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The required needs of managers and supervisors can be said to consist of : Knowledge. Basic knowledge for the job; this usually comes from education early in his work, or before employment. Reading assign-ments, seminar discussions aid the...
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Skill and experience. These are related closely to the job content. Preparation for new jobs can be made by giving a person assign-ments, case studies, decision-making exercises and management games to simulate real conditions. Group projects and...
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Top 50 Management Interview Questions & AnswersTherefore training that is relevant and provides persons or groups with an oppor-tunity to use the ideas learnt will be preferred. Question What Is Leadership? What Are Its Different Types? Answer : Leadership is a means of directing. Leadership is the ability of management to induce subordinates to work towards group goals with confidence and keenness. Leadership also implies that the leader accepts responsibility for the achievement of the group objective and it is, there-fore, essential for trust and cooperation from both sides to be in evidence — all the time.
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It must be noted that leadership is not synonymous with administrative ability and that numerous attempts have been made to analyse the nature of leadership. One is to contrast authoritarian and democratic leadership. The authoritarian leader gets others to do things by giving them little scope to influence decisions. He uses fear, threats, rewards, and his authority and personality to get his way. The democratic leader seeks to persuade and considers the feelings of persons and encourages their participation in decision-making.
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Studies have shown that the democratic method gives followers greater job satisfaction and enables them to cooperate better, but there is doubt as to whether decisions taken, under this sort of leadership are better. Recent studies are more doubtful about democratic leadership because outside influences, e. Leadership can be formal i.
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Informal leaders can initiate action, but do not have the same authority. The choice of leader, therefore, should be based on an accurate diagnosis of the environment, i. Answer : Organization theory is the study of structure and design of organizations. It explains how organizations are designed and how can they be constituted to improve organizational effectiveness. On the other hand organizational behavior is he study of the behavior of the individuals and groups in organizational setting. The main points of difference between organization theory and organizational behavior are as follows : Nature : Organization theory is descriptive and predictive about a particular state of affairs in the organization. On the contrary, organization behavior provides ways of influencing human behavior in desired direction on the basis of such description and prediction.
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Purpose : Organization theory attempts to analyse and improve the design of organizations. Organization behavior attempts to explain and predict the behavior of individuals and group in organizations. Scope of analysis : Organization theory is a macro analysis of organizations designed to integrate people with the organization. On the other hand, organization behavior deals with micro aspects of the organization, i. Focus : In organization theory focus is on the sociology of organization whereas organization behavior stresses upon applied psychology of organizations. There is, however, a close interrelationship between organization theory and organization behavior.
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It is not possible that an organization be structured and designed without regard to the people and their needs, feelings, behavioural process, etc. Similarly, one can rarely study and understand behavior in organizations without understanding the structure within which the behavior takes place. Differentiate Between Objectives And Goals? Answer : Objectives are ends which the organization seeks to achieve by its existence and operation. Objectives may be classified into two categories viz. External institutional objectives are those which define the impact of the organization on its environment. External objectives are those which define how much is expected to be achieved with the available resources. Goals are targets. Goals emerge from a coalition of interest and individuals who bargain with each other over objectives using money, status and power to press their views.
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Goal formation is a process wherein individuals seek to expert power to attain acceptable to them. What Is Morale? How Can It Be Maintained? Answer : Morale can be a combination of many factors. In a more military sense, it is the quality that exists in a group of people, which arises from faith in their efficiency and discipline, and in the competent and fair way with which they are led. A rather broader meaning is given when it is used in business management — it is the collective attitude of workers towards each other, their work and man-agement.
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When morale is high, work is done willingly, and with less supervision; when it is low, work is of poor quality and problems arise, e. When groups emerge in industry, each person must sacrifice some part of his individuality, as he, in effect, joins the group to serve the group purpose, thereby impliedly or other-wise agreeing to obey those who are in charge. Craftsmen often adopt this attitude over non-craftsmen.
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If a group can constantly work towards the common purpose, morale can be maintained. The purpose of the group, e. Individual interests, though, must be subordinated to the group interest and, if this can be done, morale will be high. If morale is good, team spirit should be good as this arises where all members of the group know every member is working to achieve the group goal and obeys internal author-ity. But, if some members are aware that others are more interested in personal success, morale will be low and team spirit will be low.
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In industry, for example, the manufacturing department may not achieve its target because of lack of material, and the planning department may be blamed. Many similar cases occur daily, in business — morale may be high as everyone is trying to achieve the desired goal , but team spirit may be low because people rightly or wrongly are aware that some members are not pulling their weight. Answer : A basis for effective discipline is good motivation and sound, clearly-given instructions. It is essential for good communications to be used in order to let staff know what they are required to do. Ideally, discipline should be based upon cooperation and a high morale, which will ensure that rules and conditions are obeyed willingly. By virtue of his position, a superior has the right to command and enforce obedience, if necessary.
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Discipline can be obtained by rewards as well as by punishment, but, usually, punishment is expected if accepted norms of behavior are not upheld. Disciplinary action should contribute towards improved behavior, but certain matters must be noted : behavior expected must be made known and this is best done in the period of induction; discipline should be exercised fairly, with no favoritism or excessive penalties and as soon after the breach as possible. Some methods of disciplining are by reprimand, downgrad-ing, suspension, refusing a wage increase, transfer or dismissal. A good example is essential; the quality of discipline can vary with the type of leadership and the understanding of the common purpose of the organization. Answer : Planning, both at management level and at operational level, looks to the future and lays down what has to be achieved: control checks whether the plans are being realised and puts into effect corrective measures where deviation or shortfall is occurring.
