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Industrial Management

Question No. 4

Explain the classification of industries with examples?

Classification of Industries:

1. According to the Nature of the Product Manufactured:On this basis industries are classified into three classes:

a. Primary industry: Primary industry is one which is concerned with collecting or makingavailable materials produced by nature. For example, food gathering, hunting, fisheries,

forestry, agriculture and mining.

b. Secondary industry: Secondary industry is one which is connected with thetransformation of material provided by primary industry. For exampleIron and steel

industry, textile industry, cement industry, chemical, drug industry etc.

c. Tertiary industries: Tertiary industries are those which render help and services to allother industries. For example, Management, Banking, Transportation, etc.

2. According to the Ownership:On the basis of ownership, industries are divided into four categories:

a. Public sector industries: These industries are aimed and operated by the governmentagencies.

b. Private sector industries: These industries are owned and operated by privateentrepreneurs

c. Joint sector industries: These industries are jointly run by the state and individual or agroup of individuals.

d. Co-operative sector industries: These industries are owned and operated by theproducers or suppliers of raw materials, workers or both. They pool in the resources and

share the profits or losses proportionately such as the sugar industry.

Question No. 6

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Explain management functions Leading and Controlling in the light of practical

approach with proper explanation.

Answer:

Leading as a Management Function

A good leader inspires employees, boosts morale and encourages effective communication

among employees. Excellent leadership can even increase the organization's income.

Leading Means Inspiring

A manager should strive to become an inspiration to the rest of the employees. Employees will

follow a manager because the manager is the boss. However, a manager that is an inspiration

means that employees follow that person because they believe in what the manager is doing and

they are trying to help the company achieve its goals. Finding ways to inspire employees means

coaching them and motivating them to succeed as integral parts of the company.

Leading Affects Morale

The way a manager leads greatly affects employee morale within the department and company as

a whole. Managers should create a climate that encourages new ideas and employee input. The

more the employees feel that they have a say in the company, the more they will be willing to

share ideas and attempt to find better ways to improve processes. For example, a good manager

may reward employees with monetary or benefit incentives if they can increase output of a

product. Another idea is a treasure box of goodies. Managers can set a goal early in the week and

employees who meet the goal by the end of the week are allowed to take a prize from the

treasure box.

Leading is Key to Effective Communication

For a manager to be an effective leader, he or she must also be an effective communicator. A

manager that shares information and lets employees know the latest news in the company is

someone that is deemed trustworthy by his or her employees. Employees feel little loyalty or

trust towards a manager who does not readily give out information.

Leading Effectively Contributes More to the Bottom Line

An effective leader inspires employees, which allows those employees to feel like they are

making a meaningful contribution to the company. Satisfied employees generally work harder

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and take more ownership in their job positions. This can mean happy customers and a higher

level of customer service.

Controlling:

Controlling is the four-step process of monitoring the firms performance to make sure the goals

are being achieved. It implies measurement of accomplishment against the standards and

correction of deviation in case of any to insure achievement of organizational goals. The purpose

of controlling is to ensure that everything occurs in accordance with the standards. An efficient

system of control helps to indicate deviations before they occurred. Hence, controlling consist

five steps of process to achieve the organizational goals.

The first step is determining the major areas to control. Managers usually base on their

organizational mission, goals and objectives developed during the planning process.

The second step is establishing standards of performance and goals. A control standard is a target

against which performance is evaluated. Performance standards are normally stated in monetary

terms such as profits, costs or revenue but may also be stated in another terms such as units

produced or levels of customer service.

The next step is measuring actual performance. Measurements must be accurate enough to spot

deviations or variances between what really occurs and what is most desired. Managers can

measure the outputs resulting from the workers behavior or they can measure the behavior

themselves.

The forth step is comparing the actual performance against chosen standards. The comparison of

actual performance must be taken by managers and make any decision if the performance is

deviates.

Question No. 8

Explain the difference between Operational and Supply Chain Management?

Supply Chain Management vs. Operations Management

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Every day, around the world, businesses of all sizes are collaborating to produce and deliver the

goods that consumers need through a vast, interconnected series of processes. Each of the

companies involved along the way utilize both supply chain management and operations

management in producing goods.

The terms supply chain management and operations management is often confused. They do

have similarities, but their differences make them completely separate processes.

If youre interested in a career in the business world, its important to learn what these two terms

mean and how companies use supply chain management and operations management to improve

efficiencies and increase value for their customers, while maximizing profits.

Supply Chain Management

Supply chain management is a discipline that came about as companies began to see the supply

chain as one entity, rather than separate pieces of a puzzle. Effective supply chain management

controls costs and ensures efficiency, from the point of origin of raw materials or components,

through the manufacturing process and delivery to the consumer.

One distinct difference between supply chain management and operations management is that

supply chain management is focused externally. Its focus is on:

Planning products that consumers will want to buy Sourcing raw materials, components or parts

Transporting and warehousing products Delivering the goods to the point of purchase

Operational Management:

Operations management refers to the administration of business practices to create the highest

level of efficiency possible within an organization. Operations management is concerned with

converting materials and labor into goods and services as efficiently as possible to maximize the

profit of an organization.