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. 

IMPORTANCE OF JOB ANALYSIS

According to scientific management, the key to productivity is a precise understanding of the tasks that constitute a job. If the motions of workers are to become standardized and machine-like, then it is necessary to be certain about what is to be accomplished, as well as what abilities and materials are necessary to do the job. For many years, job analysis was considered the backbone of the scientific clipboards and stopwatches, was the method used to determine the most efficient way to perform specific jobs. As the popularity of scientific management declined after World War II, however, so did the popularity of job analysis. With the new emphasis on human relations as the key to productivity job analysis was used primarily to set salary scales. But in the modern times workers and employers began to take renewed interest in this area because of concerns about two issues: unfair discrimination and comparable worth.
There are two areas where unfair discrimination in hiring can occur: in the standards set for being hired; and in the procedures used to assess the applicant‟s ability to meet those standards. Job analysis addresses the question of what tasks, taken together actually constitute a job. Without this information, standards for hiring may appear to be arbitrary – or worse, designed to exclude certain individual or groups from the workplace. More recently, the issue of comparable worth has also contributed to a new interest in job analysis. Comparable worth refers to equal pay for individuals who hold different jobs but perform work that is comparable in terms of knowledge required or level of responsibility. The major issue of the comparable worth controversy is that women who are employed in jobs that are comparable to those held by men are paid, on the average, about 65 percent of what a man would earn. In order to determine the comparability of job tasks so that salaries can also be compared, a proper job analysis is necessary. Comparable work is an issue of considerable interest to many people.

IMPORTANCE OF JOB DESIGN 

Job design has emerged as an important area of work analysis. It is based on growing conceptual and empirical base and has commanded research attention and is being widely applied to actual practice of management. Job design concern and approaches are considered to have begun with the scientific management movement. Pioneering scientific managers like Taylor and Gilbreth examined jobs with techniques such as time and motion analysis. Their goal was to maximize human efficiency on the job. Taylor suggested that task design might be the most important single element in scientific management.

Job designing evolved into what is popularly known as job engineering. The industrial engineering approach is basically concerned with products, process, tool design, plant layout, operating procedures, work measurement, standards, and human-machine interactions. It has also been closely associated with sophisticated computer applications involving Computer Assisted Design (CAD). These computer systems had a positive impact by reducing task and workflow uncertainty. Top management could readily perceive the immediate cost savings form job engineering, but certain behavioural aspects like quality absenteeism, and turnover were generally ignored.

In the 1950s, different methods were being adopted by practicing managers. For example, IBM job rotation and job enlargement programmes were introduced. Job enlargement programmes essentially loaded the jobs horizontally, and expanded the number of operations performed by the worker and made the job less specialized. Job rotation programmes reduced boredom by switching people around to various jobs. Although boredom at work is still a significant problem in the last several years, attention has shifted to new demanding challenges facing employees on the job. For example, because of downsizing of organizations and increasingly advanced technology, jobs have suddenly become much more demanding and employees must differently adapt to unpredictable changes. For example, in manufacturing assembly line methods are being replaced by flexible, customized production and computer-integrated manufacturing. This new manufacturing approach requires workers to deal with an ever-increasing line of product and sophisticated technology.

In this context, job design takes on special importance in today‟s human resource management. It is essential to design jobs so that stress can be reduced, motivation can be enhanced, and satisfaction of employees and their performance can be improved so that organizations can effectively compete in the global market place.

Job Rotation: An alternative to boredom in work place is job rotation. Job rotation implies moving of employees form one job to another without any fundamental change in the nature of the job. The employee may be performing different jobs that are of similar nature. The advantages of job rotation may be reduced boredom, broadening of employees‟ knowledge and skills, and making them competent in several jobs rather than only one. However, caution needs to be exercised while shifting people frequently form one job to another, as it may cause interruption or the employee may feel alienated in a new job. Another factor is job rotation does not provide the employee any challenge on the job and, hence, those employees who are seeking challenge may feel frustrated.

