Saturday, February 17, 2018

Acronyms to Remember Business Studies Class XII CBSE


ACRONYMS
CHAPTER-1 -----------NATURE AND SIGNIFICANCE OF MANAGEMENT
FEATURES OF MANAGEMENT
My Charming Dad Is Giving Grand Party (MCD PIG2)
1.MultiDimensional
2.Continous
3. Dynamic
4. Intangible
5. Group Activity
6. group Goals
7.Pervasive

IMPORTANCE OF MANAGEMENT
GDP depends upon Efficient Society
1.       Achieving Group Goals
2.       Dynamic Organisation
3.       Achieving Personal Objectives
4.       Increases efficiency
5.       Helps in Development of Society

MANAGEMENT AS AN ART
CAT
1.      Based on practice and Creativity
2.      Personalised Application
3.      Existence of Theoretical knowledge

MANAGEMENT AS SCIENCE-------------USP

1.     Universal validity
2.     Systematic Body of knowledge
3.     Principles based on Experimentation

NATURE OF COORDINATION--------------Police Controls DRUG
1.      Pervasive Function
2.      Continuous Process
3.      Deliberate Function
4.      Responsibility of All Managers
5.      Unity of Action
6.      Integrates Group Efforts

IMPORTANCE OF COORDINATION

Coordination is needed when organization grows in size, has specialization and includes functional Diffferentiation.
CHAPTER-2-----PRINCIPLES OF MANAGEMENT

FAYOL’S PRINCIPLES OF MANAGEMENT

DAD U C USSR? O I SEE

1 DIVISION OF WORK
2. AUTHORITY AND RESPONSIBILITY
3.DISCIPLINE
4. UNITY OF COMMAND
5. CENTRALISATION AND DECENTRALISATION
6. UNITY OF DIRECTION
7. SUBORDINATION OF INDIVIDUAL INTEREST TO GENERAL INTEREST
8. SCALAR CHAIN
9. REMUNERATION OF EMPLOYEES
10. ORDER
11. INITIATIVE
     12. STABILITYOF TENURE OF PERSONNEL
     13. EQUITY
     14. ESPIRIT DE CORPSE     

PRINCIPLES OF SCIENTIFIC MANAGEMENT

SCIENCE leads to DEVELOPMENT by HARMONY and COOPERATION.

1.       Science, not rule of Thumb
2.       Development of each person to his or her greatest Effeciency
3.       Harmony not Discord
4.       Cooperation, not individualism

TAYLOR’S TECHNQUES OF SCIENTIFIC MANAGEMENT

My Sweet Simple Mother and Father Taught Taylor’s Different Functions

1.       Motion Study
2.       Standardization and Simplification
3.       Method Study
4.       Fatigue Study
5.       Time Study
6.       Differential Piece Wage System
7.       Functional foremanship











CHAPTER-3-----BUSINESS ENVIRONMENT
Features of Business Environment
Disturb C
D – Dynamic
I – Interrelated
S – Specific and general forces
T – Totality of External forces
U – Uncertainity
R – Relativity
B –
C – Complex

Dimensions of Business Environment
S – Social
T – Technological
E – Economic
P – Political
L – Legal
CHAPTER-4------PLANNING
Process of Planning
SP-ICS-F
S – Setting Objectives
P – developing Premises
I – Identify alternate course of action
C – Evaluating alternative courses
S – Selecting an alternative
D – Formulation of derivative plans
I – Implementation of plan
F – Follow up action

Features of Planning
DCP of MP
D – decision Making
C – Continuous Process
P – Pervasive
O – Objective achievement
F – Futuristic
M – Mental Exercise
P – Primary Function

Importance – DRSODI
D – it provides direction
R – Reduce the risk of uncertainity
S – Establishes standard of controlling
O – Reduces overlapping
D – Decision Making
I – Promotes Innovative Ideas


Limitations
NCR DTC
N – No guarantee of success
C – Involves huge cost
R – It creates rigidity
D – Does not work in dynamic environment
T – Time consuming Process
C – Reduces Creativity

CHAPTER-5----ORGANISING
PROCESS OF ORGANISING
PROCESS OF ORGANISING     IDEA
1                   Identification and division of work
2                   Departmentisation
3                   Assigning of duties
4                   Establishing reporting relationships

