IME

IME CM602 Expected Questions With Answers STILL UNDER CONSTRUCTION 1. 1.      Define industry, commerce (trade), and business. Industry means activity leads to manufacturing products Commerce means buying and selling of products and services between firms, usually in different states or countries. Business is an economic system in which goods and services are exchanged for one another or money, on the basis of their value. 2.     Write the functions of management. Planning Organizing Staffing Directing Controlling 3.     Define administration and management. Administration formulates policies and objectives Management executes the policies and objectives 4.       Write the differences between Management and Administration. Sl.No Administration Management 1 Takes decision at top level Gets the work done at middle or low level 2 Formulates Policies and Objectives Executes Policies and Objectives 3 Entrepreneurs or Owners Employees 4 Administrative Skills may be required Technical Knowledge is required 5.     List the types of ownerships in organization. a. Single ownership b. Partnership c. Joint Stock Companies d. Cooperative Organizations e. Government Owned 6.      What are the features of Joint Stock Companies? a. Money can be raised b. Risk and loss is divided among share holders c. Companies are stable and transparent 7.      Write the differences between partnership and joint stock companies. Sl.No Partnership Joint Stock Companies 1 2 to 6 people joined Many share holders 2 Suitable for Medium Scale Industries Suitable for Large Scale Industries 3 Capital is limited Capital is unlimited 4 Secrecy is maintained It is transparent 8.       Write the limitations of staff organization. a. It is rigid b. No expert is available c. Executives are burden d. Does not facilitates mass production 9.      Write the advantages of functional organization. a. Based on expert knowledge b. Quality in work is improved c. Facilitates mass production d. Burden on executives is minimized 10.   List the different department in a large scale industry. a. Engineering Department b. Production Department c. Material Department d. Finance Department e. Marketing and Sales Department f. Personnel Department 11.   List the different Leadership models. a. Autocratic Leader b. Democratic Leader c. Free rein Leader 12.    Define Routing, Dispatching, and Scheduling. Routing means path in which raw material or semi finished product goes through to lead finished goods Dispatching means releasing of orders and instructions for starting of production process Scheduling means time table of work to be done for the process of production 13.   Write the need for Planning a. To minimize Risk and Uncertainty b. To focus attention on Objectives c. To facilitate control d. To increase efficiency 14.   What are the advantages of Planning? a. To minimize Risk and Uncertainty b. To focus attention on Objectives c. To facilitate control d. To increase efficiency 15.   What are Production, Planning, and Control? Production is an organized activity of converting of raw materials into useful products. Planning is deciding in advance what to do, how to do it, when to do it and who is to do it. Controlling is determining what is being accomplished, that is, evaluating the performance and if necessary applying corrective measures so that the performance takes place according to plans. 16.  Write how Production, Planning, and Control are related? Production is an organized activity of converting of raw materials into useful products. Planning is deciding in advance what to do, how to do it, when to do it and who is to do it. Controlling is determining what is being accomplished, that is, evaluating the performance and if necessary applying corrective measures so that the performance takes place according to plans. 17.   Define Safety Stock. Safety Stock is a buffer stock in which required materials are put on stock all the time up to certain quantity and it is used in emergency only. 18.   Define Reorder Level in material management. It is the quantity of materials at which a fresh order is to be placed. 19.    List the Stores records. a. Receipt of materials b. Issue of materials c. Stores Ledger d. Bin Cards 20.  List the purchase records. a. Purchase Requisition Forms b. Purchase Enquiry c. Suppliers Quotations d. Comparative Statements e. Purchase Orders f. Bills/Invoices 21.  What is a Bin Card? Bin Card is a card written with details of materials stored in a bin         What are the stores equipments? a. Bins b. Racks c. Pallets d. Almarhs 23.   List the Market Conditions. a. Monopoly b. Oligopoly c. Perfect Competition          Write the differences between Seller’s and Buyer’s market. Sl.No Seller’s Market Buyer’s Market 1 Seller is important here Buyer is important here 2 No competition to the seller Competition is there 3 Profit is large Profit is nominal or less 4 Consumers are loyal to suppliers Suppliers are loyal to consumers     25.     List the elements of Cost. a. Material Cost b. Labour cost c. Expenses 2         List the products currently in demand with market or industry. a. Samsung Mobiles b. Maruthi Swift cars c. Hero Honda Splendor Plus Bikes d. Hercules Bicycles 27.      