Job Enlargement: Job enlargement involves adding more tasks to a job. It is a horizontal expansion and increases jobs scope and gives a variety of tasks to the jobholder. It is essentially adding more tasks to a single job. It definitely reduces boredom and monotony by providing the employee more variety of tasks in the job. Thus, it helps to increase interest in work and efficiency. In one study it was found that by expanding the scope of job, workers got more satisfaction, committed less errors, and customer service improved. However, research has provided contrary evidence also in that enlargement sometimes may not motivate an individual in the desired direction. Job Enrichment. 

Job Enrichment: Another approach to designing jobs in job enrichment. In the earlier two methods, human capabilities are not being utilized to a maximum and employees are feeling frustrated. Job enrichment involves a vertical expansion of a job by adding more responsibilities and freedom to it. According to Herzberg, job enrichment is the type of expansion of a job that gives employees more challenge, more responsibility, more opportunity to grow and contribute his or her ideas to the organization‟s success. In other words, job enrichment increases job depth that refers to the degree of control employees have over their work. Job enrichment basically provides autonomy while retaining accountability. It generates feeling of personal responsibility and achievement. Job enrichment certainly improves the quality of work output, employee motivation, and satisfaction. 

IMPORTANCE OF SOCIALIZATION

The idea of role comes form sociology and it is the pattern of actions expected of a person in his activities involving others. It arises as a result of the position one occupied in the social structure as he/she interacts with other people. In order to be able to coordinate his work with others in an organization, one needs some way to anticipate their behaviour as one interacts with them. Role performs this functions in the social system. A person functions in roles both on the job and away from it, as shown in Figure 2. One person performs the occupational role of worker, the family role of father, the social role of club president, and many others. In his various roles he is both buyer and seller, boss and subordinate, a father and son, and an advisor and seeker of advice. Each role calls for different types of behaviour. Within the work environment alone, a worker has more than one role. He may be a worker in group A, a subordinate of foreman in B, and machinist, a member of a union, and a representative on the safety committee. Undoubtedly role is the most complexly organized response pattern of which a human being is capable. Activities of manager and workers a like are guided by their role perceptions, that is, how they think they are supposed to act in a given situation. Since mangers perform many different roles, they must be highly adaptive in order to change from one role to another quickly. The factory foreman‟s role particularly requires that he be adaptive in working with the extremes of subordinate and superior, staff and line, technical and non-technical, and education and uneducated.

A role set is the entire configuration of surrounding roles as they affect a particular role, such as the foreman‟s role just described. That is, all the different persons with whom the foreman interacts in this role of foreman have role expectations concerning the way in which he should act, and these expectations collectively make up the role set for his role as foreman, this role set arises partlyfrom the nature of the job itself, because managers in equivalent jobs but in different companies tend to perceive and play their roles in about the same way. The existence of role expectations means that a manager or other person interacting with someone else needs to perceive three role values, and shown interacting with someone else needs to perceive three role values, as shown in Figure 3. First, he needs to see his own role as required by the function he is performing. Then he needs to see the role of the person he contacts. Finally, he needs to see his role as seen by the other person. Obviously he cannot meet the needs of others unless he can perceive what they expect of him. Research shows that where there is wide variance in a manager‟s role perception of his job and the employee‟s role expectations of that job, there tends to be poor motivation and inefficiency. They may even have difficulty communicating because they will not be talking about the same things in the same way. For example, difficulties may arise because a manager sees his role as that of a hard boiled pusher, but his employees expect the opposite.

When role expectations of a job are materially different or opposite, the incumbent in the job tends to be in role conflict because he cannot meet one expectation without rejecting the other. A president in one company faced role conflict, for example, when he learned that both the controller and the personnel director expected him to allocate

Complex Web as they interact:The new organizational planning function to their departments. Regarding the existence of role conflict research suggests that a manager bases his decision primarily on legitimacy (which expectations he thinks is more “right” and reasonably) and sanction (how he thinks he will be affected if he follows one expectation in preference to the other). In case role expectations are substantially unknown because of poor communication or are inadequately defined, role ambiguity exists, and it is more difficult to predict how a person in that role will act.

