___ are formulated by companies to deal with situations that can occur again and again. They are usually made once but are modified from time to time, as per the needs of the business. These plans are applied to recurring situations for enhancing efficiency and effective decision making.

Open in App

Solution

Standing plan are formulated by companies to deal with situations that can occur again and again. They are usually made once but are modified from time to time, as per the needs of the business. These plans are applied to recurring situations for enhancing efficiency and effective decision making.

Suggest Corrections

Similar questions

Q. Recently many companies have planned for significant investment in organised retailing in India. Various factors which have encouraged companies to take these decisions are customer income is increasing, rise in standard of living of people. People are ready to pay high price for quality goods, government policy of liberalisation regarding MNC entry and FM, etc.
(a) Explain briefly changes in business environment under different heads that have facilitated the companies decision to plan significant investment in retailing.
(b) What has been the impact of these changes with regards to globalisation and privatisation?

Q. Y limited is a bank functioning in India. It is planning to diversify into insurance business. Lately, the government of India has allowed the private sector to gain entry in the insurance business. Previously, it was the prerogative of LIC and GIC to do insurance business. But now with liberalisation of the economy and to make the field competitive other companies have been given licenses to start insurance business under the regulation of ‘Insurance Regulatory and Development Authority’.
Y limited plans to recruit high quality employees and agents and exercise effective direction to capture a substantial part of life and non life insurance business.

Questions

1. Identify how the company can supervise its employees and agents effectively. What benefits will the company derive from effective supervision?

2. What financial and non-financial incentives can the company use for employees and agents separately to motivate them. What benefits will the company get from them?

3. How can the company ensure that higher order needs i.e. esteem and self-actualisation as specified by Abraham Maslow are met?

4. Identify the qualities of leadership in this line of business that the company managers must possess to motivate employees and agents.

5. Give a model of formal communication system that the company can follow. Identify the barriers in this model. How can they be removed?

6. How can informal communication help to supplement formal communication model given by you in answer to question 5?

Q. Rh-ve person donated blood to Rh+ve person for the second time. Then which of the following situations are likely to occur?

For a manager what are the importance of financial planning:

1. Owners funds are the source of permanent capital

2. Helps in forecasting situations that are probable in the future

3. Helps in avoiding business shocks and surprises

Q. Littles law can be applied to any part of the store, such as a particular department or the checkout lines. The store owner determines that, during business hours, approximately

84

shoppers per hour make a purchase and each of these shoppers spend an average of

5

minutes in the checkout line. At any time during business hours, about how many shoppers, on average, are waiting in the checkout line to make a purchase at the Good Deals Store?

Join BYJU'S Learning Program