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CONTENTS

General Personal Interview Questions ................................................................................... 3

Online Personal Interview Etiquettes ...................................................................................... 7
Finance ..................................................................................................................................... 8
Economics .............................................................................................................................. 19
Operations .............................................................................................................................. 26
Human Resources.................................................................................................................. 34
Data Analytics......................................................................................................................... 37
Marketing................................................................................................................................ 41
Consulting ............................................................................................................................... 49
Current Affairs ........................................................................................................................ 52

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 GENERAL PERSONAL INTERVIEW QUESTIONS

1. Tell me something about yourself.

This is usually the first question asked in the interview. The answer should be well structured
and crisp. Try to finish it in under 90 seconds, keeping the important part in the beginning and
answer in reverse chronology.

Your basic introduction should include 1-2 lines about yourself, which might include your
name and the place you belong to.

This should be followed by either your work experience details or college of graduation for
freshers. Instead of stating just the employer’s name or the college name along with the marks,
try to describe what you did and what you learned, for example, your roles and responsibilities.
Your schooling details should follow this.

Achievements: There are two formats which you could follow. You either mention
achievements after stating your work experience and graduation/school details or mention it
along with them.

You should also try to quantify your achievements; for example, if you undertook a project in
your company, state how much cost or revenue benefit the company had.

You can also include:

• Hobbies: Mention 2-3 hobbies that you may have and how exactly you pursue them
• Your recent work/activity: Something you have recently started that fascinates you

2. Tell me something about yourself that is not present in your Resume/Profile.

This part of the answer might include:

• Your passion
• Your strengths or weaknesses
• Any instance where you demonstrated leadership qualities or took charge of the
situation

3. Tell me a few unique things about a city/town/village.

Students who mention traveling as a hobby or interest might expect this question. Include the
unique aspects of your city, and add some interesting facts about the same; the more unique,
the better. You might also state any remarkable experiences that have had an impact on your
life.

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4. Why Finance/Marketing/Consulting/HR/Operations/IT? (Answer according to your
first preference of specialization)

You can address this question in different ways. Add a note about how your skills resonate with
the requirements of the particular field. You could talk about recent advancements in the area
that intrigues you and how you want to be a part of it. You could also include any gaps if noticed
in the domain and your approach to possibly mitigate it. If you choose a specific domain, be
prepared for basic questions of that domain and the recent news and developments; you can
use it to carry the interview in your favor if you are well-versed.

5. What are your strengths and weaknesses? Provide a SWOT analysis of yourself.

Mention three of each relating it to any of your past experiences or instances. Explore, and you
will find your strengths and weaknesses. Try not just to memorize keywords (Strength: Hard-
working, multitasking, etc., Weakness: Lazy, one-thing-at-a-time, etc.).

Relate your strengths or weaknesses by linking them to your past experiences or justifying
them by an instance with past achievements or failures. While mentioning weaknesses, also
add what you have been doing/plan to do to overcome them.

6. Give an instance where you stepped in, took charge, mustered support & influenced
the outcome of a project by taking on a leadership role.

Use the STAR technique (Situation, Task, Action, Result) while describing the instance.
Explain each element briefly. Use a storytelling approach that evokes the interest of the
interviewer. Do not make it a monologue.

7. What are your hobbies?

Be prepared for generic questions on your hobbies. Try to impress your interviewer by giving
some unique insights about your hobbies.

8. What is the aim of your life? Where do you see yourself in the next 5-10 years?

In the long run, many of us might want to be an entrepreneur. Some of us might even want to
be a stand-up comedian, singer, etc. But in the short run, you want to pursue MBA from an IIM.
Relate your goals to how pursuing an MBA can help you achieve them.

Articulate your aspirations and address how you will go about achieving them. If you have
taken any initiatives to attain your goals, mention it. Be authentic.

9. What are the things you are passionate about? Have you done anything about them?
If yes, what? If no, why not?

Talk about what you have done so far for it. Be ready to explain your passion in-depth to the
interviewer. If not, explain with proper reasoning why you haven’t been able to do anything
about it.

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10. What are the few takeaways you have got from your previous education/work
experience/internship?

Talk about your learnings in two parts: growth in skillset and development in soft skills, e.g.,
leadership. Try to support the answer with appropriate instances.

11. Have you participated in any non-academic co-curricular activities? How important
do you think these activities are in general?

Any co-curricular activity contributes to the development of overall personality. If you have
participated in some, don’t just mention the activities but also how doing that helped in shaping
your personality.

