Principles of Management | Week 4
Session: JAN-APR 2024
Course Name: Principles of Management
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These are Principles of Management Week 4 Assignment 4 Answers
Q1. Paytm established itself in the market with an accurate analysis of a digital payment system. This comes under what component of forecasting?
Technological Forecasting
Economic Forecasting
Demand Forecasting
Organization Forecasting
Answer: Technological Forecasting
Q2. Arrange the process of forecasting in proper sequence-
i) Regulate the forecast
ii) Develop the basis for forecasting
iii) Review the process
iv) Estimating future operations of the business
iii, ii, i, iv
ii, iv, i, iii
i, ii, iv, iii
iv, ii, i, iii
Answer: b. ii, iv, i, iii
Q3. Statement 1: Short-term forecasting varies from one day to three months.
Statement 2: Long-term forecasting exceeds the period of more than two years.
Statement 1 is correct.
Statement 2 is correct.
Both the statements are correct.
Both the statements are incorrect.
Answer: Both the statements are correct.
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These are Principles of Management Week 4 Assignment 4 Answers
Q4. The process of deciding how to fill the company’s most critical executive positions is known as
Developmental Planning
Succession Planning
Executive Planning
Career Planning
Answer: Succession Planning
Q5. Match the following:
1. Time Series Analysis i. Uses mathematical formula to predict the replacement of existing products by a new one.
2. Substitution Model ii. Uses a set of regression equations to simulate segments of the economy.
3. Economic Indicators iii. Predicts one variable based on a known or assumed variable.
4. Econometric Model iv. Fits a trend line to a mathematical equation and projects the future.
Regression Model v. Uses one or more economic indicators to predict the future state of the economy.
a. 1(ii), 2(iii), 3(i), 4(iv), 5(v)
b. 1(ii), 2(i), 3(iii), 4(v), 5(iv)
c. 1(i), 2(iii), 3(v), 4(ii), 5(iv)
d. 1(iv), 2(i), 3(v), 4(ii), 5(iii)
Answer: d. 1(iv), 2(i), 3(v), 4(ii), 5(iii)
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These are Principles of Management Week 4 Assignment 4 Answers
Q6. Southwest Airlines studied Indy 500 pit crews, who can change race tires in under 15 seconds, to see how they could make their gate turnaround even faster. This is an example of
Benchmarking
Planning
Co-ordinating
Decision Making
Answer: Benchmarking
Q7. Who is responsible for distributing the questions, consolidating the replies, and leading the discussion in the Delphi technique?
Animator
Presenter
Facilitator
Secretary
Answer: Facilitator
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These are Principles of Management Week 4 Assignment 4 Answers
Q8. The concept of benchmarking has been adapted from the firms of which country in 1970s, which aggressively copied the successes of others and applied what they learned from others around the world to improve their own products and processes?
Japan
US
Germany
Chinese
Answer: Japan
Q9. The group of supervisors or department managers for a few days, you would see them regularly allocating resources by detailing what activities have to be done, the order in which they are to be completed, who is to do each, and when they are to be completed. This process is known as
Planning
Forecasting
Scheduling
Decision Making
Answer: Scheduling
Q10. Which type of budget is more suitable for industries with fluctuating production levels or sales volumes?
Fixed budget
Variable budget
Incremental budget
Zero-based budget
Answer: Variable budget
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These are Principles of Management Week 4 Assignment 4 Answers
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Session: JAN-APR 2023
Course Name: Principles of Management
Course Link: Click Here
These are Principles of Management Week 4 Assignment 4 Answers
Q1. Which of the following is not a technique of assessing the environment?
a. Environmental scanning
b. Scenario Planning
c. Profit and loss statement
d. Forecasting
Answer: c. Profit and loss statement
Q2. Statement I: Forecasting means prediction of outcomes
Statement II: Forecasting creates a foundation for environmental scanning
Read the statements and select the correct option:
a. Both statements I and II are correct
b. Statement I is correct and statement II is incorrect
c. Statement II is correct and statement I is incorrect
d. Both statements I and II are incorrect
Answer: b. Statement I is correct and statement II is incorrect
These are Principles of Management Week 4 Assignment 4 Answers
Q3. Qualitative methods of forecasting are used when:
a. The management doesn’t have precise data
b. The management decides to make good quality forecasts
c. The management wants to make presentations to top level executives
d. The management has all the hard data to make a decision
Answer: a. The management doesn’t have precise data
Q4. Which of the following techniques can be used to determine next quarter’s revenue on the basis of last 5 years’ revenue?
a. Delphi Method
b. Time Series Analysis
c. Regression Analysis
d. Econometric model
Answer: b. Time Series Analysis
These are Principles of Management Week 4 Assignment 4 Answers
Q5. Which of the following does not come in the ambit of HR Planning?
a. Operational Planning
b. Succession Planning
c. Personnel Planning
d. HR demand forecasting
Answer: a. Operational Planning
Q6. Which of the following methods uses “structured iterative process” to forecast something?
a. Jury of Opinion
b. Market Survey
c. Focus Group Technique
d. Delphi Method
Answer: d. Delphi Method
These are Principles of Management Week 4 Assignment 4 Answers
Q7. Which of the following is best described by the sentence “Keeping the best practice in view and learning from it”?
a. Customer Evaluation
b. Benchmarking
c. Economic Forecasting
d. Market Survey
Answer: b. Benchmarking
Q8. “Rs. 4 Lakhs is expected to be spent on repairs for factory floor this year”. This statement is most likely arrived at using which technique:
a. Delphi Method
b. Benchmarking
c. Budgeting
d. Scheduling
Answer: c. Budgeting
These are Principles of Management Week 4 Assignment 4 Answers
Q9. Which of the following technique of scheduling is used if the activities are dependent on each other?
a. Gantt Chart
b. Load Chart
c. PERT
d. Gantt chart and Load Chart
Answer: c. PERT
These are Principles of Management Week 4 Assignment 4 Answers
Q10. Considering some situations to hit business in near future and planning responses for such situations is:
a. Scenario Planning
b. Project Planning
c. Programme Evaluation and Review Technique
d. Succession Planning
Answer: a. Scenario Planning
These are Principles of Management Week 4 Assignment 4 Answers
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