Engineering Management Imp Questions

1. Explain the concept of engineering management

2. Explain about the skills that are required by the manager to discharge his duties
3. Discuss about functions of management
4. Discuss about principles of management
5. Discuss about Sole Trader with example
6. Discuss about Partnership with example
7. Brief about simple interest with example
8. Explain about Single-Payment Present Worth Amount with example
9. Explain about Uniform Gradient Series Annual Equivalent Amount with example
10. A person is planning for his retired life. He has 10 more years of service. He would like
to deposit 20% of his salary, which is Rs. 4,000, at the end of the first year, and
thereafter he wishes to deposit the amount with an annual increase of Rs. 500 for the
next 9 years with an interest rate of 15%. Find the total amount at the end of the 10th year
of the above series.
11. A person deposits a sum of Rs. 20,000 at the interest rate of 18% compounded annually for 10
years. Find the maturity value after 10 years
12. A person wishes to have a future sum of Rs. 1,00,000 for his son’s education after 10 years from
now. What is the single-payment that he should deposit now so that he gets the desired amount
after 10 years? The bank gives 15% interest rate compounded annually
13. Distinguish General and Specific Managerial Objectives with examples
General managerial objectives
 Specific-managerial operations:-

14. Give examples of importance of management

15. Differentiate between management and administration

 16. Explain various characteristics of management

Characteristics of Management

Goal-oriented process

An essential aspect of management is to combine individual efforts and

direct them towards achieving organisational goals. These goals differ
from organisation to organisation. For example, an organisation can
have a profit motive whereas a social work organisation might have a
goal of eradicating illiteracy among children. Management recognises
these goals and aims to fulfil them.

Browse more Topics under Nature And Significance Of

Management

 Coordination and Management in the Twenty-First Century

 Levels and Functions of Management
 Management as an Art
 Management as Profession
 Management as Science

Pervasive

Management is a requirement and essential for the functioning of all

kinds of organisations- social, economic or political. Without
management, the processes of an organisation would be chaotic and
unordered. Further, it is equally essential for organisations across
all countries. However, the only difference lies in the how management
is implemented within an organisation.

Multidimensional

Management has three dimensions:

i. Work management: Every organisation exists for completion of

some work. This work varies from producing clothes in clothing
sector to treating patients in hospitals. Management looks at this
work as goals to be achieved and works towards these goals.
Further, this is done in terms of problems to be
solved, decisions to be made, plans to be established, budgets to
 be prepared, responsibilities to be assigned and authority to be
delegated.
ii. Management of people: Another dimension of management is
concerned with getting work done from people, by assigning
work to worthy employees who can work effectively towards
the realisation of organisational goals. This is achieved by
ensuring that the strength is highlighted and the weakness is
driven out of the equation. It further has two dimensions- a)
dealing with people as individuals with diverse needs and
behaviours and b) dealing with individuals perceiving them as a
part of a wider group of people.
iii. Management of operations: As every organisation aims at the
completion of work, they also have a particular product or
service to provide with respect to their domain of operation.
Note that this is met with the help of a production process.
Management also looks after a production process of an
organisation that transforms the input with the help of
technology required into the output for consumption.
Interestingly, this is linked to both management of work and
people.

Continuous Process

We now know that there are various functions of management. These

are- planning, organising, directing, staffing and controlling. As a
matter of fact, a manager performs all these functions simultaneously.
Although these functions are separate, management is concerned with
performing all of them simultaneously all the time. Consequently,
management is a dynamic and continuous process.

Group Activity

An organisation consists of a large number of individuals having

different reasons and purposes to join. Again these individual differ
based on their needs and behaviours. However, it is important to realise
that these diverse individuals work together towards the achievement of
the organisational goals. Management diverts the individual efforts
towards the right direction. Further, effective management enables all
the individuals to grow and develop as their needs and opportunities
change.

