MGT503 Final Term Current Solved Paper 2022 by Prince Alvi

1) Management by Objectives (MBO) how its effectiveness for business Marks (05)

The MBO approach usually results in better teamwork and communication. It provides the employees with a clear understanding of what is expected of them. The supervisors set goals for every member of the team, and every employee is provided with a list of unique tasks

2) How a Communication Play vital role for Business Marks (05)

Communications also helps in preparing organizational plans and policies. Open channels of communication helps in leading to new ideas and innovations. Employees who understand what is important to their company &can focus on spotting opportunities that can help further success to the organization

Q3. McClelland’s acquired-needs theory (5 marks)

Acquired needs theory, also known as McClelland's Needs Theory, Three-Need theory, Achievement Motivation Theory, or Learned Needs theory, is a theory that is based on the notion that people's needs are acquired as they live their lives or through experiences of life. The needs are derived from the reaction to the stimuli in the external

4) Charismatic-Visionary Leadership

Charismatic leaders might be used to inspire a company to stay the course and generate excitement around the mission and vision. Visionary leaders are tasked with helping to move toward innovation and cultivating a new direction for the company.

5) Diff b/w leader & manager

The main difference between leaders and managers is that leaders have people follow them while managers have people who work for them. A successful business owner needs to be both a strong leader and manager to get their team on board to follow them towards their vision of success.

6) Inequity impact on employees

Their research found that inequality causes a wide range of health and social problems, from reduced life expectancy and higher infant mortality to poor educational attainment, lower social mobility and increased levels of violence and mental illness.

7) Value chain

A value chain is a concept describing the full chain of a business's activities in the creation of a product or service -- from the initial reception of materials all the way through its delivery to market, and everything in between.

8) Entrepreneurship's sa 2 qs tha

Entrepreneurship refers to the process whereby an individual or a group of individuals uses Organized efforts and means to pursue opportunities to create value and grow by fulfilling wants and needs through innovation and uniqueness.

Q1. Three important themes stand out in this definition:

1. The pursuit of opportunities
2. Innovation
3. Growth
4. Entrepreneurship will continue to be important to societies around the world.

9) Imp of entrepreneur and small business in society

Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.

10) Core activities job model

It states that there are five core job characteristics (skill variety, task identity, task significance, autonomy, and feedback) which impact three critical psychological states (experienced meaningfulness, experienced responsibility for outcomes, and knowledge of the actual results), in turn influencing work outcomes

Q11. Define organization chart and how does it benefit the organization?

The organization chart is a line diagram that depicts the broad outlines of an organization’s structure. An organization chart, also known as an org chart or organizational chart, is a useful tool that businesses can use to display the structure of their company. Presented in the form of a flow diagram, the chart helps to show the relationships between different departments and employees

Q12. What benefit does groups give to an organization?

Advantages of being in a group Gaining skills that are essential for career success. ... Increased productivity. ... Developing understanding through discussion and explanation. ... Strengthening communication skills. ... Sharing responsibilities.

13) 3 factors of motivation for the professionals

Motivation is the willingness to exert high levels of effort to reach organizational goals, conditioned by the effort’s ability to satisfy some individual need. The three factors, which together build enthusiasm, are as follows: Equity/Fairness – People want to be treated fairly at work. Achievement – People want to do important, useful work, and be recognized for it. Camaraderie – People want to enjoy good relationships with their co-workers.

Q14. Define departmentalization and how does it benefit the organization?

Departmentalization is an organizational structure that separates people into groups, or departments, based on a particular set of criteria. These departments have their own leadership and work together to complete tasks. With large or complicated projects, multiple departments may work together.

15. Briefly describe what is meant my grapevine and what can managers do to overcome it.

Informal communication, better known as “the grapevine,” is communication that takes place without regard to hierarchical or task requirements. Always keep your employees informed. ... Choose the right communication channels to build trust with your employees. ... Eliminate information overload in the workplace. ... Engage your employees in two-way daily conversations. ... Spot your internal influencers.

16) Define job specialization and give 4 benefits

Job specialization The process of focusing one's occupational concentration on a specific area of expertise. A benefit of job specialization is that it reduces your risk of making mistakes. When you are highly specialized in a certain job function, you have mastery of tasks within that function. With the decreased likelihood of making mistakes, you will provide value to the company you work for in both time and dollars. Risk reduction. Improved morale. Task proficiency. Equipment specialization. Increased speed between tasks.

Q17. Define reinforcement theory and what can managers do to change employee behavior?

Reinforcement Theory Reinforcement Theory is counter to goal-setting theory. It proposes that behavior is a function of its consequences.

1. Reinforcement theory argues that behavior is externally caused.
2. What controls behavior are reinforces, which are consequences immediately following a response

That increase the probability that the behavior will be repeated.

3. Reinforcement theory ignores factors such as goals, expectations, and needs.
4. It focuses solely on what happens when a person takes some action.

Q5. How can the concept of reinforcement be used to explain motivation?

Q18. Define organization and team work of organization?

Organization an organized group of people with a particular purpose, such as a business or government department. Teamwork is, “The process of working collaboratively with a group of people in order to achieve a goal. Teamwork is often a crucial part of a business, as it is often necessary for colleagues to work well together, trying their best in any circumstance.