1. The question below consists of a set of labelled sentences. Out of the four options given, select the most logical order of the sentences to form a coherent paragraph. P- Bureaucratic cultures can smother those who want to respond to shifting conditions. Q- Arrogant managers can overevaluate their current performance and competitive position listen poorly and learn slowly. R- And the lack of leadership leaves no force inside these organizations to break out of the morass. S- Inwardly focused employees can have difficulty seeing the very forces that present threats and opportunities.





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QA->You are very arrogant. It is high time you.........that you are not the most important person in the world.....
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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->The question below consists of a set of labelled sentences. Out of the four options given, select the most logical order of the sentences to form a coherent paragraph. P- Bureaucratic cultures can smother those who want to respond to shifting conditions. Q- Arrogant managers can overevaluate their current performance and competitive position listen poorly and learn slowly. R- And the lack of leadership leaves no force inside these organizations to break out of the morass. S- Inwardly focused employees can have difficulty seeing the very forces that present threats and opportunities.....
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 passage carefully. Answer the questions by selecting the most appropriate option (with reference to the passage). PASSAGE 1We use the word culture quite casually when referring to a variety of thoughts and actions. I would like to begin my attempt to define cultures by a focus on three of its dictionary meanings that I think are significant to our understanding of the general term-culture. We often forget that it's more essential usage is as a verb rather than as a noun, since the noun follows froth the activities involved in the verb. Thus the verb, to culture, means to cultivate. This can include at least three activities: to artificially grow microscopic organisms; to improve and refine the customs, manners and activities of one's life; to give attention to the mind as part of what goes into the making of what we call civilization, or what was thought to be the highest culture. In short, one might argue that culture is the intervention of human effort in refining and redefining that which is natural, but that it gradually takes on other dimensions in the life of the individual, and even more in the interface between the individual and society. When speaking of society, this word also requires defining. Society, it has been said, is what emerges from a network of interactions between people that follow certain agreed upon and perceptible patterns. These arc determined by ideas of status, hierarchy and a sense of community governing the network. They are often, but not invariably, given a direction by those who control the essentials in how a society functions, as for instance, its economic resources, its technology and its value systems. The explanation and justification for who controls these aspects of a society introduces the question of its ideology and often its form. The resulting patterns that can be differentiated from segment to segment of the society are frequently called its cultures. Most early societies register inequalities, The access of their members to wealth and status varies. The idea of equality therefore has many dimensions. All men and women may be said to be equal in the eyes of god, but may at the same time be extremely differentiated in terms of income and social standing, and therefore differentiated in the eyes of men and women. This would not apply to the entire society. There may be times when societies conform to a greater degree of equality, but such times may be temporary. It has been argued that on a pilgrimage, the status of every pilgrim is relatively similar but at the end returns to inequalities. Societies are not static and change their forms and their rules of functioning. Cultures are reflections of these social patterns, so they also change. My attempt in this introduction is to explain how the meaning of a concept such as culture has changed in recent times and has come to include many more facets than it did earlier. What we understand as the markers of culture have gone way beyond what we took them to be a century or two ago. Apart from items of culture, which is the way in which culture as heritage was popularly viewed, there is also the question of the institutions and social codes that determine the pattern of living, and upon which pattern a culture is constructed. Finally, there is the process of socialization into society and culture through education. There is a historical dimension to each of these as culture and history are deeply intertwined. There is also an implicit dialogue between the present and the past reflected in the way in which the readings of the past changed over historical periods. Every. society has its cultures, namely, the patterns of how the people of that society live. In varying degrees this would refer to broad categories that shape life, such as the environment that determines the relationship with the natural world, technology that enables a control over the natural world, political-economy that organizes the larger vision of a society as a community or even as a state, structures of social relations that ensure its networks of functioning, religion that appeals to aspirations and belief, mythology that may get transmuted into literature and philosophy that teases the mind and the imagination with questions. The process of growth is never static therefore there are mutations and changes within the society. There is communication and interaction with other societies through which cultures evolve and mutate. There is also the emergence of subcultures that sometimes take the form of independent and dominant cultures or amoeba-like breakaway to form new cultures. Although cultures coincide with history and historical change, the consciousness of a category such as culture, in the emphatic sense in which the term is popularly used these days, emerges in the eighteenth century in Europe. The ideal was the culture of elite groups, therefore sometimes a distinction is made between what carne to be called 'high culture' that of the elite, and low culture' that of those regarded as not being of the elite, and sometimes described as 'popular'. Historical records of elite cultures in forms such as texts and monuments for instance, received larger patronage and symbolized the patterns of life of dominant groups. They were and are more readily available as heritage than the objects of the socially lower groups in society whose less durable cultural manifestations often do not survive. This also predisposed people to associate culture as essentially that of the elite.What is the central idea of the passage?