From a manager‟s point of view, a fuller understanding of roles should help him know what others expect of him and how he should act. Knowing this he should be more adaptable to each unique role relationship. His decision making should improve because he will understand why other people are acting the way they are. He will also recognize the variety of roles each employee plays and will try to provide motivations and satisfactions for those several job roles. 
 
IMPORTANCE OF MOBILITY

Mobility is an organizational activity to cope with the changing organizational requirements like change in organizational structure, fluctuation in requirement of organizational product, introduction of new method of work etc. Mobility in an organizational context includes mainly „promotion‟and „transfer‟. Sometimes, „demotion‟also comes under mobility.

Purposes of Mobility 
Mobility serve the following purposes: 
a) To improve organizational effectiveness; 
b) To maximise employee efficiency; 
c) To cope with changes in operation; and 
d) To ensure discipline.

A. Promotion 
In simpler terms, promotion refers to upward movement in present job leading to greater responsibilities, higher status and better salary. Promotion may be temporary or permanent depending upon the organizational requirement. According to Clothier and Spriegel, “promotion is the transfer of an employee to a job which pays more money or one that carries some preffered status.”

B. Demotion 
Demotion refers to the lowering down of the status, salary and responsibilites of an employee. Demotion is used as a disciplinary measure in an organization. The habitual patterns of behaviour such as violation of the rules and conduct, poor attendance record, insubordination where the individuals are demoted. Beach (1975) defines demotion as “the assignment of an individual to a job of lower rank and pay usually involving lower level of difficulty and responsibility”.
 
C. Transfer 
A transfer is a horizontal or lateral movement of an employee from one job, section, department, shift, plant or position to another at the same or another place where his salary, status and responsibility are the same. Yoder and others (1958) define transfer as “a lateral shift causing movement of individuals from one position to another usually without involving marked change in duties, responsibilities, skills needed or compensation”. Transfer may be initiated either by the company or the employee. It also can be temporary or permanent. 


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.    

Job analysis is the fundamental process that forms the basis of all human resource activities. The importance of job analysis has been well-established for years, dating back to at least the First World War. The United States government‟s Uniform Guidelines on Employee Selection Procedures (1978) and the American Psychological Association‟s Principles for the Validation and use of Personnel Selection Procedures stipulate that job analysis is essential to the valediction of any and all major human resources activities. In its simplest terms, a job analysis is a systematic process for gathering, documenting and analyzing date about the work required for a job. 
The data collected in a job analysis, and reflected through a job description, includes a description of the context and principal duties of the job, and information about the skills, responsibilities, mental models and techniques for job analysis. These include the Position Analysis Questionnaire, which focuses on generalized human behaviors and interviews, task inventories, functional job analysis and the job element method. 
A job analysis provides an objective picture of the job, not the person performing the job, and as such, provides fundamental information to support all subsequent and related HR activities, such as recruitment, training, development, performance management and succession planning. Job analysis serves two critical functions with respect to these processes. Job analysis helps ensure that decisions made with respect to HR processes are good decisions i.e., fair and accurate (e.g., selection of the right person for the job, appropriate decisions about training, performance management, development, etc.) and its helps ensure the defensibility of decisions made to employee (resulting in good HR management) and to the courts (resulting in saving of costs, time and reputation). 

