Friday, 30 September 2022
Question no. 1 - MMPC 03 - Business Environment - MBA and MBA (Banking & Finance)
MMPC 03 - Business Environment - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC 03 - Business Environment
MMPC-003/TMA/JULY/2022
a) Measures to reduce barriers to foreign trade.
b) Impact of technological environment on international business.
Question No. 5 - MMPC 002 - Human Resources Management - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC 002 - Human Resources Management
MMPC-002/TMA/JULY/2022
Question No. 5. What is career development? Explain the process of career development citing examples.
Internal Career Assessment: Since a person's career is extremely important element of life, each person is to make his or her decision in this regard. However, the HR manager may assist an employee's decision-making process by providing as much information as possible to the employee showing what type of work would suit him or her most, considering his or her other interest, skill, aptitude, and performance in the work that he or she is already doing. For rendering such help some big organisations provide formal assessment centre/workshops where small groups of employees are subjected to psychological testing, simulation exercises and depth interviewing. The objective of such programmes is not that of selecting future promotees, but rather to help indivuduals to do their own planning.
Career Opportunities: Knowing that employees have definite career needs, there naturally follows the obligation of specifically charting career paths through the organisation and informing the employees. For identifying the career paths the technique of job analysis may help in discovering multiple lines of advancement to several jobs in different areas.
Employee's Needs and Opportunities: When employees have assessed their needs and have become aware of organisational career opportunities the remaining problem is one of alignment. For aligning or matching the career needs of employees to opportunities offered by the organisation, special training and development techniques such as special assignment, planned position rotation, and supervisory coaching, are used. The HR department of some organisations have also some system of recording and tracking moves through the organisation, and maintain an organisation chart that highlights age, seniority and promotion status.
B) Career Planning Process and Activities
The process of career planning involves a number of activities or steps to be undertaken as mentioned below:
a) Preparation of HR inventory of the organisation,
Organisation's HR Inventory: Such an inventory is an essential prerequisite for any successful career planning within the organisation. This inventory should be so prepared as to provide the following information:
- Organisational set up and its different levels.
- The existing number of persons employed in the organisation. For this, manning tables are prepared showing the nature of positions at different levels of the organisation and the number of persons manning those jobs. Sometimes the age of persons holding the jobs are also mentioned in the table to show when they are likely to retire and when the vacancy thus caused may be required to be filled.
- Types of existing employees, their status, duties, qualifications, age, aptitude, ability to shoulder added responsibility and their acceptability to their colleagues.
- Whether the existing manpower is short or in surplus to requirements. If there is a shortage, how many more persons are required, and for what positions.
Number of persons required in the near future, say in the next one to five years, to meet the needs arising from expansion or diversification of work or natural wastage of manpower. The latter includes death, permanent disability, superannuation and retirement, discharge, dismissal, voluntary resignation, or abandonment of the jobs. Collection of all the above information may amount to manpower planning, and involve preparation of manpower budget showing present and immediate future needs.
b) Building career paths or ladders for various categories of employees,
Employee's Potential for Career Planning: After determining the career path, the next logical step is to find out the suitable employees who may have the necessary ability and potential for climbing up the ladder and are willing to be promoted and to take up higher responsibilities. For this the management control technique of Performance Appraisal and Merit Rating is utilised. Periodical evaluation and merit rating of employees is also necessary for proper planning of manpower and career of employees in the organisation. This can be possible only by knowing how much and what types of human resources are available, and the potential of employees whose career is to be planned.
c) Locating or identifying employees with necessary potential for career planning,
Formulation and Implementation of Training and Development Plans and Programmes: For making the career planning a success it is essential that the training and development programmes should be so planned and designed that they meet the needs of both the management and employees. The participants of these programmes should be the employees who are willing to be trained and developed further to make their career in the organisation. Methods of training and nature of skill and knowledge to be imparted may be different for different types of employees. The emphasis may be on improving technical skills of skilled workers and on acquiring and improving leadership qualities, human and conceptual skills for senior supervisors, executives and managers.