12. Why did you choose this (your branch of engineering or any other selection of
course/degree/stream)?

Try to relate one of your interests to the stream or line of a career that you had chosen.

13. Why are your grades low, or have decreased / not improved significantly?

There could be any particular incident or just typical inconsistency; whatever the reason might
be, do not try to make it seem like it's someone else’s fault or make excuses. Try to be honest,
take responsibility, and assure you won’t continue the same in the MBA.

14. Tell me something about your previous company.

Your answer should include not just what someone can tell by ‘googling’ about your company
but what different information you could offer that is unique and interesting. Mention a bit
about the work culture and how it supported you along the way. Avoid bad-mouthing the firm
in any manner, as it may not leave a good impression of your working spirit.

15. Tell me something about your role in your previous company.

Try to include details about what you have worked on (project, problem, etc.) and how your
work benefited a particular set of people (your client, customers, etc.) and quantify your answer
by stating figures to make it more credible and impactful.

16. Why did you decide to pursue an MBA and not establish yourself in the same
organization or industry? In other words, why do you want to leave your job?

Indirectly, this is the question related to the vision and mission of your life. So, spend some
time devising the same. Once that is done, describe how the company’s vision and mission are
different from that of yours and how pursuing an MBA can help you achieve that.

17. What are three key learnings you have got from your experience in Corporates?

This is one of the common questions, and try to be comprehensive about it by stating instances
that led to the learnings.

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18. Why do you think you are the right candidate to be a part of an IIM Rohtak?

Try to tell how you could be a great manager by speaking about your managerial strengths or
a few previous instances. Explore IIM Rohtak’s website to understand its core values, vision,
and mission and relate your answer to it.

19. Why do you want to pursue an MBA instead of pursuing a Master’s in your domain
(doesn’t apply to BBA graduates)?

20. Which domain do you think (amongst Sales and Marketing, Operations, Finance, IT,
HR, and Strategy) is the most important one for an organization?

21. Describe a time when you were a part of a team. Describe the challenges you faced as
being a part of that team. Have you ever challenged a leader/boss in college or in
previous work experience?

22. Describe a time you led a team. Describe your leadership style and the obstacles you
faced as the team leader.

23. What is your biggest accomplishment? What is your biggest failure?

24. Do you work well under pressure & manage your time well? How do you manage
your time?

25. The questions could also be along these lines:

• If you had a superpower, what would it be?
• Are you more of a hunter or a gatherer?
• How honest are you?
• One question you would ask your idol?
• If you could wake up anywhere tomorrow, where would you want it to be?
• What is the one thing you would like to tell your past, present, and future self?
• State 3 things that make you smile?
• Who is your favorite villain of all time?
• What, according to you, drives/motivates a human?
• If you could see a measuring scale above people's heads, what would you want this
• scale to measure? Their status in society or their level of happiness or their wealth?
• One thing about you which sets you apart from others.

26. Situation based questions (to check the decision-making abilities of the candidates)

27. Extempore: A variety of topics could be provided based on the panelists’ preference.
Topics that could be asked:
• Democracy in India
• E-commerce: Discounts are harmful in the long run?
• Cashless Economy; Are we Ready for the Transformation?
• First Impression is the Last Impression

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 • Commercialization of Healthcare
• Gig Economy: Pros & Cons, Impact of Covid 19
• The revival of the shrinking Indian Economy
• The New working normal
• Agriculture bill 2020
• National Education Policy 2020
• Privatization in COVID times
• Bank Mergers
• Ban on Chinese apps
• Fake News will kill the Social Fiber of India unless checked.
• The Problems plaguing the Telecom Industry in India
• Make in India Vs. Made in India
• Impact of Technology on Jobs: Will Automation & Artificial Intelligence reduce or
increase Jobs?
• Facebook Reliance Jio Deal: Will it help boost Business Growth in India?

Ensure you have a sound knowledge of current affairs. Take some time and pen down your
thoughts. Be confident.

ONLINE PERSONAL INTERVIEW ETIQUETTES

1. Before you begin, ask the panelists if you are clearly audible and visible
2. Ensure you have a high speed, stable internet connection. Keep a backup in case you might
need to switch networks
3. Look into your webcam while answering to your panelists instead of their video on the
screen. This ensures that your vision is directed towards every panelist
4. Dress formally. Don’t wear clothes that feel uncomfortable
5. Close all unnecessary tabs and applications. Do not cheat. Any undesirable activity might
lead to debarment from the process
6. Try to maintain a neutral background for your video
7. Make sure you are in a quiet place, free from noise and any interference
8. Sit in a chair in a comfortable position. Keep your posture straight. An incorrect posture
might not convey good body language to the interviewers
9. Keep a notepad and a pen handy; you might need them during the interview
10. Keep your resume and other important documents handy
11. Don’t use the phone during the interview. Keep it in silent mode
12. In case of any technical glitch, do not panic. Seek apology if it happens from your end

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 FINANCE

Why Finance?