According to scientific management, the key to productivity is a precise understanding of the tasks that constitute a job. If the motions of workers are to become standardized and machine-like, then it is necessary to be certain about what is to be accomplished, as well as what abilities and materials are necessary to do the job. For many years, job analysis was considered the backbone of the scientific clipboards and stopwatches, was the method used to determine the most efficient way to perform specific jobs. As the popularity of scientific management declined after World War II, however, so did the popularity of job analysis. With the new emphasis on human relations as the key to productivity job analysis was used primarily to set salary scales. But in the modern times workers and employers began to take renewed interest in this area because of concerns about two issues: unfair discrimination and comparable worth. There are two areas where unfair discrimination in hiring can occur: in the standards set for being hired; and in the procedures used to assess the applicant‟s ability to meet those standards. Job analysis addresses the question of what tasks, taken together actually constitute a job. Without this information, standards for hiring may appear to be arbitrary – or worse, designed to exclude certain individual or groups from the workplace.

More recently, the issue of comparable worth has also contributed to a new interest in job analysis. Comparable worth refers to equal pay for individuals who hold different jobs but perform work that is comparable in terms of knowledge required or level of responsibility. The major issue of the comparable worth controversy is that women who are employed in jobs that are comparable to those held by men are paid, on the average, about 65 percent of what a man would earn. In order to determine the comparability of job tasks so that salaries can also be compared, a proper job analysis is necessary. Comparable work is an issue of considerable interest to many people.

Job design has emerged as an important area of work analysis. It is based on growing conceptual and empirical base and has commanded research attention and is being widely applied to actual practice of management. Job design concern and approaches are considered to have begun with the scientific management movement. Pioneering scientific managers like Taylor and Gilbreth examined jobs with techniques such as time and motion analysis. Their goal was to maximize human efficiency on the job. Taylor suggested that task design might be the most important single element in scientific management. Job designing evolved into what is popularly known as job engineering. The industrial engineering approach is basically concerned with products, process, tool design, plant layout, operating procedures, work measurement, standards, and human-machine interactions. It has also been closely associated with sophisticated computer applications involving Computer Assisted Design (CAD). These computer systems had a positive impact by reducing task and workflow uncertainty. Top management could readily perceive the immediate cost savings form job engineering, but certain behavioural aspects like quality absenteeism, and turnover were generally ignored.

In the 1950s, different methods were being adopted by practicing managers. For example, IBM job rotation and job enlargement programmes were introduced. Job enlargement programmes essentially loaded the jobs horizontally, and expanded the number of operations performed by the worker and made the job less specialized. Job rotation programmes reduced boredom by switching people around to various jobs. Although boredom at work is still a significant problem in the last several years, attention has shifted to new demanding challenges facing employees on the job. For example, because of downsizing of organizations and increasingly advanced technology, jobs have suddenly become much more demanding and employees must differently adapt to unpredictable changes. For example, in manufacturing assembly line methods are being replaced by flexible, customized production and computer-integrated manufacturing. This new manufacturing approach requires workers to deal with an ever-increasing line of product and sophisticated technology. In this context, job design takes on special importance in today‟s human resource management. It is essential to design jobs so that stress can be reduced, motivation can be enhanced, and satisfaction of employees and their performance can be improved so that organizations can effectively compete in the global market place.

Recruitment process outsourcing (RPO) is a workforce solution in which a business transfers all or part of its permanent recruitment to an external provider. An RPO provider is responsible for the management of the permanent recruitment within a business, and typically has outsourced recruiters based onsite — embedded within the HR or people function of the business. An effective RPO program installs a talent acquisition team, the latest recruitment technology, and flexible recruitment processes within an organisation.

Recruitment process outsourcing is a solution that has enormous potential. The growth in the RPO market in recent years is a testament to this. As with many new ideas, there is some buzz that cloaks RPO, but there are also a number of clear benefits for businesses who embed RPO within their workforce planning strategies.

1. Higher quality talent
An RPO provider’s main purpose is to ensure that your business gets the best permanent hires, even in markets which are notoriously difficult. With an RPO, the time, energy and expertise in sourcing, screening and onboarding new permanent staff ensure that a business gets the best talent. They can also create talent pools to ensure that if a new position becomes vacant, there’s a ready-made line of talent ready to join a client’s business.

