Concepts of Management MCQ Quiz in தமிழ் - Objective Question with Answer for Concepts of Management - இலவச PDF ஐப் பதிவிறக்கவும்

The correct answer is Rational Decision-Making

Key Points

• Involves comprehensive data collection and analysis.
• Formulates multiple alternative solutions.
• Focuses on selecting the most appropriate solution.
• Often used for complex decision-making scenarios.

Additional Information

• Alternative Solutions: Different possible ways to address a problem.
• Data Collection: Gathering relevant information to make informed decisions.
• Analysis: Evaluating the data to identify the best course of action.

The correct answer is Day-to-day operational efficiency

Key Points

• Operational decisions aim to enhance day-to-day activities.
• They focus on improving efficiency and effectiveness.
• Typically handled by middle and lower management.
• Examples include resource allocation and process optimization.

Additional Information

• Operational Efficiency: Improving the performance of day-to-day activities.
• Resource Allocation: Distributing resources effectively.
• Middle and Lower Management: Managers who oversee daily operations.

The correct answer is (A) - (IV), (B) - (III), (C) - (II), (D) - (I).

Key Points

Matching each entrepreneurial theory with its correct description:

A. Thomas Cochran's Theory - III

• The environment in which an individual is brought up determines his entrepreneurial urge.
• Cochran explored the impact of cultural and societal context on entrepreneurship.

B. Rotter's Locus of Control Theory - I

• Highlight the self-confidence of a person and the dependency on fortune and the external environment for becoming an entrepreneur.
• Rotter's theory is more about how individuals perceive control over their lives, with internal locus of control inclined towards self-confidence and external towards dependency on external factors.

C. McLelland's Theory - IV.

• The need for achievement (nAch) drives and stimulates entrepreneurship. McLelland emphasized the inner drive and motivation, especially the need for achievement, as keys to entrepreneurship.

D. Max Weber's Theory - II.

• Religious beliefs are the driving or restraining forces for entrepreneurial activity.
• Weber's thesis connected the rise of capitalism and entrepreneurship with Protestant ethic and religious motivations, particularly Calvinism.

Therefore, the correct match is: A - III, B - I, C - IV, D - II

Approaches to Management:

Scientific Management:

• Scientific management analyzes and synthesizes workflows and its objective is to improve economic efficiency, especially labor productivity.
• In 1909, F. W. Taylor published "The Principles of Scientific Management" and in it, he proposed that by optimizing and simplifying jobs, productivity would increase.

General administrative:

• General administrative theory is a set of 14 principles set forth by Henry Fayol in his 1916 book, Industrial and General Administration.
• Fayol's administrative theories were developed after observing a work stoppage that he judged to be management failure.
• The majority of these 14 management principles still hold true today.

Quantitative approach:

• This approach involves the application of modern quantitative or mathematical techniques for solving managerial problems.
• The quantitative approach was developed after World War II, during the first half of the 20th century when analytical methods developed by the military during the war effort began to be used in business decision making. 

Contingency approach:

• The contingency approach suggests the most appropriate style of management that is dependent on the context of the situation and that adopting a single rigid style would be inefficient in the long run.
• This approach of leadership was proposed by Fred Edward Fiedler in his 1964 article, "A Contingency Model of Leadership Effectiveness".

Organizational behavior:

• Organizational behavior includes areas of research dedicated to improving job performance, increasing job satisfaction, promoting innovation, and encouraging leadership.
• The study of organizational behavior has its roots in the late 1920s when the Western Electric Company launched famous series of studies of the behavior of workers.  

Globalization:

• Globalization is the process of interaction and integration of people, companies, and governments worldwide.
• The increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture.
• Globalization began in the 1820s, and in the late 19th century drove a rapid expansion in the connectivity of the world's economies and cultures.

Systems approach:

• A systems approach is based on the generalization that everything is interrelated and interdependent.
• A system is composed of a related and dependent element which when in interaction, forms a unitary whole.
• The systems approach was first proposed formally in 1968 with the publication of Ludwig von Bertalanffy's "General System Theory: Foundations, Development, Applications". 