List the different hazards in the industry. a. Fire Hazards b. Electrical Hazards c. Chemical Hazards d. Mechanical Hazards e. Radiation Hazards 28        What are the merits and demerits of Trade Unions in industry? Merits: a. Disputes are solved b. Cooperation is developed with management c. Working Conditions are improved Demerits: d. Sometime work may slow down e. Creates disputes with managements f. Often Go on strikes and production may come down 29        What do you mean of Collective Bargaining in Settlement of Disputes? Collective Barraging is one of the Settlements of Disputes in industry between management and workers in which groups of unions do negations with management and put the accepted agreements in written in order to resolve the disputes. 30        List some important Trade Unions. a. AITUC : All India Trade Union Congress b. INTUC : Indian National Trade Union Congress c. UTUC : United Trade Union Congress d. CITU : Center of Indian Trade Union 3         What are the various causes of Accidents? a. Defective machines b. Machines are not properly guarded c. Attendant is not enough dutiful d. Ventilation and lighting are not enough e. Inadequate rest to workers 32       What are the causes of Industrial Disputes? a. Working conditions are not good b. Wages and allowances are not as per the work extracted c. Workers suffer from harassments 33      What are the rights of employees in industry? a. To claim salary and incentives for the work done b. To form unions c. To gain their rights d. To avail paid leaves e. To claim compensation for the loss incurred 34.      What are the responsibilities of employers in industry? a. To pay proper wages and salaries to employees b. To implement labour laws in letter and spirit c. To protect the employees’ rights d. To provide safety and security to employees 35       What are the features of ISO 9000 series? a. It promotes improvement in quality b. It provides global competition c. It gives international recognition d. It reduces wastes and repairs 36.      Define the term TQM. Total Quality Management is the pursuit of quality through constant and never ending improvements 37.     What is Quality System? 38      What are the Indian Standards on Quality System? 39      Write the drawbacks of ISO 9000 series. a. Assessment and registration are expensive b. Frequent upgrading units is compulsory and it is burden c. It causes over documentation d. It adds cost but not value 40      List the beneficiaries of ISO 9000. 41.      Define the word Entrepreneur. An entrepreneur is a person who tries to create something new, organizes production and undertakes risks and handles economic uncertainty involved in enterprise. 42.     List some Self Employment Schemes. a. Prime Minister Rojgar Yojana(PMRY) b. Single Window Scheme(SWS) c. Mahatma Gandhi National Rural Employment Guarantee Scheme(MGNREGS) d. Self Employment scheme to Educated Unemployed Youth(SEEUY) 43     What is Plant Layout? 44      List the organizations that help an entrepreneur. 45.    Explain the principles of Scientific Management. 46.    Explain Line, Staff and Functional organizations. 47.    Explain the process of job selections. The process of selection leads to employment of persons having the ability and qualifications to perform the jobs which have fallen vacant in an organization. It divides the candidates into two categories; those will be offered employment and those who will not be. The basic purpose of the selection process is choosing right type of candidates to man various positions in the organization. In order to achieve this purpose, a well, organized selection procedure involves many steps and at each step more and more information is obtained about the candidates. The steps involved in selection procedure are discussed below. (1) Receipt of applications: Whenever there is vacancy, it is advertised or enquires are made from suitable sources and applications in standard form are received from the candidates. The applications give preliminary idea of the candidates like age, qualifi- cations, experience etc., Standard forms make the application processing very easy. (2) Screening of applications: Applications received from the candidates are screened by the screening committee and a list of candidates to be interviewed is prepared. Applicants can be called for interviews on some specific criterion like sex, desired age group experience and qualification. The number of candidates to be called for interview is five to seven times the number of vacant positions to be filled. (3) Employment tests: Employment tests help in matching the characteristics of individuals with the vacant jobs so as to employ the right kind of people. Intelligent tests, Aptitude tests, proficiency tests, personality tests, interest tests etc. may be used for this purpose. (4) Interviews: The employment tests do not provide the complete set of information about the candidate. Interview may be used to secure more information about the candidate. The main purpose of interview is to find out the suitability of the candidate, to seek more information about the candidate, to give an accurate picture of the job with details of terms and conditions. In addition, interview help to check the information