With the race for talent becoming more competitive than ever before, businesses also need to look to passive and underutilised talent pools to attract the best people. RPO providers have databases of talent throughout the globe, as well as schemes to attract previously ignored talent.

Another important consideration is the value of diverse teams. Research from the Harvard Business Review indicates that companies who focus on diversity perform better: 45% reported market share growth from the previous year. RPO providers who engage diverse talent pools offer big boosts to businesses.

2. Cost efficiency
Not only does an RPO provider ensure that you hire and retain the best talent, but it’s also more cost-effective than traditional recruitment. As RPO providers are most often measured on time-to-hire, cost-of-hire and quality-of-hire, their role is to ensure that permanent vacancies do not remain open for months at a time. Every day that a vacancy remains open leads to increased costs and decreased productivity. A fully optimised RPO ensures that these negative factors remain at a minimum.

3. Agile, scalable permanent recruitment
In any business, hiring is rarely consistent. If your business is opening up a new department, it may need hundreds of permanent staff as quickly as possible. Likewise, there can also be months that pass without a single hire. RPO providers build structures within a business that’s adaptable to any situation, scaling teams up or down whenever necessary.

This gives businesses the certainty they need when a sudden burst of hiring activity comes to the fore.

4. Global compliance
Though compliance is not the most interesting benefit of RPO, it’s critical. Employment laws change all of the time, staying on top of what is and isn’t compliant can be a tough order and an RPO ensures that all hires are compliant with local laws. As business becomes global, this is particularly important. Hiring permanent staff in a compliant way in India requires a very different approach to hiring in the US. A global RPO provider’s expertise ensures that businesses don’t get their fingers burnt when hiring new talent.

By choosing an RPO solution, businesses can utilise the provider’s global expertise to ensure that every single permanent employee is compliant with local laws

5. Reduction in advertising expenditure
Job ads are expensive, especially when trying to attract the most competent permanent staff. Buying an RPO solution hands the pressure of finding this talent to the service provider, and spending money on advertising is eliminated.

6. Reduction in talent acquisition spend
Outsourcing recruitment through an RPO solution is one of the most effective ways for businesses to reduce their talent acquisition spend. Finding talent is a time-consuming process, even for the best talent acquisition and HR professionals. This is especially the case when recruiting for hard-to-fill roles.

As every business knows, time is money. According to Glassdoor, unfilled jobs in the US tech market add up to a total value of $20.1 billion, and that’s just the tech market. For every position that remains vacant within an organisation, a business is losing money. RPO providers, however, are able to quickly fill even the most difficult roles thanks to their dedicated expertise and their ready-made talent pools.

7. Benefit from the latest technology
Keeping up with industry innovation is difficult for HR professionals. With budgets tightening, investing hundreds of thousands or even millions of pounds or dollars in talent acquisition tech can make even the most ambitious companies wince.

RPO providers regularly invest in the latest technology to ensure that clients acquire the talent they need to succeed – from high-tech VMS platforms to data analysis tools.

8. Enhanced candidate engagement
HR professionals understand the significance of candidate engagement (CX). Getting the candidate experience right, however, is no easy feat. Though significant, it’s time-consuming and often takes HR departments away from their primary objectives. An RPO provider offers the experience and in-house expertise to fully optimise the candidate experience for a business. Not only does this increase the chances of attracting top talent, but it also impacts a business’s ability to grow its market share within its industry.

9. Expert employer branding
Employer branding is key to attracting the best talent in the market. 72% of recruitment leaders worldwide agree that employer branding has a significant impact on hiring.

Though hugely important, not all businesses have the in-house expertise to create an engaging employer value proposition (EVP), never mind build a truly impactful employer brand strategy.

The best RPO providers help businesses really define their value to potential candidates. With experts solely devoted to EVP creation and employer brand strategists within their ranks, they are able to market a business to candidates – even in difficult, traditionally challenging industries.

10. Better strategic insight
Data science is the foundation of any strategic decision. While HR and internal recruitment teams are often aware of this, a number of things continue to hold businesses back.