Make a personalized answer for this.

Include pointers such as what about finance interests you. Prepare an answer that indicates that
you know something about your area of interest. You are making an informed decision—some
tips to prepare you for this question and overall interview preparation:

1. Start reading a newspaper every day, at least go through the business page and the
headlines
2. Watch Business news channels such as CNBC TV 18 for 10–20 mins every day, and
understand NIFTY/SENSEX’s performance (before understanding what the
NIFTY/SENSEX is) significant happenings. Don't bother much about the individual
company tracking/ recommendations at this stage.
3. Explore some certifications/ foundation programs that give you an overview of banking
and finance (Focus on learnings and not just certificate completion)
4. Answer to yourself about why does Finance interest you - it could be, how it’s so
essential to any business, drives the economy, etc. You may also add that you need to
learn more before you decide.

Financial Statements

Financial statements are written records that convey the business activities and the financial
performance of a company. It is a collective name given to Income Statement, Positional
Statement, i.e., Balance Sheet, and Cash Flow Statement.

Objectives of Financial Statements

• Determine Net profit or Net Loss (P&L statement)

• Comparison with the previous year’s Profit
• Details of items like expenses, assets, liabilities, etc.
• Maintaining Reserves
• Calculation of Ratios

To find out the profit earned or loss sustained by the firm during a given period and its financial
position at a given point of time is one of the purposes of accounting. For achieving this
objective, financial statements are prepared by business enterprises.

Balance Sheet

It shows the financial position of the business. It is a statement to which balances of assets,
liabilities, and capital accounts are transferred. Balance Sheet is valid only at a particular point
in time since even a single transaction will differentiate some assets or liabilities.

Assets: Anything which enables the firm to get cash or economic benefits in the future.

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Classification of Assets

1. Fixed Assets/Non-current Assets: Fixed Assets are those acquired for continued use and not
resale. Fixed assets are not expected to be consumed or converted into cash within a year.
These can be of two types- Tangible and Intangible.
2. Tangible: Assets that can be seen and touched. Like land, building, plant, and machinery
are tangible fixed assets
3. Intangible: Fixed assets that are not in a physical form, i.e., they can neither be seen nor
touched, e.g., goodwill, trademarks, patents, etc.
4. Current Assets: These are assets of the business held for resale or for converting into cash.
These are the assets that are likely to be realized within one year. Examples: unsold goods,
debtors (those from whom we have to collect money), bank balance, cash in hand, etc.

Liabilities: Liability means the amount owed (payable) by the business. Liability towards the
business owners is termed internal liability (the owner invests some amount in business). On
the other hand, liability towards the outsiders (some amount is borrowed from the bank, etc.),
i.e., other than the owners, is termed external liability.

Classification of Liabilities

1. Non-Current Liabilities: These liabilities are those liabilities that the business is not payable
in the next year, e.g., long term loans, debentures, etc.
2. Current Liabilities: These liabilities are payable by the business within a year. Examples
are trade creditors, bills payable, etc.
3. Owner’s Fund: The owner’s amount in the business is a liability for the company. As
business is considered separate from the owner, it is regarded as an internal liability when
the owner provides money or some assets.

Income Statement

The income statement provides an overview of revenues, expenses, net income, and earnings
per share. It is credited with gross profit and other incomes and debited with indirect expenses.
It shows the net result of the business operations during an accounting period.

Net Income = (Revenue − Expenses)

Significant Components of P&L Statement

Net Sales: Business sales goods and services; for example, a cloth retail shop will sell t-shirts,
trousers, etc. If someone comes to return the purchased t-shirt, then it is termed as a sales return.

Total sales – Sales Return = Net Sales

Cost of Goods Sold (COGS): Cost incurred on goods sold is deducted from net sales to get the
gross margin. Costs like raw material cost, labor wages, etc., come under COGS.

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Operating Expenses: From gross margin, we subtract operating expenses like advertisement
expenses, license fees, telephone expenses, etc., to get operating profit or Earnings before
interest and tax.

Interest Expenses: From operating profit, deduct interest expenses to get Earnings before tax.

