Functions Of Business

Question 1

Explain importance of planning

Answer 1

HF COMPUTER

1. helps in decision making
2. Facilitates co-ordination among all activities
3. Can help to set clear objectives
4. Optimum utilisation of resources
5. Minimizes risk
6. Provides path of action
7. Useful in setting standards of controlling
8. To facilitate other management functions
9. Encourages innovative ideas
10. Results in improved performance

Question 2

Importance of organisation

Answer 2

ABCEDFGH SC
1. administration and operation is facilitated
2. Brings specialisation
3. Clarifies authority and responsibility
4. Defines jobs properly
5. Encourages co-ordination
6. Facilitates effective administration
7. Growth and diversification
8. helps in optimum utilisation of resources
9. Scope of innovation
10. Creates a sense of security