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 making available 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 the transformation 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 all other 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 government agencies. b. Private sector industries: These industries are owned and operated by private entrepreneurs c. Joint sector industries: These industries are jointly run by the state and individual or a group of individuals. d. Co-operative sector industries: These industries are owned and operated by the producers 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

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

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

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.