Taxes: From Earning before tax, we deduct taxes to get earnings after tax or Net income.

Cash Flow Statement

Cash flow statements set out the cash flow under different heads of sources and their
utilizations to determine the cash requirements during the given period and prepare for its
adequate provision.

Classification of Cash Flow Statements

• Operating Activities: The amount of cash flow arising from operating activities like day-
to-day operations (sales); royalties, fees, commissions, and other revenue, payment to
suppliers for goods and services, etc. Change in working capital is also a part of operating
activities. Negative operating cash flow is a bad sign for the business

• Investing Activities: The separate disclosure of cash flow from financing activities is
important because the cash flows represent the extent to which expenditures have been
made for resources intended to generate future income and cash flows. So negative cash
flow is not a bad sign as the amount has been spent to generate future cash flow

• Financing Activities: Financing activities are related to the funding management of the
business. Payment of loans, payment of dividends, payment of interest, issue of shares, etc.,
are financing activities. Separate disclosure of financing activities is useful in predicting
claims on future cash flows by providers of the fund. A negative financing cash flow is not
a bad sign, as it means that the business is paying its outstanding liabilities

The Link between Balance Sheet and the Income Statement

The main link between the two statements is that profits generated in the Income Statement get
added to shareholder’s equity on the Balance Sheet as Retained Earnings. Also, debt on the
Balance Sheet is used to calculate interest expense in the Income Statement.

The Link between Balance Sheet and the Cash Flow Statement

The Statement of Cash Flows starts with the beginning cash balance, which comes from the
Balance Sheet. Cash from Operations is also derived using the changes in Balance Sheet
accounts (such as Accounts Payable, Accounts Receivable, etc.). The net increase in cash flow
for the prior year goes back onto the next year’s Balance Sheet.

Choosing one Financial Statement to evaluate the financial health of a Company

The analyst should see the Cash Flow Statement to assess the company’s actual liquidity
position and how much cash it is using and generating. The Income Statement can be

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misleading due to any number of non-cash expenses that may not truly be affecting the overall
business. And the Balance Sheet alone just shows a snapshot of the Company at one point in
time, without showing how operations are performing. But whether a company has a healthy
cash balance and generates significant cash flow indicates whether it is probably financially
stable, and this is what the Cash flow Statement would show.

Few Jargons of the Financial World

• Money Market

Money markets are used on a short-term basis, usually for assets up to one year. Conversely,
capital markets are used for long-term assets, with maturities greater than one year.

• Market Capitalization (Market Cap)

The total market value of the shares outstanding of a publicly-traded company; it is equal to
the share price times the number of shares outstanding.

• Speculation

It involves trading a financial instrument involving high risk in expectation of significant

returns. The motive is to take maximum advantage of fluctuations in the market.

• G-Sec

A bond (or debt obligation) is issued by a government authority, with a promise of repayment
upon maturity backed by the issuing government. Government securities may be issued by the
government itself or by one of the government agencies. These securities are considered low-
risk since the taxing power of the government backs them. A company's bottom line can also
be referred to as net earnings or net profits. The top line refers to a company's gross sales or
revenues.

• Budget Deficit

Status of financial health in which expenditures exceed revenue.

• Bank Assurance

An arrangement in which a bank and an insurance company form a partnership so that the
insurance company can sell its products to the bank's client base.

• Generally Accepted Accounting Principles (GAAP)

GAAP, the common set of accounting principles, standards, and procedures that companies use
to compile their financial statements.

• General Anti-Avoidance Rule

Finance Minister Pranab Mukherjee introduced it in his Budget presented in March 2012 for
the year starting on 1 April 2012 to counter aggressive tax avoidance schemes.

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• Amortization

It is an accounting term that refers to allocating the cost of an intangible asset over a period of
time. It also refers to the repayment of loan principal over time.

• Arbitrage

It is the simultaneous purchase and sale of an asset in order to profit from a difference in the
price. Investors look for this opportunity to earn a profit without any investment. This
opportunity, however, doesn't exist for a long time.

• Compound Annual Growth Rate (CAGR)

The mean annual growth rate of an investment over a specified period longer than one year.

Common Concepts Used in Financial Accounting

• Accrual Concept

Revenue is recognized when earned, and expenses are recognized when assets are consumed.
This concept means that a business may recognize revenue, profits, and losses in amounts that
vary from what would be recognized based on customers’ cash or when cash is paid to suppliers
and employees. Auditors will only certify the financial statements of a business that have been
prepared under the accruals concept.