For one, technology is expensive, and HR tech often finds itself low down the priority list. Secondly, HR professionals don’t always have the technical expertise necessary to adequately analyse data. Finally, the data a company holds is only related to the company itself and doesn’t take the wider outlook into account.

A recruitment process outsourcing solution helps in all these respects. With the latest technology and data analysis expertise, an RPO provider can assess historical industry and company data to strategically predict future talent needs. With talent being the most important aspect of any business, these insights provide highly valuable business intelligence.

11. Efficient recruitment processes
Within large organisations, recruitment is often approached independently in different parts of the business. While an IT division may rely on expensive, ad hoc recruitment agencies, another may choose to use their internal HR function. Both of these approaches are inefficient, with one producing excessive spend and the other laying burden on HR departments that are increasingly under pressure to deliver results.

Under a full, end-to-end RPO solution, hiring processes are more efficient – with all permanent hiring centralised. Because RPO providers work with businesses across the globe, they also have the knowledge, experience and best practices required to deliver the best results for a client. Rather than relying on disparate internal approaches, an RPO ensures exceptional delivery of talent throughout a business.

12. HR is freed up to focus on strategic goals
The role of an HR professional is tough. There are more expectations and responsibilities than ever, and yet still, few people get a seat at important board meetings. Add an overcooked talent market into the mix, and it’s clear that the job of attracting permanent staff is becoming the most difficult and time-consuming task within HR teams. With this in mind, choosing an RPO solution has clear and obvious advantages.

As RPO providers take care of all permanent recruitment and provide an end-to-end service, they take a big chunk of responsibility outside of the HR sphere. This gives HR professionals the added time and space necessary not only to keep on top of other parts of their job, but also to develop their skills, adapt to technological change, and perhaps even get a seat at the top table.

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?  


Maintaining records for use, as and when, has been in practice right from the ancient times. Initially people were required to keep record of their possession so that governing body could take tax from them. Government and traders kept records to plan their activities better. With the industrialization, it became necessary for industry owners and managers to keep records of inventory and accounts. Management needed more information for internal decisions. Investors, on the other hand, needed information about the organizations, its soundness, and health. In spite of the technological developments, there is an ever-increasing demand for more and more information. 

Information and Information Technology have become a strategic necessity. The business environment has become much more competitive. It has become mandatory on the part of the organizations to make full use of information with the help of technology to service. In an organization, information and technology exist in the form of an information system. Whenever, an external or internal demand is anticipated or felt by the organization, information system (IS) helps the organization to plan critical response activities. The individuals are supported by IS to fulfill their roles. The organizations use IS to track consumer behavior. With the availability of technology, even in the form of hand held smart devices, it has become possible to disseminate information at any time in case organization has IS in place. The organization may take proactive measures rather than firefighting measures based on the information provided.

Typical scenario in an organization is closer to what is shown below in Figure 6.1




At Level I is the owner i.e. Chief of the organization or top level management, Level II has middle management, Level III is lower level management and at level IV are the workers. With increased size of organization, the volume of data generated within the organization also increased and IS became a necessity for rational decisionmaking by providing information at all levels by extracting from the pile of data. 

An Information System is developed to assist management in problem specific decision-making. IS development and deployment project may succeed or it may fail. A project is a success if it is completed within time and budget and delivers all as decided in beginning. It must meet needs of its users and organization. Over a period of time, the following main success and failure factors have been identified. These days integrated software modules are available which are required to be customized to have the software in place. The software, so customized, may be either installed in inhouse serves or on cloud servers. In cloud servers and storage, organization does not need to have servers and storage in its premises. Access to the IS is through internet hence only computer/laptop/smart devices are required to use the IS. There are many factors that contribute to the success of a project. They are detailed below.