Importance of organizing BADO-CAG
1                   Benefits of specialization
2                   Clarity in working relationships
3                   Optimum utilization of resources
4                   Adaptation to changes
5                   Development of personnel
6                   Expansion and growth
Delegation –AAR
AUTHORITY
RESPONSIBILITY
ACCOUNTABILITY
CHAPTER-6----Staffing
Staffing process- MR SPOTPPC
1                   ESTIMATING MANPOWER REQUIREMENTS
2                   Recruitment
3                   Selection
4                   Placement and orientation
5                   Training and development
6                   Performance appraisal
7                   Promotion and career planning
8                   Compensation
Training methods- APP.IVI
1                   Induction training
2                   Vestibule training
3                   Apprenticeship training
4                   Internship training
COMPONENTS OF STAFFING- TSR
1                   RECRUITMENT
2                   SELECTION
3                   TRAINING
INTERNAL SOURCES- PT
1                   TRANSFER
2                   PROMOTION
IMPORTANCE OF STAFFING- JCT-SHO
1                   Ensures availability of competent personnel
2                   Higher performance
3                   Ensures continuous survival and growth
4                   Ensures optimum utilization of human resources
5                   Improves job satisfaction and morale
6                   Advancement of technology

CHAPTER-7----Directing

Features of Directing: (CIFT)

i)  Initiate’s action:
(ii) Takes place at every level of management:
(iii) Continuous process:
(iv) Flows from top to bottom:

Importance of Directing :( SAIIF)
1.     Achieving Goal
2.     Integrate employees efforts
3.     Fuller utilization of employees capabilities
4.     Introducing changes
5.     Stability in organization
Supervision
Importance of Supervision (AADHIE)
1.     Act as friend, philosopher and guide
2.      Avoid misunderstanding and conflict among worker and management
3.     Harmony among workers
4.     Efficient team of workers
5.     Increase morale of workers
6.     Develop work skill
Motivation
Features of Motivation (IPCC)
1.     Internal feeling
2.     Produces goal directed behavior
3.     Can be either positive or negative
4.     Complex process.
Motivation Process(U Tension Doge Sabko Sath Rulaaonga)
1.     Unsatisfied need
2.     Tension
3.     Drive
4.     Search behavior
5.     Satisfied need
6.     Reduction of Tension
Motivation Importance(N RR II)
1.     Improves performance level of employee
2.     Negative attitude to positive attitude
3.     Reduce employee turnover
4.     Reduce abseentism
5.     Introducing change smoothly


Maslow’s Need Hierarchy Theory of motivation (PEASS)
1.     Basic Physiological need
2.     Safety and security need
3.     Affiliation and belongingness need
4.     Esteem need
5.     Self actualization need
Techniques of motivation:
A.   Financial Incentives(Please 4ward, BRS)
1.     Pay and allowances
2.     Perquisites
3.     Productivity  linked wage incentives
4.     Profit Sharing
5.     Bonus
6.     Retirement benefit
7.     Stock option and co partnership
B.   Non-Financial Incentives(JJOCEE-SE)
1.     Status
2.     Organization Climate
3.     Career advancement opportunities
4.     Job enrichment
5.     Job security
6.     Employee recognition programme
7.     Employee participation
8.     Employee empowerment.

Leadership
Features of leadership(ABC-IE)
1.     Ability to influence other
2.     Bring change in behavior of other
3.     Interpersonal relations between leader and follower
4.     Exercise for common goal
5.     Continuous process.
Importance of Leadership(PCMB-I)
1.     Produces good results
2.     Creates congenial work environment
3.     Introduction of change with minimum discontentment
4.     Maintain harmonious relations
5.     Build up successor and help in smooth succession process
Qualities of good leader(PCM-CSD-KII)
1.     Physical Features
2.     Knowledge
3.     Integrity
4.     Initiative
5.     Communication Skill
6.     Motivation skill
7.     Self Confidence
8.     Decisiveness
9.     Social skill
Communication
Importance of Communication(CDS-ME-BP)
1.     Act as a basis of coordination
2.     Act as a basis of Decision making
3.     Help in Smooth working of an enterprise
4.     Increase Managerial efficiency
5.     Promotes cooperation and peace
6.     Establish effective leadership
7.     Boost morale and provide motivation
Barriers to communication process
A.   Semantic barriers(BSF-TUB)
1.     Badly expressed message
2.     Symbols with different meaning
3.     Faulty translation
4.     Unclarified assumption
5.     Technical jargon
6.     Body language and gesture decoding
B.   Psychological Barriers(PLLD)
1.     Premature evaluation
2.     Lack of attention
3.     Loss by transmission and poor retention
4.     Distrust
C.   Organisational barriers(RS-PCC)
1.     Policy
2.     Rules and regulations
3.     Status
4.     Complexities in structures
5.     Communication  facilities
D.   Personal Barriers(FLUU)
1.     Fear of challenge to authority
2.     Lack of confidence on subordinates
3.     Lack of incentives
4.     Unwillingness to communicate
Measures to improve communications (BCCI FACT)
1.     Clarity of  message
2.     Communicate according to the need of receiver
3.     Consult other to develop plan for communication.
4.     Beware of language, content and tone.
5.     Communicate thing of value to others
6.     Ensure proper feedback
7.     Connect present with future
8.     Follow up communication
9.     Be a good listener

