Question

The production manager of a company received the complaint that the quality of the goods
was not good. After investigation, it came to light that the machines had become very old. That
is why, they were unable to achieve standardised quality. The production manager developed
several options by way of solution to this problem. Example, getting the machines repaired,
purchasing new local machines, purchasing new imported machines, if possible taking machines
on rent, etc. The CEO of the company wanted the list of options to be smaller, so that a thorough
study could be made for them. In order to make the list of optional ways smaller, he decided to
give up all those options which required the investment of more than 10 crores.
(a) Identify the concept described in the paragraph given above.
(b) What do you understand from the fact of company fixing the maximum investment limit
on options?
Prer​

Answer 1

Answer:

(a) A planning process is a concept described in the para above.

The development of goals, strategies, task lists and schedules required to achieve the objectives of a business. The planning process is a fundamental function of management and should result in the best possible degree of need satisfaction given the resources available.

(b) A company is constantly working for a development. Fixation of maximum investment limit is a part of the development process.

Answer 2

Answer:

planning

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