1. The project scope should be stable and well understood. If the scope of the project changes during the development or customization of the software, the project is likely to suffer in terms of quality, schedule and budget overrun. 
2. An MIS project that aims at re-engineering the business processes of an organization faces major challenge. Such projects are high-risk but at the same time have high potential for major benefits. 
3. The technology development platform and development language exposure are other critical factors. Sometimes, the technology may be new and the team may have difficulty using the technology. The platform and language newness may also create trouble for the team. 
4. Support from the management is vital for the success of the project. If management looses interest in the project, budget may be cut, key people may be moved to another project or the moral support required by the team may become non-existent. 
5. The objective of MIS must be in tune with the objective of the organization. For instance, objective of an organization is to cut cost. An MIS that aims to handle financial transactions of the company is not in tune with the company’s objective. 
6. The system should be user friendly and the response time should be reasonable so that the user feels good to work on the system. User should never be over-powered by the system. 
7. MIS should be developed with a clear objective that must be documented before the development commences. The objective must be identified with the help of all stakeholders. The system analyst must interview concerned people to establish their needs. Inputs should be consolidated and presentation should be made in front of stakeholders and the development team. This should go till the user requirements are fully covered and understood i.e. till the objective becomes clear. 
8. An important aspect of an MIS is data. Data policy such as what data will be included, who will provide the data, who will validate the data, who will integrate the data and how will the data retire should be clearly stated. These seemingly trivial issues can turn a success into a failure. 
9. A quality control plan must be in place to ensure quality of specification and quality of conformance. If required, a third party may be engaged for this purpose. 
10. The concerned people should be adequately trained on the new system. This skill development process should go on periodically to overcome gaps due to shifting of human resources or because of changes made in IS. 
11. The system should be properly and explicitly documented so that attrition does not affect the project or MIS adversely.

Integrated software packages help in real business growth. Seeing the wide spread availability of such solutions from IT solution providers, companies today put on priority to integrate their diverse business processes to simplify operations for faster decision-making. Companies realise that if they have to survive and grow, they have to use tools that can provide quicker and useful information and cut costs to increase efficiency. IT has given businesses a chance to generate information in real-time and thus grab opportunities that were non-existent or unseen earlier. With the development of cuttingedge technology, we have seen evolution of many systems that has adapted market demands. IT is readily providing business solutions now. Even complete project undertaken by a company can be very well managed and monitored today using Project Management Systems (PMS). They are designed to assist project managers and their teams organize the step-bystep process of a project, identify priorities, and monitor project tasks, costs, contacts, deadlines and staff. Complex projects that require staff, team coordination, budgets and so on can be difficult to manage without the use of project management software. Similarly, Business Intelligence (BI) tools are also available for analytical study for making the business more and more successful.

The integrated software solutions provide a platform to integrate all processes in an organization enabling it to plan, trace and see its 4-m resources (materials, machines, men and money) in the best possible ways to service customers and reduce costs. If you want that your Business should survive with low overheads and still run efficiently then you have no choice Integrated Applications but to opt for IT solutions.

Today, a typical business solution is an integration of ERP, BPR, SCM, CRM, BI, and PMS. While ERP can take care of functions like accounts production planning, payroll and marketing etc., BPR can be used simultaneously to cut-down on all non-value added business processes and paperwork. These systems are the enablers of change in the business for better. With the help of these systems your business can compete better. These systems, combined with the web, help you to reach your customers most cost-effectively. There would be no cost incurred on travel and communication and no cost incurred on setting up offices and employees. The Cloud services available with almost all big players in the market have made the task of maintaining integrated system much more simpler as compared to yesteryears.

E-Business generations are well explained with a pictorial representation in the Figure 8.1 . By this you would be able to appreciate why we are talking about integrations and business solutions and what place it has in the present world. It can be seen that 4th generations business solutions are using web to integrate all systems. ERP is used in a broader term here. In fact the term ERP is the synonym for integration of all the software catering to various business processes in organizations. Worldwide this term i.e. ERP is used now for the total integration of business processes. The software modules, BPR for reengineering the business processes and PMS for project monitoring are used too for the respective tasks. Similarly BI is used as the analytical tool for estimating and forecasting supports for the business based on primary data (at the organization location) and secondary data available through web for the analysis and inferences.