Chapter 8. Controlling
A.   Steps in controlling process(Some  Measurable CAT)
1.     Setting up objectives
2.     Measurement of actual performance
3.     Comparison with standard performance
4.     Analysis of deviation
5.     Taking corrective action
B.   Importance of controlling(First-I-EAT-Jam)
1.     Accomplishing organization goal
2.     Judging accuracy of standard
3.     Efficient use of resources
4.     Improves employee motivation
5.     Ensure order and discipline
6.     Facilitate coordination in action
C.   Limitation of controlling(RLD)
1.     Difficulty in setting quantitative standard
2.     Little control on external factors
3.     Resistance from employee


CHAPTER-9 AND 10 ---Financial Management & Financial Market
1.    Decisions   -        FDI

2.    Trading Procedure       -        SOPES
                                I.            Selection of broker
                              II.            Opening Demat A/c
                            III.            Placing the order
                           IV.            Executing the order
                             V.            Settlement

3.    Methods of Floatation -        POORE/RO2PE
                                I.            Private Placement
                              II.            Offer through Prospectus
                            III.            Offer for sale
                           IV.            Right Issue
                             V.            E-IPOs

4.      Factors Affecting Capital Structure DISC4
i.                    Debt -  Service coverage ratio
ii.                  Interest coverage ratio
iii.                Stock Market condition
iv.                Cost of equity
v.                  Cost of Debt
vi.                Cash flow position
vii.              Control Consideration

CHAPTER -11 : MARKETING MANAGEMENT
1.      Features of Marketing
NCCE
(i)                 Needs and Wants
(ii)               Creating a Market offering
(iii)             Customer Value
(iv)              Exchange Mechanism

2.      Marketing Management – Philosophies
SPP-MT
(i)                 Production concept
(ii)               Product Concept
(iii)             Selling concept
(iv)              Marketing Concept
(v)                The Social Marketing concept

3.      Elements of Marketing Mix
4Ps
(i)                 Product
(ii)               Price
(iii)             Place
(iv)              Promotion

4.      Characteristics of a Good Brand Name
SSD AVC
(i)                 Short and Simple
(ii)               Suggests the products and Qualities
(iii)             Distinctive
(iv)              Adaptable to packing or labeling
(v)                Versatile to accommodate new products
(vi)              Capable of being registered
CHAPTER-12----CONSUMER PROTECTION
1.      Consumer rights
RICH-SE
(i)                 Right to Safety
(ii)               Right to be Informed
(iii)             Right to Choose
(iv)              Right to be Heard
(v)                Right to Seek Redressal
(vi)              Right to Consumer Education

2.      Consumer Responsibilities
Honest CBSE: Fair SRCC
(i)                 Be aware about various goods and services
(ii)               Buy only Standardized goods
(iii)             Learn about risk Associated
(iv)              Cautious consumers
(v)                Assert yourself to ensure to get a Fair deal
(vi)              Be Honest in dealings
(vii)            Ask for Cash Memo
(viii)          Ready to file a Complaint
(ix)              Form consumer Societies
(x)                Respect the Environment

3.      Role of Consumer Organizations and NGOs
PEELI-CC
(i)                 Educating the consumers
(ii)               Publishing periodical and other publications
(iii)             Carrying and comparative testing of consumer products
(iv)              Encouraging consumer to protest
(v)                Provide Legal assistance
(vi)              Filling Complaints
(vii)            Taking an Initiative in filing of case.

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