Question

6. Meera is running a boutique. She is facing may risks. Her tailor may leave the job suddenly
which may affect timely completion of orders. She is also worried about theft and fire in
boutique. Flood or famine may also pose threats. There are also changes in fashion which
may be used as an opportunity or can act as a threat. Government policies can also change
like introduction of GST or maintaining complete accounting records, etc.
a) Identify the types of business risks from above case. Also quote the lines.
b) Identify the various causes of business risks quoting the lines​

Answer 1

Answer:

The techniques of scientific management used by Riya to solve the problem are:

(a) Standardisation of work : Standardisation of work implies setting milestones or benchmarks for any work or activity. It aims at establishing standards of excellence against which actual performance can be measured. Standardisation can be set in terms of process, raw material, product or time. Standards are to be followed by the managers in the production process, and standardisation has the objective of ensuring that the final product is of fixed size, characteristic and quality. Various other techniques given by Taylor, such as method study, fatigue study and time study, are based on the concept of standardisation.