All questions of Industry and Industrialization for JAMB Exam

Corporation is the form of business organization that offers limited liability to its owners.

Definition of Corporation:
A corporation is a legal entity that is separate from its owners. It is created by filing the necessary documents with the state government and is subject to specific laws and regulations. Corporations have their own rights and liabilities, and they can enter into contracts, own property, and engage in business activities.

Key Points:
- Limited liability is a key feature of a corporation. It means that the owners, also known as shareholders or stockholders, are not personally responsible for the debts and obligations of the corporation.
- This means that if the corporation fails or is sued, the shareholders' personal assets are generally protected from being used to satisfy the corporation's debts.
- Shareholders are only liable for the amount of money they have invested in the corporation, typically the value of their shares.
- This limited liability protection is one of the main reasons why many entrepreneurs and investors choose to form corporations.

Advantages of a Corporation:
- Limited liability: As mentioned earlier, shareholders are not personally responsible for the corporation's debts and obligations.
- Perpetual existence: A corporation has a separate legal existence and can continue to exist even if the shareholders change or die.
- Easy transferability of ownership: Shares of a corporation can be easily bought and sold, allowing for the transfer of ownership without disrupting the business operations.
- Access to capital: Corporations have more options for raising capital, such as issuing stocks and bonds, which can attract investors and raise funds for business expansion.
- Credibility and prestige: Corporations often have a higher level of credibility and prestige compared to other forms of business organizations, which can be beneficial in attracting customers, partners, and employees.

In conclusion, a corporation offers limited liability to its owners, which means that their personal assets are protected from the debts and obligations of the corporation. This makes it an attractive form of business organization for entrepreneurs and investors.

Planning is the correct answer for the management function that involves setting goals and determining the best way to achieve them. Planning is a crucial function of management as it sets the foundation for all the other management functions to follow. It involves the process of defining organizational goals and objectives and determining the most effective course of action to achieve them.

Importance of Planning
- Provides a sense of direction: Planning helps in defining the purpose and goals of an organization. It provides a roadmap for the organization to follow and guides decision-making at all levels.
- Reduces uncertainty: By setting goals and determining the best way to achieve them, planning helps in reducing uncertainties and ensures that the organization is prepared for future challenges and changes.
- Enhances efficiency: Planning helps in allocating resources effectively and efficiently. It allows managers to identify potential bottlenecks and address them in advance, leading to improved productivity and performance.
- Facilitates coordination: Planning involves the coordination of various activities and resources within an organization. It ensures that different departments and individuals work towards common goals, leading to better coordination and synergy.
- Promotes innovation and creativity: Through the planning process, managers can identify new opportunities and innovative approaches to achieve organizational goals. It encourages creativity and fosters a culture of innovation within the organization.

Steps in the Planning Process
- Setting objectives: The first step in planning is to define clear and specific objectives that the organization wants to achieve. These objectives should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound).
- Developing alternative courses of action: Once the objectives are set, managers need to identify different ways or strategies to achieve them. This involves brainstorming and evaluating various options.
- Evaluating alternatives: After identifying the alternatives, managers need to evaluate their pros and cons, considering factors such as cost, feasibility, and potential risks.
- Selecting the best course of action: Based on the evaluation, managers need to choose the most appropriate and feasible alternative to pursue.
- Implementing the plan: Once the best course of action is selected, managers need to develop a detailed plan and allocate resources accordingly. This involves assigning tasks, setting deadlines, and establishing performance measures.
- Monitoring and controlling: The final step in planning is to monitor the progress of the plan and make necessary adjustments if required. This ensures that the plan is on track and any deviations are addressed in a timely manner.

Conclusion
Planning is a fundamental management function that involves setting goals and determining the best course of action to achieve them. It provides a sense of direction, reduces uncertainty, enhances efficiency, facilitates coordination, and promotes innovation. The planning process involves setting objectives, developing alternatives, evaluating them, selecting the best course of action, implementing the plan, and monitoring and controlling its progress.