Commerce Accountancy

Business and Project Management

1,146 Questions

Business and project management focus on organizational resources, strategic planning, and time management techniques used to achieve corporate objectives. It includes theories of administration and continuous improvement processes. Review these commerce and management questions to prepare for business administration sections in competitive exams.

Strategic managementTime managementOrganizational resourcesAdministration principles

Business and Project Management Questions

Multiple choice

Directions: Fill the blanks with most appropriate answer from the given options.

Internal ___________ also make recommendations to managers to help them manage business risks.

  1. bureaucrats

  2. physicians

  3. auditors

  4. surveyors
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Internal auditors are professionals who evaluate and improve an organization's risk management, control, and governance processes. They provide recommendations to managers on identifying and managing business risks. Bureaucrats handle administration, physicians treat patients, and surveyors measure land.

Multiple choice

Which among the following outlines a business vision, business/IT strategy and technical architecture for the information system functions?

  1. Operational planning

  2. Tactical systems planning

  3. Strategic systems planning

  4. Organization planning
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Strategic systems planning operates at the highest level, defining the overall business vision and how IT supports it. This includes business strategy alignment and technical architecture for information systems. Operational planning deals with day-to-day activities, while tactical planning bridges strategy and operations.

Multiple choice

A team is designing the backup and recovery strategy for a company. Management's priority is to minimize downtime. Which business requirement should they focus on?

  1. MTBF

  2. RMAN

  3. MTTR

  4. Evolutionary Process
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

MTTR (Mean Time To Recovery) measures how quickly the system can be restored after a failure. When management wants to minimize downtime, MTTR is the business requirement to optimize. MTBF (Mean Time Between Failures) measures reliability/frequency of failures, not recovery speed. RMAN is a tool, not a business requirement.

Multiple choice

Planning is a process.

  1. Goal oriented

  2. Flexible

  3. Time bound

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Planning is inherently goal-oriented (provides direction), flexible (adaptable to changing circumstances), and time-bound (specific timelines). All three characteristics are essential features of the planning process.

Multiple choice

Business plans designed to achieve the organizational objectives is called

  1. Human Resource Planning

  2. Human Resource Forecasting

  3. Strategic Plan

  4. Corporate Development Plan
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Strategic planning is a systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.

Multiple choice

Which of the following systems includes the number of decisions in the operational management and the same at the middle management that are based on one or two aspects of a decision making situation?

  1. Probabilistic system

  2. Tactical information system

  3. Closed system

  4. Status enquiry system

  5. Abstract system
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Explanation: The number of decisions at operational management and middle management are such that they are based on one or two aspects of a decision making situation.

Multiple choice

_________ is the primary function of management.

  1. Planning

  2. Budgeting

  3. Controlling

  4. Organization
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Planning is the primary function of management which requires determination of the action and the decision making based on purpose, knowledge, and considered estimates.

Multiple choice

From the managerial point of view, policies are

  1. guide to thinking in decision-making

  2. all the activities of management

  3. a series of steps to be taken

  4. outlines of plan of work to be carried out in proper sequence
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A set of policies are principles, rules and guidelines formulated or adopted by an organization to reach its long-term goals and typically published in a booklet or other form that is widely accessible.

Multiple choice

An enterprise resource planning is used to

  1. design and generate reports

  2. manage internal and external resources

  3. spot and analyse business data

  4. create programs
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Enterprise resource planning is used to manage internal and external resources.

Multiple choice

The General theory of Administration by Henry Fayol is applicable at which level?

  1. Top management level

  2. Middle management level

  3. Board managment level

  4. Policy management level
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Fayol's Administrative Theory was developed from his experience as a senior manager and is primarily focused on top-level management functions like planning, organizing, commanding, coordinating, and controlling. While applicable at all levels, it's most relevant to top management where strategic decisions are made.

Multiple choice

Who defined administration as - 'The organisation and direction of human and material resources to achieve desired ends'?

  1. J. M. Pfiffner

  2. H. A.Simon

  3. J. K.Smith

  4. D. White
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

J.M. Pfiffner's definition captures the essence of administration as the art and science of organizing both human resources (personnel) and material resources (facilities, equipment, budget) to achieve organizational goals effectively and efficiently.