• Conservatism Concept

Revenue is only recognized when there is a reasonable certainty that it will be realized, whereas
expenses are recognized sooner when there is a reasonable possibility that they will be incurred.
This concept tends to result in more conservative financial statements.

• Consistency Concept

Once a business chooses to use a specific accounting method, it should continue using it on a
go-forward basis. By doing so, financial statements prepared in multiple periods can be reliably
compared.

• Economic Entity Concept

The transactions of a business are to be kept separate from those of its owners. By doing so,
there is no intermingling of personal and business transactions in a company's financial
statements.

• Going Concern Concept

Financial statements are prepared on the assumption that the business will remain in operation
in future periods. Under this assumption, revenue and expense recognition may be deferred to
a future period when it is still operating. Otherwise, all-expense recognition, in particular,
would be accelerated into the current period.

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• Matching Concept

The expenses related to revenue should be recognized in the same period in which the revenue
was recognized. By doing this, there is no deferral of expense recognition into later reporting
periods so that someone viewing a company's financial statements can be assured that all
aspects of a transaction have been recorded at the same time.

• Materiality Concept

Transactions should be recorded when not doing so might alter the decisions made by a reader
of a company's financial statements. This tends to result in relatively small-size transactions
being recorded so that the financial statements comprehensively represent the financial results,
financial position, and cash flows of a business.

Stock Market

Stock Market is also known as the Stock Exchange or Share Market all over the world. It is
one of the essential constituents of the capital market. It is an investment intermediary and
facilitates the economic and industrial development of any country like India.

● A stock market is a secure and regulated environment where buyers and sellers meet to
transact in shares and other eligible financial instruments such as bonds, which are fixed
interest securities or derivatives which are traded over-the-counter.
● Indian stock market is also known as the National Stock Exchange (NSE) of India
Limited. It is the leading stock exchange in India. It is located in Mumbai. It is the first
exchange in India to provide a modern, fully automated screen-based electronic trading
system that offers a comfortable business facility to the investors spread across its
length and breadth
● At present National Stock Exchange has about 2500VSTs and 3000 leased lines spread
over 2000 plus cities across India. Bombay Stock Exchange (BSE) is the oldest in India
and operates in most countries. The Exchange's pivotal and pre-eminent role in
developing the Indian capital market is widely recognized, and its index, SENSEX, is
tracked worldwide
● The different market participants include individual retail investors, institutional
investors such as pension funds, insurance companies, mutual funds, etc., and publicly
traded corporations trading in their shares
● The stock market provides two functions:
○ The first is to provide capital to companies that issue shares and use the fund to
expand their business. By offering stock shares instead of borrowing the capital
needed for expansion, the company avoids incurring debt and paying interest
charges on that debt
○ The second is to give investors-those who purchase stocks- the opportunity to
share in the profits of publicly traded companies in two ways, i.e., through
receiving dividends or earning profits by selling stocks at different prices
● The stock market is divided into two markets- Primary Markets and Secondary Markets.

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 ○ In Primary Markets, the stock market allows companies to issue and sell their
shares to the common public for the first time, known as IPO- Initial Public
Offering. It helps the company in raising the necessary capital from investors
○ The secondary market is where investors buy and sell securities they already
own. The National Exchanges, such as the New York Exchange (NYSE) and the
NASDAQ, are secondary markets. Transactions that occur on the secondary
market are termed secondary simply because they are one step removed from
the transaction that created the securities in question

We can now look at some of the terminologies used:

● Sensex: It is an index that represents the traded companies’ direction on the Bombay Stock
Exchange, BSE. The Sensex captures the increase or decrease in prices of stocks of
companies that it comprises. A number represents this movement. Currently, all the 30
stocks that make up the Sensex have reached a value of 14,355 points
● Nifty: It is the Sensex's counterpart on the National Stock Exchange, NSE. The only
difference between the two indices (the Sensex and Nifty) is that the Nifty comprises o0
companies and is more broad-based than the Sensex
● Bull: A particular kind of investor who purchases shares in the expectation that the market
price of that company's share will increase. S/he sells her/his stock at a higher price and
pockets the profit. Simply put, the bulls buy at a lower price and sell at a higher price
● Bear: Bull's counterpart is the bear. A bear sells stocks first that s/he owns or borrows from,
say a friend, and then purchases the same quantity of shares at a lower price
● Call Option: An option given to investors the right but not obligation to buy a particular
stock at a specified price within a specified period
● Put Option: A put option is the right to sell shares at the strike price at or before expiry. A
trader buying this option hopes the price of the underlying stock will fall
● IPO (Initial Public Offering): A company’s first issue of shares to the general public. IPOs
are issued by smaller, younger companies seeking expansion and growth funds, but large
companies also practice this to become publicly traded companies
● Hedge/Mutual funds: These are two types of investment accounts that you can buy into.
The companies you put your money into further invest your money into dozens, hundreds
or even thousands of stocks
● Options: An option gives an investor the right, but not the obligation, to buy (or sell) shares
at a specific price at any time, as long as the contract is in effect
● Futures: A futures contract requires a buyer to purchase shares and a seller to sell them on
a specific future date unless the holder's position is closed before the expiration date

