1. After snake bite which of the following one is not a correct management?





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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
MCQ-> Read the following passage and answer the questions. Passage: Rajendran belongs to the hula tribe, one of India's oldest indigenous communities, who live along the north-eastern coast of the state of Tamil Nadu. They are known for their ancient and intimate knowledge of snakes, and their skills form an important but nearly invisible part of the healthcare system in India. "Many people are scared of snakes," Rajendran said, "But we must remember that the snake is only interested in survival. If we move in agitation, the snake perceives a threat and can strike. If we stand still, however, it will often slither away." We were at the offices of the hula Snake Catchers Industrial Co-Operative Society, which was formed in 1978 in Vadanemmeli to capture snakes and extract their venom. Nearly 50,000 people die of snakebites each year in the country, and the only reliable treatment is the prompt administration of anti-venom. Six companies across India produce around 1.5 million vials of anti-venom annually, and most of it is derived from the venom extracted by the Indas. Rajendran showed us a sunken sandpit enclosed by a low brick wall A high thatched roof protected the space from the sun. and a small raised platform in the centre of the pit had a simple blackboard with details of the snakes being held in the facility. This was the venom extraction site. We aren't holding too many snakes right now," he said, pointing to the numerous rows of empty clay pots, neatly arranged outside the thatch structure. Each pot will be half-filled with sand before housing two snakes each, and the mouth of the pot will be carefully sealed with porous cotton cloth so that the snakes can't leave the pot but there is still enough air. The co-operative has official licenses to hold about 800 snakes at a time. "We keep every snake for 21 days, and extract venom four times during that period," Rajendran said. The snakes are then released into the wild. A small mark on their belly scales prevents the same snake from being caught repeatedly. "The mark goes away after a few moultings." Rajendran's confidence in handling snakes and his deep understanding of these creatures are derived from a childhood spent in the forests and scrublands of the region. Before he turned 10. he had seen hundreds of snakes being captured. The Imlas usually work in silence, even when they go into the forest with others. They instinctively know the significance of faint signs on the ground to either follow clues or dismiss them. However, they often find it hard to articulate the details of their understanding, even to people who study reptiles.What is the best way to save yourself when a snake is near you?
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MCQ-> Read the following passage carefully and answer the question given below it Certain words/phrases have been printed in bold to help you locate them while answering some of the questionsOnce a king saw some young boys pelting stones on a snake. He prevented the boys from killing the snake. Thus he saved its life.The snake, which was the King of the Snake World, thanked him and favoured him with a supernatural gift by which he could understand the language of any animal. But he warned him that that divulgence of the secret would cost him his life. One day, when the King was sitting in his garden and enjoying breakfast, a small portion of the sweet fell on the ground.Soon he heard an ant shouting, “My God”, what a big wagon-ful of sweet has fallen and there is none to consume it.Ah ! I can enjoy all, now.”Hearing this, the King smiled and chuckled.The queen, who was sitting next to him,was curious to note the changing countenance of the King.She asked him to tell her the reason for the smile. But the King kept silence,she attacked his self-respect by calling him a “liar” and muttered that all his expressions of endearment like-You are dearer to me than my very life”.-were nothing but a pack of lies.The King, however,could not bear the attacks on his self-respect and eventually conceded to divulge the secret on the following day in the royal,garden; and made up his mind to sacrifice his life. A donkey overheard the King’s resolve and decided to save him,because the King was righteous.So, he picked up one of his friends-the goat and they both decided to save the King. Next day, when the King and his retinues were on the way to the royal park,the donkey and the goat stood conversing on one side of the path.The King overheard the goat saying to the donkey, “You are a fool but not as big a fool as in the king. “Having heard so, the King was curious to know as to why was he being called a “bigger fool”. So, he said to the goat. “Pray, then tell me what to do as I am now committed to tell her on her back”. When the King reached the garden he said to the queen “I am now ready to tell you the secret on the condition that you are willing to receive one hundred lashes in return”.The queen considered the condition a joke and nodded in agreement.The King then waved at one of his guards to lash her with all his power.And no sooner than she received two lashes she wailed and shouted “No ! No ! Stop, do not lash me ! I don’t want to know the secret now”. The King then said scornfully, “You wanted to know the secret at the cost of my life, but now you don’t want to know because you have to save your skin.You deserve a few more lashes.”But before he could order his man to give her a few more lashes, the King’s trustworthy minister intervened and requested him to forgive her.Thus the queen was not lashed further, yet she received the same honour and dignity.Why did the snake give a gift to the King ?