given by the applicant in the application and to assess the capability and personality of the applicant. For senior positions, interviews may be in several stages. The preliminary interview is conducted by head of the department and the final interview is conducted by the selection committee consisting of chairman of the organization, head of the department, personal manager and outside experts. After all the candidates have been interviewed, a panel is proposed. The number of persons in the panel is generally about two to three times the number of vacancies to be filled up. Background investigation and medical examination: Prior to final selection, the prospective employer normally makes an investigation about applicants past employment, education, personal reputation, police record etc., Medical and physical examination has three objectives: (1) It serves to ascertain applicant’s capabilities to meet the job requirement. (2) It serves to protect organization against the unwarranted claims under works man compensation. (3) It helps to prevent communicable deceases entering the organization. A proper medical examination will ensure standards of health and physical fitness of the employees and reduce the rates of accidents, labour turnover and absenteeism Final selection: After a candidate has cleared all the hurdles in the selection procedure, he is formally appointed by issuing him an appointment letter or by concluding with him a service agreement. The appointment letter contains the terms and conditions of employment, pay scale and other benefits associated with the job. 48.    Write about the trait theory of leadership. 49     Write about the behavioral theory of leadership. 50.    Explain the process of Decision Making. A decision is rational if appropriate means are chosen to reach the desired end. The following steps are involved in the process decision making. (1) Recognizing the problem. (2) Deciding priorities among the problems. (3) Diagnosing the problem. (4) Developing alternative solutions or courses of activities. (5) Evaluating alternatives. (6) Converting the decision into effective action and follow up of action. (1) Recognizing the problem: (2) Deciding priorities among problems: A manager might have identified a number of problems. All these problems vary in their importance. He may find that some of the problems are such that they can be solved by their subordinates because they are closest to them. All such problems should be passed on to them. Some problems may need information available only at higher level or affecting other departments. Such problems are referred to higher level managers. And those problems which can be best solved by him are to be focused. (3) Diagnosing the problems: Symptoms of the problem that are observed by the manager may sometimes mislead him. The symptom may lead manager to suspect one part when the defect may lie hidden in another part. For example if there is decline in sales, the management may think that the problem is one of poor selling procedure or the saturation of the old market. But the real problem may be inability to move quickly to meet changing needs of the customers. For diagnosing the problem a manager should follow the systems approach. He should study all the sub-parts of his organization which are connected with the sub-part in which the problem seems to be located. (4) Developing alternative solutions or courses of action: A problem can be solved in several ways; however all the ways cannot be equally satisfying. If there is only one way of solving a problem, then no question of decision arises. Therefore decision maker must identify various alternatives available in order to get most satisfactory result of a decision. (5) Measuring and comparing consequences of the alternative solution: Once various alternatives are developed, the next step is to measure and compare their consequences of alternatives using quality and acceptability. (6) Converting the decision into effective action and follow up of action: This step involves communication of decisions to the employees. Decision must be communicated in clear and unambiguous terms. All necessary efforts should be made to secure employees participation in some stages of decision making. 51.    Explain the stages of Production, Planning, and Control. 52.    Problem on Network Diagram and Critical Path. 53.   Explain the ABC analysis in inventory control. 54.   Explain the purchasing procedures of materials. 55.   Explain the Break Even Analysis. 56.   Write the differences among monopoly, oligopoly, and perfect competition. 57.   What are the salient features of Indian Factories Act? 58.   Write the provisions of Indian Electricity Rules laid in the electricity act 1923. 59.   Explain the causes of accidents in industry. 60.   Explain the ISO standards and ISO 9000 series. 61   What is Quality System? Explain the elements of Quality System. 62.  Explain the role of entrepreneur in promoting the small scale industries. 63.  Write about the Self Employment Schemes. 64.  Explain the role and expectations of Entrepreneurship. 65.  Write the factors to be considered for selection of a site for an industry. Today, there have been 3 visitors (4 hits) on this page!