On the basis of the information given in the case, answer the next five questions.
A Maharatna Company, Indian Oil
Indian Oil is India's largest commercial organisation. It is the top ranked Indian company in the Fortune 'Global 500' listings (2017). Indian Oil's vision is driven by a group of dynamic leaders, who have made it a name to reckon with. With an over 34,000 strong workforce, a Maharatna Company, Indian Oil has been helping to meet India's energy demands and reaching petroleum products in every part of India for over five decades.
• It plans to increase its business operations al around the world.
• The company plans to invest ₹20,000 crore in 2017 — 18 acquisitions and plans to expand overseas. The company is always believed to be ahead of the demand. Last year too, IOC had invested close to ₹20,000 crore, including around ₹16,000 crore in various Indian projects and on acquisition for upstream in Russia.
• The company believed that if the goals are Well defined, employees are aware of what the organisation has to do and what they must do to achieve those goals.
• Changes or events cannot be eliminated, but they can be anticipated and managerial responses to them can be developed. Policy formation serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals.
• It helps in avoiding confusion and misunderstanding. Manager can look into the future and make a choice from amongst various alternative courses of action.
Identify the function of management highlighted in the above case.
The case describes Indian Oil's planning to increase business operations and invest significantly. These activities are all part of the "Planning" function of management, which involves setting objectives and outlining the actions to achieve them.
Well-defined goals ensuring that employees know their roles and objectives signify the function of "Providing direction," which is crucial in guiding the efforts of the entire organization towards achieving set objectives.
Anticipating changes and developing managerial responses to them highlights the importance of "Reducing risks of uncertainty" in management. This managerial function involves forecasting future events and preparing to handle them effectively.
Policy formation helps in coordinating activities across different divisions and departments, which minimizes confusion and misunderstanding. This shows the role of policies in "Facilitating decision making," allowing managers to make informed choices.
A manager's ability to foresee future events and choose among alternative actions underscores the function of "Facilitating decision making," where strategic decisions are made to guide the organization’s direction.
English
50 Questions
200 Marks
45 Mins English