Business Studies 2003 CBSE [ All India ] Set I

Time study is an art of observing and recording the time required to do each detailed element of an industrial operation. The purpose of time study is to determine the precise time required for each element of a man’s work. It helps in fixing the standard time required to do a particular job.

The modern concept views marketing as a consumer oriented activity. It emphasises on determining the customer's  requirements and supplying the products to meet these requirements. The customer's satisfaction is considered to be supreme.

Money market is a market for short-term funds meant for use for a period of upto one year. This market constitutes a major source of working capital market. The important money market instruments or securities are:
i)    Call Money
ii)   Treasury Bills
iii)  Trade Bills
iv)  Commercial Papers
v)   Certificate of deposit

The principle of equity suggests that similar treatment should be assured to people in similar positions. This principle implies that managers should be fair and impartial while dealing with their subordinates e.g. workers performing similar jobs should be paid same wage rates and requisites.

Organisation as a structure can be defined as a system of job positions, the roles assigned to them and the authority vis-a-vis relationship among various positions. The structure provides a basis or framework for managers and other employees for performing their functions.

Following are the various objectives of Financial Management:
1.To ensure the availability of sufficient funds at a reasonable cost.
2.To ensure effective utilisation of funds.
3.To ensure the safety of funds through creation of reserves, reinvestment of profits etc.

Following are the important brand name strategies:
1. Individual Branding.
2. Blanket Family Branding.
3. Separate Family Branding.
4. Company name combined with individual name.

Directing comprises of elements like supervision, motivation, leadership and communication. Hence, it brings about balance in the organisation following a balance in the following four important functions:
i) Supervision: It is an important element of directing that aims at overseeing the employee's work and it is an important factor of management too. For an effective management, there should be keen observation or supervision.
ii) Motivation: Motivation refers to stimulating the employees to perform actions to accomplish the work. It is also an important factor of management and is necessary for effective management.
iii) Leadership: It is the process of influencing the people to work willingly for group activity. For a good management system it is an important constituent.
iv) Communication: It is also one of the most important factors of management. It is the process of transmission of message, information etc.