Here you should be clear that e-business is similar to e-commerce but it is more than just a simple act of buying and selling services or goods online. In fact, it is the method of utilizing digital information and advanced communication technologies to streamline different business processes – from the initial to implementation phase. E-commerce is just a part of e-business.
 

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.

Information Technology (IT) has become a strategic necessity. Unless we believe in IT and act on it, there is every chance of becoming a footnote in the annals of History. IT has become a vital component of successful businesses and organizations. Managers are expected to identify opportunities to implement Information System (IS) to improve the business processes. Managers are also required to lead IS projects in IT.

Information Technology has become a major facilitator of business activities. It is also a catalyst of fundamental changes in the structure, operations and management of organizations. 
IT can be used to: 
1. Perform high-speed, high-volume, numeric computations. 
2. Provide fast, accurate and inexpensive communication within and between organizations. 
3. Store huge amounts of data in an easy-to-access yet small space and allow quick and easy access. 
4. Automate business processes and manually done tasks. 
5. Analyse big volume of data available through internet for decision making. 

IT has been used for improving productivity, reducing cost, enhancing decision making process, enhancing customer relationships, and developing new strategic applications. The business paradigm has completely shifted from being sellers market to buyers market. Customers have become the focal point of any business. The business environment is no more as stable as it used to be and has become much more competitive. It became mandatory on the part of the organizations to make full use of IT to survive. IT has become one of the standard components of an organization. 

Information is the finished product for which data is the raw material. The dictionary defines information as processed data, which is used to trigger certain actions or gain understanding of what the data implies.
Information has also been defined as data that have been put into a meaningful and useful context and communicated to a recipient who uses it to make decisions. Information involves the communication and reception of intelligence or knowledge. It apprises and notifies; surprises and stimulates, reduces uncertainty, reveals additional alternatives or helps eliminate irrelevant or poor ones, and influences individuals and stimulates them to action. 
The information must be received by the recipient within the required time frame and the information must be free from errors. The technology plays an important role in delivering timely and error free information to its recipients. Technology includes hardware, software, databases, and communication system. Hardware is a set of devices such as processor, monitors, keyboard, and printer that accept data, process them, and display them. Software is a set of programs that enable the hardware to process data. Database is also an integral part of IT system, which is a collection of related files, tables, relation etc. that stores data and the association among them. Network connects computing resources of an organization and facilitates sharing of hardware and software. 
The organization processes and people are integral part of an IT System. Now we know what information is and what technology is. With this, we are ready for a definition of IT.

The impact of IT on a business has been tremendous. One of the advantages of IT systems for a business is the cost-performance ratio, which is better in case of computers. The labor cost increases every year but the cost of computer does not increase. A better and more powerful computer can be bought for the same price after a year. It is better to use computers for routine jobs as far as possible. The IT has been used in every business and for every function of a business. Some of the applications are as follows.

  • 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

Note: Attempt all the questions and submit this assignment to the coordinator of your study centre. Last date of submission for Jan 2022 Session is 30th April 2022 and for July 2022 Session is 31st October 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.     CLICK HERE

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?      CLICK HERE

Question No. 3. “The goal of the information system life cycle is to keep the project under control and assure that the system produced satisfies the requirements.” Explain, in view of the statement, the phases of system development life cycle.      CLICK HERE

Question No. 4. “Artificial intelligence is employed in virtually every branch of science today.” Explain, in the view of the statement, the application of artificial intelligence.      CLICK HERE

Question No. 5. Write the short note on any three of the following:- 
(a) Smart Devices 
(b) Transaction Processing System 
(c) Features of Visual Basic (VB.Net) 
(d) Data Warehousing                 CLICK HERE

All Questions - MCO-021 - MANAGERIAL ECONOMICS - Masters of Commerce (Mcom) - First Semester 2024

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