Frequently Asked Questions in Finance interviews

1. Walk me through the three financial statements

2. If you could use only one statement to review the company's overall financial health, which
statement would it be, and why?
3. When should a company consider issuing debt instead of equity?
4. How do you calculate the WACC?

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5. What are different ways in which a company can finance its capital, and which source is
cheaper, debt or equity?
6. A company has learned that due to a new accounting rule, it can start capitalizing R&D
costs instead of expensing them. What is the impact on valuation?
7. What, in your opinion, makes a good financial model?
8. What happens on the income statement if inventory goes up by $10?
9. What is working capital?
10. What does negative working capital mean?
11. When do you capitalize rather than expense a purchase?
12. What's the difference between investment banking, merchant banking, and retail banking
13. How do you record PP&E, and why is this important?
14. How does an inventory write-down affect the three financial statements?
15. Why would two companies merge? What major factors drive mergers and acquisitions?
16. Can you define the meaning of goodwill?
17. Can you highlight the meaning and purpose of a deferred tax liability?
18. What do you understand by the term debentures?
19. Highlight the difference between real money and nominal money. Also, explain the
meaning of treasury bills.
20. Can you define hedging and preference capital?
21. What do you understand by the term composite cost of capital?
22. What do you mean by the term adjustment entries?
23. What do you understand by the term cost accountancy?
24. Walk me through a cash flow statement
25. I buy a piece of equipment, walk me through the impact on the three financial statements

Other Key Points and Possible Questions:

1. Be well-versed with the current rates (repo rate, etc., as mentioned above) and the recent
Indian monetary policy interventions
2. Any current changes by the finance ministry or RBI in the banking sector, and impact of
the same (such as loan installment delay at the beginning of lockdown in India, etc.),
famous scandals or controversies
3. Why do you want to pursue Finance?
4. Have you ever invested in the stock market?
5. Have you ever seen an annual report of a company?
6. Mention the financial implications of an XYZ situation
7. Relate issues and situations occurring due to Covid in India and the world at large, and how
would it impact the financial condition

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Career Opportunities in Finance

● Corporate Finance

Corporate finance jobs involve working for a company to find and manage the capital necessary
to run the enterprise. This is done while maximizing corporate value and reducing financial
risk. The functions you may implement while in such a position include:

1. Setting up a company's overall financial strategy

2. Forecasting profits and losses
3. Negotiating lines of credit
4. Preparing financial statements
5. Coordinating with outside auditors

More sophisticated corporate finance jobs might involve mergers and acquisitions activity,
such as calculating the value of an acquisition target or determining the value of a division for
a spinoff. Corporate finance positions can be found in companies of all sizes, from large
international entities to small startups.

Additional corporate finance positions include financial analysts, treasurers, and internal
auditors.

● Commercial Banking

Commercial banks, which include large entities to local institutions, offer a range of financial
services, from checking and savings accounts to IRAs and loans. Career options available in
this sector include bank tellers, loan officers, operations, marketing and branch managers.

● Investment Banking

Some of the most glamorous – and intense – financial careers are jobs in investment banking.
Investment banking jobs deal with facilitating the issuance of corporate securities and making
these securities available for investors to purchase while trading securities and providing
financial advice to both corporations and wealthy individual investors.

Typically, investment banking firms have many divisions and groups with many different
objectives and responsibilities. Working in a traditional investment banking firm would allow
you to interact with issuers of securities, mergers and acquisitions professionals, or the trading
desk, which trades stocks, bonds, and other securities in the secondary market.

● Hedge Funds

Hedge funds are largely unregulated private investment funds whose managers can buy or sell
a wide array of assets and financial products. Because of the mystery surrounding this type of
entity, hedge fund jobs are also considered by many to be somewhat glamorous.