d) Formulation and implementation of suitable plans for training and development of
Age Balance and Career Paths: One widespread difficulty in career planning may arise from the need to accommodate people in the same level of supervisory and managerial hierarchy, some of whom are young direct recruits and others are promotees who are almost always considerably older. The latter, because of their limited education or formal professional qualification, cannot expect to move up very high; the former as they are better educated and trained have aspirations for rapid vertical mobility. Promotion and direct recruitment at every level must, therefore, be so planned as to ensure a fair share to either group. Intense jealousies, rivalries or groupism may develop if this aspect of personnel administration is neglected. Very quick promotions which create promotion blocks should also be avoided if the employees are not to feel stagnated or demotivated at early stages of their careers, and think of leaving the organisation for better prospects. Such a situation can be avoided if promotions are properly spaced.
e) persons for different steps of the career ladder or paths, and
Review of Career Development Plans in Action: Career planning is a continuous activity. In fact it is a process. For effective career planning, a periodical review process should be followed so that the employee may know in which direction the organisation is moving, what changes are likely to take place and what resources and skills he or she needs to adapt to the changing organisational requirements. Even for the organisation, annual evaluation is desirable to know an employee's performance, limitations, goals and aspirations, and to know whether the career plan in action is serving the corporate objective i.e. effective utilisation of human resources by matching employee abilities to the demands of the job and his or her needs to the rewards of the job. Some of the questions that could be asked while evaluating the career plan might be:
- Was the classification of the existing employees correct?
- Are the job descriptions proper?
- Is there any employee unsuited to his or her job?
- Are the future manpower projections still valid?
- Is the team pulling on well as a whole?
- Are the training and development programmes adequately devised to enable the employee to climb up the career ladder and fit into higher positions?
Answers to all these and other questions can be found either by holding brainstorming sessions or by undertaking a survey of career planning activities and their impact on the working of the organisation.
f) Maintaining age balance while taking employees up the career path and review of career development plan in action, etc.
Career Counselling: Career planning may also involve counselling individuals on their possible career paths, and what they must do to achieve promotions. The need for such counselling arises when employees plan their own careers, and develop or train themselves for career progression in the organisation. This does not mean revealing the number of determined steps in a long range plan of the organisation. Even if it were possible, it would be inappropriate to raise expectations which might not be fulfilled or induce complacency about the future. In counselling, the wisest approach is to provide a scenario of the opportunities that might become available. The main aim should be to help the individual concerned to develop oneself by giving him or her some idea of the direction in which he or she ought to be heading. Some other objectives of career counselling are as follows:
- Enabling individuals to study the immediate and personal world in which they live.
- Providing a normal mature person with guidelines to help him or her understand oneself more clearly and develop his or her thinking and outlook.
- Achieving and enjoying greater personal satisfaction, pleasure and happiness.
- Understanding the forces and dynamics operating in a system.
Question No. 4 - MMPC 002 - Human Resources Management - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC 002 - Human Resources Management
MMPC-002/TMA/JULY/2022
Question No. 4. Why training, mentoring, compensation and reward management of an organization ensures effective human resource development? Explain with the help of recent trends in the corporate world.
- reduction in wastes and spoilage;
- improvement in methods of work;
- reduction in learning time;
- reduction in supervisory burden;
- reduction in machine breakage and maintenance cost;
- reduction in accident rate;
- improvement in quality of products;
- improvement in production rate;
- improvement of morale and reduction in grievances;
- improvement of efficiency and productivity;
- reduction in manpower obsolescence;
- enabling the organization to provide increased financial incentives, opportunity for internal promotion and raising of pay rates;
- wider awareness among participants, enlarges skill; and
- personal growth.
