On the introduction of Goods and Services Tax Act, experts in the field of business started analysing and forecasting its impact on various sectors and industries. Vivek, an established businessman, attended a few seminars and conferences organnised by such experts to familiarize himself with this information. He wanted to use these forecasts to reduce the uncertainty in making decisions for the future in his business.

Developing Premises

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Identifying alternative course of action

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Evaluating alternative course

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Selecting an alternative

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A
Developing Premises

The step in the planning process that is discussed is developing premises.

Suggest Corrections

Similar questions

Q. On the introduction of Goods and Services Tax Act, experts in the field of business started analysing and forecasting its impact on various sectors and industries. Vivek, an established businessman, attended a few seminars and conferences organised by such experts to familiarize himself with this information. He wanted to use these forecasts to reduce the uncertainty in making decisions for the future in his business.
Name the step in the planning process that is being discussed in the above paragraph.

Q. Saurabh decided to start a chocolates manufacturing business. He set the target of earning

10 %

profit on sales in the first year. As a good businessman, he was concerned about the future of the business, which was uncertain. He gathered information that the demand for chocolates is increasing day-by-day. He used this information as the base for future planning and shared it with his team. On the basis of the gathered information, he scheduled a meeting in the following week to find innovation ways to achieve the objectives.
List the first two steps, which have been followed by Saurabh that are related to the process of one of the functions of management.

Q. Nikhil wants to start a wholesale business of stationery items. But he is hesitating as it will involve hindrances related to finding consumers, moving goods from place of production to market, storing goods because of time gap between production and consumption, risk of theft, fire, accidents, procurement of capital to finance above activities, providing information to the consumers about products etc. He approaches his friend Anant to discuss his problem. Anant, who himself imports the electric appliances for the purpose of exporting them to other countries, advises Nikhil to carry on with his plan and explains to him various functions performed by the second limb of business i.e., Commerce.
Anant elaborates on various advantages of 'trade' and 'auxiliaries to trade' . After getting convinced by the advice given by Anant, Nikhil starts the business named Nikhil Ltd. and finds no major problems at all in converting his desire into a business venture. Nikhil gets his company registered under the Companies Act 2013.
(a) Name the part of commerce which exclusively helps in the process of trading the goods and services.
(b) Name the type of trade under which Anant was doing his business.
(c) Name the service which helps Nikhil to remove the hindrance of storing the stationery items.
(d) Name the service which helps Nikhil to remove the hindrance of place.

‘An organisation is a collection of interdependent decision-making units that exists to pursue organisational objectives. In the light of this statement, explain the relationship between information and decisions. Also explain the role of Transaction Processing System in facilitating the decision-making process in business organisations.

Q. An organisation is a collection of interdependent decision- making units that exists to pursue organisational objective . In the light of this statement, Explain the relationship between information and decision . Also explain the role of transaction processing system in facilitating the decision - making process in business organisations.

Join BYJU'S Learning Program

The correct option is A Developing Premises The step in the planning process that is discussed is developing premises.

The correct option is A
Developing Premises

The step in the planning process that is discussed is developing premises.