. The basic fundamentals of this theory are:
1. Efficiency: Maximize efficiency by eliminating waste and optimizing workflows.
2. Standardization: Standardize tasks, tools, and processes to ensure consistency.
3. Specialization: Divide tasks into smaller, specialized jobs to increase productivity.
4. Scientific Analysis: Use scientific methods to study and improve work processes.
5. Training: Provide workers with training and incentives to enhance performance.
6. Centralized Decision-Making: Managers make decisions, and workers execute them.
7. Division of Labor: Separate planning and execution functions.
Here are the merits and demerits of Scientific Management Theory:
1. Improved Efficiency: Standardization and specialization lead to increased productivity.
2. Enhanced Quality: Standardized processes reduce errors and improve quality.
3. Better Resource Allocation: Scientific analysis helps optimize resource utilization.
4. Training and Development: Workers receive training, enhancing their skills.
5. Increased Productivity: Division of labor and specialization lead to higher output.
1. Worker Dissatisfaction: Overemphasis on efficiency can lead to worker exploitation.
2. Limited Creativity: Standardization can stifle innovation and creativity.
3. Lack of Autonomy: Centralized decision-making can lead to low worker motivation.
4. Ignoring Human Factors: The theory neglects workers’ social and emotional needs.
5. Too Focused on Technical Aspects: Neglects broader organizational and social contexts.
IJMB 2024 BUSINESS MANAGEMENT QUESTIONS AND ANSWERS
NUMBER 6 BUSINESS MANAGEMENT ANSWER
In business management, conflict refers to a disagreement or incompatibility between individuals, groups, or organizations with different interests, goals, values, or beliefs.
Conflict is the disagreement or difference of opinions between or among individuals that can be potentially harmful to any organization. In the workplace setting, it often involves personal agendas, insights, or goals versus the agendas, insights, or goals of the group or team.
Conflict can arise in various contexts, including:
1. Interpersonal conflicts: Between employees, managers, or teams.
2. Organizational conflicts: Between departments, divisions, or levels of management.
3. Customer conflicts: Between the organization and its customers or clients.
4. Stakeholder conflicts: Between the organization and its stakeholders, such as suppliers, partners, or investors.
Reasons for conflicts
Conflict can manifest in different ways, including:
1. Verbal arguments
2. Disagreements over goals, objectives, or strategies
3. Competition for resources or power
4. Cultural or values-based differences
5. Resistance to change or innovation
IJMB 2024 BUSINESS MANAGEMENT QUESTIONS AND ANSWERS
NUMBER 8
Business refers to an organization or entity that provides goods or services to customers in exchange for revenue. It involves the creation, production, distribution, marketing, and sale of products or services. The primary goal of a business is to generate profits and sustain itself over time. it also involves risk-taking and decision-making to achieve growth and success and encompasses various functions like marketing, finance, operations, and human resources
Management, on the other hand, refers to the coordination and administration of business activities to achieve specific objectives. Management involves planning, organizing, leading, and controlling resources to accomplish business goals.
Some common objectives of business include:
1. Profit Maximization: Earning the highest possible profit through efficient operations and effective marketing.
2. Market Share Expansion: Increasing the company’s share of the market to gain a competitive advantage.
3. Customer Satisfaction: Providing high-quality products or services that meet or exceed customer expectations.
4. Innovation and Development: Continuously improving and innovating products, services, or processes to stay competitive.
5. Sustainability and Social Responsibility: Ensuring the business operates in an environmentally and socially responsible manner.
6. Growth and Expansion: Expanding the business through new markets, products, or services.