A mentee should be able to let their guard down, confide in their mentor, and not have to worry about office politics. In fact, office politics could easily be a topic of conversation. That being said, mentor/mentee confidentiality can be a little tricky. There's no law saying a mentor has to keep everything their mentee says confidential, but it's extremely bad practice to betray trust within the relationship. A good mentee should be aware of what information is appropriate to share, and a good mentor should remain professional with the information they're given.
Mentoring is beneficial to practically any industry, and any level of employee. For recruiting new talent, it can even be a great selling feature - especially with a younger workforce who is eager to learn, grow, and build their network. Mentoring is a great tool that can strengthen your workforce, and your company.
- Give value to the reward system. Employees must have a preference for the types of rewards being offered. Many employees prefer cash awards and plaques.
- Some employees like to see their name in the company newsletter. Others like the public recognition surrounding award ceremonies.
- Make the reward system simple to understand. Elaborate procedures for evaluating performance, filling out forms, and review by several levels of management lead to confusion. The system must be easy to understand if it is to be used effectively.
- Lay down performance standards within the control of the team.
- Make the reward system fair and effective.
- Ensure participation in the reward system.
- Involve people in the reward process and empower them to do the needful.
Friday, 16 September 2022
Question No. 3 - MMPC 002 - Human Resources Management - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC 002 - Human Resources Management
MMPC-002/TMA/JULY/2022
Question No. 3. Explain the importance of job analysis, job design, socialization and mobility in Human resource planning citing relevant examples.
Thursday, 15 September 2022
Question No. 2 - MMPC 002 - Human Resources Management - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC 002 - Human Resources Management
MMPC-002/TMA/JULY/2022
Question No. 2. How do job analysis and job design address the problems of the HR planning process? Is Outsourcing an effective method of recruitment and selection? Briefly explain your views.
Question No. 2 - MMPC-008 - Information System for Managers - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC-008 - Information System for Managers
MMPC-008/TMA/JAN/2022
Question No. 2. What are the technology related challenges that are invisible to your organization? Highlight the pitfalls? How integrated software applications can help in this?
Question No. 1 - MMPC-008 - Information System for Managers - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC-008 - Information System for Managers
MMPC-008/TMA/JAN/2022
Question No. 1. “The IT has been used in every business and for every function of a business.” Do you agree? Give reasons for your answer. Also explain application of IT in business.
- Finance and accounting - IT has been used for forecasting revenues, determining the best sources and uses of funds and managing cash and other financial resources. IT has also been used to analyze investments and perform audits.
- Sales and marketing - IT has been used to develop new services, which may not exist without IT. IT has helped management of various organizations to determine the best location for production and distribution facilities. The operational data has been analyzed using IT to determine the best advertising and sales approaches. The product prices have been set using IT to get the highest total revenues. In other words, IT has been used for product analysis and price analysis.
- Manufacturing - IT has been extensively used for processing customer orders, controlling inventory levels, developing production schedules and for monitoring product quality. A whole new discipline- Computer Aided Design and Computer Aided Manufacturing has evolved due to application of IT to design and manufacturing. The manufacturing is not what is used to be due to the use of computers, Computer Integrated Manufacturing (CIM) dominates the manufacturing sector. Use of robots is increasing not only in manufacturing plants but also in other sectors such as healthcare, laboratories, defense sector etc.
- Human Resource Management - Companies are using IT systems for screening applicants and conducting various tests.
- Project Management - A range of software packages are available in the market for managing projects. These software products let the management set the schedules, milestones, facilitate communication among group members, and monitor the project progress. These products help in document and report preparation.
- Data Analysis- Investment firms heavily use information systems to analyze stocks, bonds and options to provide better service to their clients. With the internet connectivity this application is high in demand even by other firms dealing with large data.
MMPC-008 - Information System for Managers - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC-008 - Information System for Managers
MMPC-008/TMA/JAN/2022
Question No. 1 - MMPC 002 - Human Resources Management - MBA and MBA (Banking & Finance)
Solutions to Assignments
MBA and MBA (Banking & Finance)
MMPC 002 - Human Resources Management
MMPC-002/TMA/JULY/2022
Question No. 1. How did the concept of human resource management emerge? By explaining the functions of HRM describe the various perspectives of human resource management briefly.
