National Institute of Technology 2009 M.B.A Finance ESSENTIALS OF MANAGEMENT - Question Paper

Controlling is measuring and correcting individual and organizational performance to ensure that events conform to plans. It involves measuring performance against goals and plans, showing where deviators from the standards exist. It helps to accurate the deviations. In short, controlling facilitates the accomplishment of plans. Plans guide managers in the use of resources to accomplish specific goals; the activities are checked to determine whether they conform to the plans. The control activities generally relate to the measurement of achievement. E.g.: Budget for expenses, inspection records, records of labor hours lost. every measures and indicates whether plans are working out. If deviations persist, correction is indicated.
Coordination, though sometimes considered as a separate function is truly the essence of managerial capability. Coordination brings about harmony among individual efforts towards the accomplishment of group goals. every of the managerial functions is an exercise contributing to coordination.





Q. l: B) If you were the Chief Executive Officer of a large corporation, how would you "institutionalize" ethics is the corporation?
ANS:
Top level managers have a responsibility to create an organizational environment that fosters ethical decision making by institutionalizing ethics. This means applying and integrating ethical concepts with daily actions.
The identical can be accomplished in 3 ways:
By establishing an approximate company policy or a code of ethics
By using a formally appointed ethics committee
By teaching ethics in management development programs
As a Chief Executive Officer, I would institutionalize ethics in my corporation by establishing the "code of ethics" and would also set up an "Ethics Board Committee". Depending upon the requirement, I would set up Management Development Programs dealing with ethical problems.
I would ensure that the institutionalization of ethics in my organization will not stop at publication of a code of ethics. I would ensure that existing employees and new-employees at the time-of joining sign the ethics code. Ethics criteria will be included in the performance appraisal. Compensation and rewards will be connected to ethical behavior. a different important aspect of institutionalizing ethical behavior is to publicize and encourage ethical behavior among the employees.
I would encourage my managers to encourage employees to report unethical practices and would insist that the managers themselves set a good example of ethical behavior and practices.

Earning:   Approval pending.