Dynamic Function

An organisation has to adapt to the environment in order to succeed.

Thus management is dynamic in nature and adapts to the ever-changing
social, economic and political conditions. A famous example of this is
how McDonald’s had to change its menu to serve and emerge as a
major fast food giant in the Indian market.

Intangible Force

Management cannot be touched or it isn’t tangible. However effective

management can be easily felt. Evidently, if there is order instead of
chaos within an organisation, the employees are happy and the
organisational goals are being organised it can be easily said that there
exists good management.
17. Discuss about Private Limited Company with example
18. Discuss about Co-Operative with example
19. Brief about compound interest with example
20. Explain about Equal-Payment Series Compound Amount with example
21. A person invests a sum of Rs. 5,000 in a bank at a nominal interest rate of 12% for 10
years. The compounding is quarterly. Find the maturity amount
22. A bank gives a loan to a company to purchase an equipment worth Rs. 10,00,000 at an
interest rate of 18% compounded annually. This amount should be repaid in 15 yearly
equal installments. Find the installment amount that the company has to pay to the bank
23. . A person who is now 35 years old is planning for his retired life. He plans to invest an equal
sum of Rs. 10,000 at the end of every year for the next 25 years starting from the end of the next
year. The bank gives 20% interest rate, compounded annually. Find the maturity value of his
account when he is 60 years old.
24. A company has to replace a present facility after 15 years at an outlay of Rs.5,00,000. It plans to
deposit an equal amount at the end of every year for the next 15 years at an interest rate of
18% compounded annually. Find the equivalent amount that must be deposited at the end of
every year for the next 15 years
25. Elaborate whether management is an Art or Science
26. Management is both an art and a science. Management combines features of both science
as well as art. It is considered as a science because it has an organized body of knowledge
which contains certain universal truth. It is called an art because managing requires certain
skills which are personal possessions of managers. Science provides the knowledge & art
deals with the application of knowledge and skills.
A manager to be successful in his profession must acquire the knowledge of science & the
art of applying it. Therefore management is a judicious blend of science as well as an art
because it proves the principles and the way these principles are applied is a matter of art.
Science teaches to ‘know’ and art teaches to ‘do’. E.g. A person cannot become a good
singer unless he has knowledge about various ragas & he also applies his personal skill in
the art of singing. Same way it is not sufficient for manager to first know the principles but he
must also apply them in solving various managerial problems that is why, science and art are
not mutually exclusive but they are complementary to each other (like tea and biscuit, bread
and butter etc.).

27. Nature and feature of management with examples

28. Explain management skills
29. Explain planning, organizing, staffing, directing & controlling with examples
30. Discuss about State Owned Enterprises with example
31. Discuss about production system with example.
32. Single-Payment compound amount with example
33. Explain about Equal-Payment Series Sinking Fund with example
34. A person is planning for his retired life. He has 10 more years of service. He would like
to deposit Rs. 8,500 at the end of the first year and thereafter he wishes to deposit the
 amount with an annual decrease of Rs. 500 for the next 9 years with an interest rate of
15%. Find the total amount at the end of the 10th year of the above series
35. A bank gives a loan to a company to purchase an equipment worth Rs. 10,00,000 at an
interest rate of 18% compounded annually. This amount should be repaid in 15 yearly
equal installments. Find the installment amount that the company has to pay to the bank
36. A company wants to set up a reserve which will help the company to have an annual equivalent
amount of Rs. 10,00,000 for the next 20 years towards its employees welfare measures. The
reserve is assumed to grow at the rate of 15% annually. Find the single-payment that must be
made now as the reserve amount.
37. A person is planning for his retired life. He has 10 more years of service. He would like to deposit
20% of his salary, which is Rs. 4,000, at the end of the first year, and thereafter he wishes to
deposit the amount with an annual increase of Rs. 500 for the next 9 years with an interest rate
of 15%. Find the total amount at the end of the 10th year of the above series.