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Typical hedge fund jobs include:

1. Financial analyst
2. Trader
3. Regulatory compliance officer
4. Quantitative analyst
5. Marketing manager
6. Portfolio manager

● Private Equity and Venture Capital

Private equity professionals help businesses find capital for both expansion and current
operations. They also provide financing for some business transactions, such as managed
buyouts and restructurings. At times, a private-equity job may involve working as an interim
executive at a struggling company, where your success helps determine the company’s fate.

Venture capital professionals (VCs) spend most of their time with startups or small, fast-growth
companies. Venture capital firms evaluate pitches by founders and small-company leaders to
determine if the firm will invest. Sometimes referred to as "vulture capitalists," VCs are known
to structure deals that favor the investor, not the company receiving funding. The VC hopes
that the funded company will someday go public – that is, make its stock available on the public
stock market. Venture capital is a tough business wherein the failure rate is high, but the rewards
can be huge if they are realized.

● Financial Planning

Financial planners help individuals develop plans that will ensure their present and future
financial stability. Typically, they review a client's financial goals and generate an appropriate
saving and investing plan that fits the client's individual needs. The plan may focus on wealth
preservation or investment growth and may even include estate and tax planning.
Most financial planners work in either large, nationwide groups or smaller, locally based firms.
Some planners charge flat fees, others a percentage of assets under management, receiving
commissions on the products they sell (such as mutual funds). Generally, financial planners
with the Certified Financial Planner (CFP) designation are the most in-demand, as they must
obtain three years of financial planning experience and pass several exams.

● Insurance

Finance jobs in the insurance industry involve helping businesses and individuals anticipate
potential risks and protect themselves from losses. Most insurance jobs are with large insurance
companies. You could begin a career in this sector working as a sales rep selling insurance
policies, a customer service rep working with existing clients, or actuary computing risks and
premium rates according to probabilities based on historical, quantitative data sets.

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 ● Public Accounting

The field of public accounting is broad, with many opportunities. Public accountants help
businesses and individuals keep track of their finances according to generally accepted
accounting principles (GAAP).

Public accountants record business transactions, help prepare financial statements, financial
audit records, prepare income tax returns, and provide related consulting services.

Accountants generally work in partnerships. The largest partnerships are known as the Big4
(previously the Big8 and the Big6) and include Deloitte Touche Tohmatsu, Price Waterhouse
Coopers (PwC), Ernst & Young (EY) and KPMG. But many jobs also exist at many smaller
firms. Typically, new hires start as a staff accountant, then advance to audit manager, then tax
manager, and, eventually, if they can maintain the tough working schedule for many years, a
partner in the firm.

Recommended Books

1. Introduction to Financial Accounting by Andrew Thomas & Anne Marie Ward

2. Financial Management - Theory & Practice by Dr. Eugene F. Brigham
3. The Intelligent Investor by Benjamin Graham

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 ECONOMICS

Microeconomics

Every time you buy or sell a product or try to assess a product or service’s value, you are
effectively applying microeconomics. You may directly use microeconomics in your everyday
work. Even if you do not, it is very likely to be used by others in your workplace to make
business and investment decisions.

Some important points to remember about microeconomics include the following:

1. Microeconomics is the study of how individuals and companies make decisions to allocate
scarce resources
2. Demand is the desire for a product or service coupled with the ability and willingness to
pay a given price for it
3. The law of demand states that the quantity demanded and the price of a product are usually
inversely related
4. Suppose consumers expect that the price of a product will increase in the future. In that
case, the current quantity demanded may increase as consumers accumulate the product to
avoid paying a higher price in the future. If consumers’ tastes and preferences change, and
they stop liking the product as much, the quantity demanded at each price will decrease
5. When a product’s price decreases, it may increase demand for the product and its
complementary products
6. Market equilibrium occurs when, at a particular price, no buyer or seller has any incentive
or desire to change the quantity demanded or supplied, all other factors remaining
unchanged. The price at which the quantity demanded equals the quantity supplied in a
market is known as the equilibrium price
7. Profit is the difference between the revenue generated from selling products and services
and the cost of producing them. Accounting profit considers only the direct costs, whereas
economic profit considers both explicit costs, implicit opportunity costs. Opportunity
costs capture the value forgone by choosing a particular course of action relative to the best
alternative that is not chosen.
8. Fixed costs do not fluctuate with the level of output, whereas variable costs do. As
production increases, average total costs, including average fixed costs and average
variable costs, decrease because the fixed costs are spread over more units. Increased
production allows producers to benefit from economies of scale, the cost savings arising
from a significant increase in output without a simultaneous increase in fixed costs.
9. Economies of scale are cost savings arising from a significant increase in output without a
comparable rise in fixed costs. These cost savings lead to a reduction in total costs per unit
as a result of increased production. Economies of scale can be obtained if, for example,
staff, buildings, and machinery are unchanged but output increases, which results in lower
fixed costs per unit and lower total costs per unit.