Therefore, the approaches to management thinking which were developed during the first half of the 20th century are Scientific management, general administrative, quantitative, and organizational behavior.

The correct answer is  Behavioral Approach.

Key PointsExplanation of the Behavioral Approach

• The Behavioral Approach to management focuses on the importance of understanding human behavior, needs, and attitudes in the workplace.
• This approach emphasizes the significance of employee well-being and fostering a collaborative work culture.
• The aim is to create a work environment that promotes motivation, job satisfaction, and ultimately, higher productivity.
• In the passage, it is mentioned that Company C exemplifies this approach by focusing on employee well-being and fostering a collaborative work culture, leading to higher productivity.
• The Behavioral Approach contrasts with other management approaches that may focus more on organizational structure, processes, or situational factors.

Additional Information

• Systems Approach: This approach views an organization as an interconnected set of parts or subsystems working together to achieve common objectives. It emphasizes the importance of a holistic view and the interdependence of different parts of the organization.
• Contingency Approach: This approach suggests that management strategies should vary based on specific situations. It emphasizes the need for flexibility and adaptation to different market conditions and organizational contexts.
• Administrative Approach: This approach focuses on the principles and processes of management, such as planning, organizing, commanding, coordinating, and controlling. It is often associated with the work of Henri Fayol.
• Classical Approach: This approach includes scientific management, administrative management, and bureaucratic management. It emphasizes efficiency, standardization, and the division of labor.
• Human Relations Movement: This movement, which is closely related to the Behavioral Approach, emerged in response to the limitations of the Classical Approach. It highlights the importance of social factors, communication, and employee morale in the workplace.

The correct answer is Contingency Strategy.

Key Points

• Contingency Strategy involves planning for various scenarios in unpredictable and dynamic environments.
• This strategy allows businesses to quickly adapt to unforeseen changes or crises.
• It emphasizes flexibility and quick decision-making to maintain competitive advantage.
• Examples include risk management plans, crisis management, and adaptive strategies.

Additional Information

• A. Cost Leadership Strategy focuses on achieving low-cost production and pricing.
• B. Differentiation Strategy aims at offering unique products or services that stand out in the market.
• C. Blue Ocean Strategy targets creating uncontested market spaces with low competition.
• E. Diversification Strategy involves expanding into new markets or product lines.

The correct answer is Risk.

Key Points

• In decision-making under risk, all possible outcomes and their associated probabilities are known.
• This allows decision-makers to calculate expected values and make decisions based on quantitative analysis.
• Risk differs from uncertainty, where probabilities are not known, and from certainty, where outcomes are guaranteed.
• Risk management techniques are often used to mitigate potential negative outcomes in these scenarios.

Additional Information

• Risk: A condition in decision-making where all possible outcomes and their probabilities are known, allowing for the calculation of expected values and the assessment of potential gains or losses.
• Uncertainty: A condition where the probabilities of outcomes are unknown, making it difficult to predict the results of a decision.

The correct answer is It is used under uncertainty and aims to minimize the maximum possible regret of not choosing the best alternative.

Key Points

• The Minimax Regret approach is used in decision-making under uncertainty.
• It aims to minimize the maximum potential regret that could result from not choosing the optimal alternative.
• This approach considers the regret of each possible outcome and selects the decision that has the least potential for maximum regret.
• It is particularly useful in situations where the decision-maker is highly concerned about making the wrong choice and wants to minimize future regrets.

Additional Information

• Minimax Regret: A decision-making strategy that focuses on minimizing the maximum potential regret that could result from making a suboptimal choice, often used in uncertain situations.
• Regret: A negative emotion experienced when realizing or imagining that a different decision could have led to a better outcome.

The correct answer is Identify the Decision

Key Points

• Clearly defines the problem or question to be addressed.
• Ensures the decision is specific and measurable.
• Prevents misidentification of the problem, which could derail the process.
• Sets the foundation for the entire decision-making process.

Additional Information

• Problem Identification: Recognizing and defining the issue that needs a decision.
• Measurability: Ensuring the decision has clear metrics for success.
• Goal Clarity: Defining the specific outcome desired from the decision.