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Without effective controls an enterprise will be at the mercy of all the internal and external forces that can disrupt its efficiency and will be unaware of, and therefore unable to combat such forces. Effective control ensures that efforts produced at all levels are commen-surate with those required to achieve the goals and objectives of manage-ment and of the different functions throughout the organization. There is, in fact, a considerable difference between the two. Cooperation signifies the desire or willingness of people within the organisation to help one another.
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It is largely the result of voluntary attitudes and spirit of fellow-feeling on the part of organis-ational people or groups of people. By contrast, coordination cannot be achieved voluntarily by the participation of a group of people within the organisation. It requires something more than the willingness or the desire of the persons extending cooperation to one another.
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More inclusive term embaracing the idea of coopera-tion. Cooperation is mere willingness of individuals to help each other. It cannot be a satisfactory substitute for coordination. Cooperation is for the most part the result of voluntary attitudes on the part of people in an Coordination, on the other hand, cannot be voluntarily ensured by a number of cooperating persons. Coordination is a state of affairs which an executive brings about through deliberate action on his part. Cooperation is a valuable element in coordination but cannot substitute for it. Answer : In order to improve the quality of decisions it is important to evaluate them at the time of deciding.
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Work breakdown structure Project status reports Project Status report can be an input to risk management. Therefore, the project status report is not always an input to risk management. When estimating time for activities, a Project Manager should: Answer: Use the best guess and estimate all activities since there will be changes as the project progresses and more information becomes available Involve people who will be doing the work to get estimates Estimate for what the cost will allow and include buffers None of the above Risk tolerance is determined in order to help: Answer: The team ranks the project risks.
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The project manager estimates the project. The team schedules the project. Management knows how other managers will act on the project. If you know the tolerance of the stakeholders, you can predict how they might react to different situations and risk events. This information can help assign levels of risk on each work package activity. You are running a project to engineer and implement a set of business processes and a software solution for customer relationship management.
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This leads to different expectations on how the project should be handled—as well as to frequent misunderstandings between stakeholders. Another effect is a growing degree of distrust and skepticism. What should you try first to integrate the diverse stakeholder groups? Answer: Focus on project work. As a project manager, you should not get distracted by big egos. Let the problems grow further until they are obvious for all. Then escalate them. Develop a joint quality policy for the project and seek a commitment by all organizations. Analyze the probability and impact of the risks linked with the situation and plan how to respond to them. You are finding it difficult to evaluate the exact cost impact of risk.
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Work breakdown structure Project status reports Project Status report can be an input to risk management. Therefore, the project status report is not always an input to risk management. When estimating time for activities, a Project Manager should: Answer: Use the best guess and estimate all activities since there will be changes as the project progresses and more information becomes available Involve people who will be doing the work to get estimates Estimate for what the cost will allow and include buffers None of the above Risk tolerance is determined in order to help: Answer: The team ranks the project risks.
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The project manager estimates the project. The team schedules the project. Management knows how other managers will act on the project. If you know the tolerance of the stakeholders, you can predict how they might react to different situations and risk events. This information can help assign levels of risk on each work package activity. You are running a project to engineer and implement a set of business processes and a software solution for customer relationship management. This leads to different expectations on how the project should be handled—as well as to frequent misunderstandings between stakeholders. Another effect is a growing degree of distrust and skepticism. What should you try first to integrate the diverse stakeholder groups? Answer: Focus on project work. As a project manager, you should not get distracted by big egos. Let the problems grow further until they are obvious for all. Then escalate them. Develop a joint quality policy for the project and seek a commitment by all organizations.
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Analyze the probability and impact of the risks linked with the situation and plan how to respond to them. You are finding it difficult to evaluate the exact cost impact of risk. You should evaluate on a n : Answer:.
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December 9, The sample questions are provided to help examinees familiarise themselves with the form and style of questions which they may see in the CFPCM Certification Examination Founda-tion Level, Level 1 and Level 2. This is why we provide the books compilations in this website. In essence risk management is all about "resource allocation". My friends are so mad that they do not know how I have all the high quality ebook which they do not! Explore the latest questions and answers in Bank Management, and find Bank Management experts. We have made it easy for you to find a PDF Ebooks without any digging. Read more. But first, here are some questions to test your knowledge of typical, fundamental topics that are likely to appear on the actual exam.
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However, Scribd is not free. Risk Management The minimum variance frontier most likely consists of: A. When the Project Manager is notified of a risk, it is her responsibility to analyze the risk and take it further. Our library is the biggest of these that have literally hundreds of thousands of different products represented. Enterprise Risk Management is a 4 hour written—answer examination. Lecture notes, lectures - complete summary for all lecture notes Summary complete of the entire course. Merely said, the risk management exam questions and answers is universally compatible as soon as any devices to read. Many thanks. Individual assets only. Get other relevant information regarding the course and important resources all at one place only on Zeroinfy. B- Professional Growth. It is a data analysis technique in the Perform Qualitative Risk Analysis process. Individual assets and portfolios.
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If there is a survey it only takes 5 minutes, try any survey which works for you. In order to read or download risk management exam questions and answers ebook, you need to create a FREE account. The syllabus for this examination covers key topics in enterprise risk management and is a key component of the pathway for earning the Chartered Enterprise Risk Analyst credential.
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Risk Management. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Risk Management Exam Questions And Answers. Email This BlogThis! Objective Test Mock Past papers and answers syllabus P3 Study Resources. In order to pass this preparation test, you should correctly answer out of questions in 4 hours, like in the real exam.
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I get my most wanted eBook. Risk probability assessment considers the likelihood that a specific risk will occur. Get help with your Risk management homework. View Test Prep - operational-risk-management-exam-questions-and-answers. Risk assessment is a term given to the method of identifying and evaluating potential threat, hazard, or risk factors which have the potential to cause harm. Mock tests should also give you a feel of the actual exam before you sit for it. Just select your click then download button, and complete an offer to start downloading the ebook.
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