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MCQ-> Read the following passage carefully and answer the questions given below. Certain words/phrases have been printed in bold to help you locate them.Management is a set of processes that can keep a complicated system of people and technology running smoothly. The most important aspects of management include planning, budgeting, organising, staffing, controlling, and problem-solving. Leadership is a set of processes that creates organizations in the first place or adapts them to significantly changing circumstances. Leadership defines what the future should look like, aligns people with that vision, and inspires them to make it happen despite the obstacles. This distinction is absolutely crucial for our purposes here: Successful transformation is 70 to 90 per cent leadership and only 10 to 30 per cent management. Yet for historical reasons, many organizations today don't have much leadership. And almost everyone thinks about the problems here as one of managing For most of this century, as we created thousands and thousands of large organizations for the first time in human history, we didn't have enough good managers to keep all those bureaucracies functioning. So many companies and universities developed management programmes, and hundreds and thousands of people were encouraged to learn management on the job. And they did. But, people were taught little about leadership. To some degree, management was emphasized because it's easier to teach than leadership. But even more so, management was the main item on the twentieth-century agenda because that's what was needed. For every entrepreneur or business builder who was a leader, we needed hundreds of managers to run their ever growing enterprises.Unfortunately for us today, this emphasis on management has often been institutionalized in corporate cultures that discourage employees from learning how to lead. Ironically, past success is usually the key ingredient in producing this outcome. The syndrome, as I have observed it on many occasions, goes like this: success creates some degree of market dominance, which in turn produces much growth. After a while keeping the ever larger organization under control becomes the primary challenge. So attention turns inward, and managerial competencies are nurtured. With a strong emphasis on management but not on leadership, bureaucracy and an inward focus take over. But with continued success, the result mostly of market dominance, the problem often goes unaddressed and an unhealthy arrogance begins to evolve. All of these characteristics then make any transformation effort much more difficult.Arrogant managers can over-evaluate their current performance and competitive position, listen poorly, and learn slowly. Inwardly focused employees can have difficulty seeing the very forces that present threats and opportunities. Bureaucratic cultures can smother those who want to respond to shifting conditions. And the lack of leadership leaves no force inside these organisations to break out of the morass.Why, according to the author, is a distinction between management and leadership crucial?
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MCQ-> Study the following information carefully and answer the questions given below : Following are the conditions for selecting a Marketing Manager in an organisation The candidate must…………. (i) be at least 25 years and not more than 35 vears old as on 01.12.2011- (ii) be to graduate in any discipline with its least 55% aggregate marks. (iii) have completed Post Graduate Degree/Diploma in Management with specialisation in Marketing Management with at least 60% marks. (iv) have post qualification work experience of at least 5 years as Assistant Marketing Manager in an organisation. in the case of a candidate who fulfills all the conditions except……….. (a) at (ii) above, but has secured at least 50% in graduation and at least 65% in Post Graduate Degree/Diploma in Management with specialisation in Marketing Management, his/her case is to be referred to Head-Marketing. (b) at (ii) above, but is not more than 40 years old and has work experience of 8 years as Assistant Marketing Manager. his/her case is to be referred to Managing Director. In each question below, details of one candidate arc provided. You have to take one of the following courses of actions based on the conditions given above and the information provided in each question and mark the number of that course of action as your answer. You are not to assume anything other than the information provided in each question. All these cases arc given to you as on 01.12.2011. Mark answer : a: if the data provided arc inadequate to take a decision. b: if the candidate is not to he selected. c: if the candidate is to be selected. d: if the t-tise is hi be referred to Head Marketing. e: if the cast is to be relerred to Managing Director. Now read the information provided in each question and mark your answer accordingly.Medha Gosavi was born on 8th March 1982. She has been working as Assistant Marketing Manager in an organisation for the past six years after completing her Post Graduate Degree in Management with specialisation in Marketing Management with 70% marks. She has secured 53% marks in B. Com
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