business-administration-interview Questions and answers Page 2

What do you understand by SWOT analysis?

SWOT stands for 'Strengths, Weaknesses, Opportunities, and Threats'. This is a method to analyze the environment and the company's standing in it.

SWOT consists of two parts. The strengths and weaknesses refer to the internal environment of a company while the opportunities and threats are related to the external environment.

Internal problems and issues are constantly dealt with. But external factors such as opportunities and threats are not in a company's control.

How will you create flexibility in an organization?

In order to create flexibility in any organization you need to analyze some areas that are mentioned below.

Different kinds of problems - You need to categorize the kinds of problems you face and have to find answers accordingly as every problem cannot be solved in the same way.

Employees' needs and wants - It is always important for you to keep a track of your employees' needs and wants as it will be a source of motivation for them.

Organizational strategies - It is very important for an organization to make a position for itself in the market through its products. Various strategies are used for this purpose. These strategies can be according to the newest and the best products (differentiation strategy). All the strategies require a structure to reach the organizational goal.

Competitiveness - The feeling of competition among your employees is reflected in the positive changes of the organization which is, in turn, related to the flexibility of an organization.

How can one increase the longevity of an organization?

Longevity of an organization depends on the implementation of new and improved techniques and technologies which holds the key to its survival and ultimate success. To survive for a long time you require long-term profits in your business. One can increase the longevity through the following ways:

• Continuous development
• Keeping up with technology
• Retaining key employees
• Satisfying employees
• Offer training to the staff
• Offering excellent services

Who are the stakeholders in an organization?

A stakeholder can be a person, an organization, a social group or a society at large that has a stake in a business where the stake is an essential interest in the business or its activities. It can include ownership and property interests, legal interests and obligations, and moral rights.

Is management a science or an art?

Management is considered as both a science and an art as sometimes it fulfills the features present in science and sometimes it does the same for arts.

Management as an art fulfills the following characters

Practical Knowledge: A manager should know how to apply various principles in practical situations.

Personal Skill: When managers have their own way of managing things based on their own knowledge, experience, and personality, they are considered able managers.

Creativity: Managers should combine their creativity with their experience and knowledge to achieve the desired results.

Management is considered a soft science which consists of principles and theories proven by experiments. Science aims to give answers by prediction, taking into account the work to be performed.

What do we mean by standard management functions?

Below are the standard functions of management.

Planning: Planning is something that is necessary for the working of every organization in order to avoid confusion, uncertainties, risks, wastage, etc.

Organizing: Organizing is a process that includes identifying activities and classifying them into different categories like assigning duties, delegation of authorities and creating responsibility, and coordinating authorities.

Staffing: Staffing involves the recruitment and selection of employees. It is an important process in an organization as selecting the right person for the right job is highly important.

Directing: Directing is the most important function for any organization as it puts the planning, organizing and staffing together in order to work efficiently for to achieve the organizational goals.

Controlling: Controlling is equally important as it looks over the working of all the other functions in order to make sure that the enterprise's objectives and plans are put together in an effective manner without making mistakes.