Q.1 a) What do you understand by M. B. O. b) how this concept helps you to be a
ID: 359636 • Letter: Q
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Q.1 a) What do you understand by M. B. O. b) how this concept helps you to be a successful manager? c) What precautions you should observe while using M. B.O.? Q.2 a) Why exponential smoothening method is better than moving average method of forecasting? b) How regression method of forecasting works and how it is different than other forecasting method? c) Why in the real life you should mix qualitative and quantitative l forecasting for planning purpose? Answering All Questions (2) Reference (1) Total (10) Quality of Answers (4) Format & Readability (3) All answers are correct original, creative, showing your depth of Excellent clarity and readability. Hand writing is clear andlegible. Headings are used appropriately All answers are provided, no question points are understanding, relevant to missed References are correctly cited thly with no Spelling in each answer the question asked, focused and logical Mistakes. Tables, figures are effectively used (CtrlExplanation / Answer
1. (a) Management by Objective (MBO): MBO is one of the very clear and simple concepts of management. In any organization, management has a different set of objectives than the employees. MBO is the concept where management and employees figure out the common objectives with each other's consent and work together to achieve those objectives. It increases the participation of the employee in the management of the organization.
1. (b) This concept helps a manager to improve in many ways. The manager will understand the problem of employees and involve them in the strategic discussion. Furthermore, the knowledge a manager gains from those discussions will help him in personal career growth as well as it helps the organization to understand employees point of view.
1. (c) The only precaution management need to take while using this practice is the level of control to pass on to the employees during their participation in management. Because if more controlling power passed on to the employees than it might deviate company from the growth path decided by the top management in the corporate strategic planning for a long-term perspective.
2. (a) The biggest reason for exponential smoothing method to be better than moving average method is the weights assign to the past data. In moving avg method equal weights are assigned to past data as well as recent past data. But in exponential smoothing method past data has less importance (in terms of weight) compare to the recent data.
2. (b) Regression analysis is the base for the forecasting by using the regression method. In this method, we can establish a relationship between two different variables by the help of the relationship we can forecast the demand. This method can not be used with time series data like other methods.
2. (c) Forecasting means predicting the future. which in itself is impossible. However, by using few techniques we can predict the future with a few variations. We have two type of techniques for forecasting qualitative and quantitive. Both have the techniques have merits and demerits but while forecasting one should use both of the techniques together. Because both the techniques will complement each other and will lead to more accurate forecasting. Anyone single technique is not enough for predicting the future.
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