- Participating in the strategizing sessions of business policy
- Preparing the HR strategies in coordination with the corporate strategies
- Implementing the various HR policies and practices including HR planning, recruitment and induction, compensation structuring, career planning, competence mapping, performance management, etc.
- Collection of data, information, facts and ideas relating to various aspects of jobs including men, machines and materials.
- Preparation of job description, job specifications, job requirements and employee specifications which will help in identifying the nature, levels and quantum of human resources.
- Providing the guides, plans and basis for job design and for all operative functions of HRM.
- Estimation of present and future requirements and supply of human resources based on objectives and long range plans of the organisation.
- Calculation of net human resources requirements based on present inventory of human resources.
- Taking steps to mould, change and develop the strength of existing employees in the organisation so as to meet the future human resources requirements.
- Preparation of action programmes to get the rest of human resources from outside the organisation and to develop the human resources in terms of existing employees.
- Identification of existing sources of applicants and developing them.
- Creation/identification of new sources of applicants.
- Stimulating the candidates to apply for jobs in the organisation.
- Striking a balance between internal and external sources.
- Creating and developing valid and reliable testing techniques.
- Formulating interviewing techniques.
- Checking of references.
- Setting up a medical examination policy and procedure.
- Line manager‟s decision.
- Sending letters of appointment and rejection.
- Employing the selected candidates who report for duty.
- Counselling the functional managers regarding placement.
- Conducting follow-up study, appraising employee performance in order to determine employee adjustment with the job.
- Correcting misplacements, if any.
- Acquaint the employee with the company philosophy, objectives, policies, career planning and development, opportunities, product, market share, social and community standing, company history, culture etc.
- Introduce the employee to the people with whom he has to work such as peers, supervisors and subordinates.
- Mould the employes attitude by orienting him to the new working and social environment.
- Developing policies, procedures and techniques.
- Helping the functional managers.
- Reviewing of reports and consolidation of reports.
- Evaluating the effectiveness of various programmes.
- Identification of training needs of the individuals and the company.
- Developing suitable training programmes.
- Helping and advising line management in the conduct of training programmes.
- Imparting of requisite job skills and knowledge to employees.
- Evaluating the effectiveness of training programmes.
- Identification of the areas in which management development is needed.
- Conducting development programmes.
- Motivating the executives.
- Designing special development programmes for promotions.
- Using the services of specialists, and/or utilising of the institutional executive development programmes.
- Evaluating the effectiveness of executive development programmes.
- Employee engagement
- Understanding and applying the models of perception, personality, learning, intra- and inter-personal relations, intra- and inter-group relations.
- Motivating the employees.
- Boosting employee morale.
- Developing the communication skills.
- Developing the leadership skills.
- Grievance redressal
- Handling disciplinary cases by means of an established disciplinary procedure.
- Counseling the employees in solving their personal, family and work problems and releasing their stress, strain and tensions.
- Providing a comfortable work environment by reducing fatigue, monotony, boredom and industrial accidents.
- Improving quality of work life of employees through participation and other means.
All Questions - MCO-021 - MANAGERIAL ECONOMICS - Masters of Commerce (Mcom) - First Semester 2024
IGNOU ASSIGNMENT SOLUTIONS MASTER OF COMMERCE (MCOM - SEMESTER 1) MCO-021 - MANAGERIA...
-
IGNOU ASSIGNMENT SOLUTIONS MASTER OF COMMERCE (MCOM - SEMESTER 1) MCO-01 - Organisation...
-
IGNOU ASSIGNMENT SOLUTIONS MASTER OF COMMERCE (MCOM - SEMESTER 1) MCO-05 - Accounting ...
-
IGNOU ASSIGNMENT SOLUTIONS MASTER OF COMMERCE (MCOM - SEMESTER 1) MCO-04 - BUSINESS ...