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MCQ-> Read the following passages carefully and answer the questions given at the end of each passage.PASSAGE 3Typically women participate in the labour force at a very high rate in poor rural countries. The participation rate then falls as countries industrialise and move into the middle income class. Finally, if the country grows richer still, more families have the resources for higher education for women and from there they often enter the labour force in large numbers. Usually, economic growth goes hand in hand with emancipation of women. Among rich countries according to a 2015 study, female labour force participation ranges from nearly 80 percent in Switzerland to 70 percent in Germany and less than 60 Percent in the United States and Japan. Only 68 Percent of Canadian omen participated in the workforce in 1990; two decades later that increased to 74 Percent largely due to reforms including tax cuts for second earners and new childcare services. In Netherlands the female labour participation rate doubled since 1980 to 74 Percent as a result of expanded parental leave policies and the spread of flexible, part time working arrangements. In a 2014 survey of 143 emerging countries, the World Bank found that 90 Percent have at least one law that limits the economic opportunities available to women. These laws include bans or limitations on women owning property, opening a bank account, signing a contract, entering a courtroom, travelling alone, driving or controlling family finances. Such restrictions are particularly prevalent in the Middle East and South Asia with the world’s lowest female labour force participation, 26 and 35 percent respectively. According to date available with the International Labour Organisation (ILO), between 2004 and 2011, when the Indian economy grew at a healthy average of about 7 percent, there was a decline in female participation in the country’s labour force from over 35 percent to 25 percent. India also posted the lowest rate of female participation in the workforce among BRIC countries. India’s performance in female workforce participation stood at 27 percent, significantly behind China (64 percent), Brazil (59 percent), Russian Federation (57 percent), and South Africa (45 percent). The number of working women in India had climbed between 2000 and 2005, increasing from 34 percent to 37 percent, but since then the rate of women in the workforce has to fallen to 27 percent as of 2014, said the report citing data from the World Bank. The gap between male and female workforce participation in urban areas in 2011 stood at 40 percent, compared to rural areas where the gap was about 30 percent. However, in certain sectors like financial services, Indian women lead the charge. While only one in 10 Indian companies are led by women, more than half of them are in the financial sector. Today, women head both the top public and private banks in India. Another example is India’s aviation sector, 11.7 percent of India’s 5,100 pilots are women, versus 3 percent worldwide. But these successes only represent a small of women in the country. India does poorly in comparison to its neighbours despite a more robust economic growth. In comparison to India, women in Bangladesh have increased their participation in the labour market, which is due to the growth of the ready- made garment sector and a push to rural female employment. In 2015, women comprised of 43 percent of the labour force in Bangladesh. The rate has also increased in Pakistan, albeit from a very low starting point, while participation has remained relatively stable in Sri Lanka. Myanmar with 79 percent and Malaysia with 49 percent are also way ahead of India. Lack of access to higher education, fewer job opportunities, the lack of flexibility in working conditions, as well as domestic duties are cited as factors behind the low rates. Marriage significantly reduced the probability of women working by about 8 percent in rural areas and more than twice as much in urban areas, said an Assocham report. ILO attributes this to three factors: increasing educational enrolment, improvement in earning of male workers that discourage women’s economic participation, and lack of employment opportunities at certain levels of skills and qualifications discouraging women to seek work. The hurdles to working women often involve a combination of written laws and cultural norms. Cultures don’t change overnight but laws can. The IMF says that even a small step such as countries granting women the right to open a bank account can lead to substantial increase in female labour force participation over the next seven years. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), even a 10 percent increase in women participating in the workforce can boost gross domestic product (GDP) by 0.3 percent. The OECD recently estimated that eliminating the gender gap would lead to an overall increase in GDP of 12 percent in its member nations between 2015 and 2030. The GDP gains would peak close to 20 percent in both Japan and South Korea and more than 20 percent in Italy. A similar analysis by Booz and Company showed that closing gender gap in emerging countries could yield even larger gains in GDP by 2020, ranging from a 34 percent gain in Egypt to 27 percent in India and 9 percent in Brazil. According to the above passage, though there are many reasons for low female labour force participation, the most important focus of the passage is on
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