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Macroeconomics

Investment professionals consider macroeconomic factors when evaluating a company’s

earnings potential and asset classes’ relative attractiveness. It is no easy task, and few
investment professionals can measure and assess the combined effect of macroeconomic
factors with any degree of certainty.

Some important points to remember about macroeconomics include the following:

1. Macroeconomics is the study of an economy as a whole

2. Gross Domestic Product (GDP) is the total monetary or market value of all the finished
goods and services produced within a country's borders in a specific period
3. There are three methods of calculating GDP:
● Expenditure Method: According to this method, everything that the private sector,
including consumers and private firms, and government spend within the borders of a
particular country, must add up to the total value of all finished goods and services
produced over a certain period

GDP = C + I + G + NX

C = Consumption spending by households

I = Investment spending by business.

G = Government expenditure

NX= Net exports (exports – imports)

● Production Approach Method: It measures GDP as the difference between the value
of output less the value of goods and services used in producing these outputs during
an accounting period

Value Added = Value of output – Value of intermediate consumption

● Income Method Approach: This GDP formula takes the total income generated by the
goods and services produced

4. GDP per capita is equal to GDP divided by the population. It allows comparisons of GDP
between countries or within a country
5. Economic Growth is the annual percentage change in real output. It is also sometimes
expressed in per capita terms
6. Economic activity and growth rates tend to fluctuate over time. These fluctuations are
referred to as business cycles. Phases of a business cycle include expansion, peak,
contraction, trough, and recovery.
7. Changes in the business cycle can be driven by many factors, such as housing, the stock
market, and the financial services sector.

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8. With the growth of international trade, mobility of labor, and more closely connected
financial markets, movements in countries’ business cycles have become more closely
aligned with each other.
9. Economic Indicators: measures of economic activity - are regularly reported and analyzed.
These measures may be leading, lagging, or coincident indicators
10. Economic growth, inflation, and unemployment are significant concerns of central banks
and governments. They each use different financial tools to affect economic activity.
Central banks, which are often independent of governments, use monetary policy.
Governments use fiscal policy
11. Both fiscal and monetary policies have limitations: they are affected by time lags, and the
responses to and consequences of each may not be as expected

Types of Industries

● Monopoly

It is characterized by a single seller of a product or commodity with no close substitutes.

Monopoly has high entry barriers, which protects it from the competition and empowers them
to choose the price they want to sell

● Perfect Competition

It refers to the market in which many firms produce identical products, entry barriers are low,
and firms compete only by price

● Monopolistic Competition

It is different from perfect competition in that products are not identical. There is
differentiation based on product quality, product features, and marketing

● Monopsony

The concept is similar to 'Monopoly' except that a large buyer and not the seller controls a large
proportion of the market and drives the prices

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Basic Important Terms

1. Cash Reserve Ratio (CRR)

Banks in India are required to hold a certain proportion of their deposits in the form of cash.
However, banks don't hold these as cash with themselves but deposit such cases with the
Reserve Bank of India (RBI) / currency chests, which is considered equivalent to holding cash
with RBI. This minimum ratio (that is the part of the total deposits to be held as cash) is
stipulated by the RBI and is known as the CRR or Cash Reserve Ratio.

2. Statutory Liquidity Ratio (SLR)

This term is used by bankers and indicates the minimum percentage of deposits that the bank
has to maintain in the form of gold, cash or other approved securities. Thus, we can say that it
is the ratio of cash and some other approved securities to liabilities (deposits).

3. Repo (Repurchase) Rate

It is the rate at which the RBI lends short-term money to the banks against securities. When the
repo rate increases borrowing from RBI becomes more expensive. Therefore, we can say that
in case, RBI wants to make it more expensive for the banks to borrow money(Reduce money
supply in the market), it increases the repo rate; similarly, if it wants to make it cheaper for
banks to borrow money(Increase money supply in the market), it reduces the repo rate.

4. Reverse Repo Rate

It is the rate at which banks park their short-term excess liquidity with the RBI. The banks use
this tool when they feel that they are stuck with excess funds and cannot invest anywhere for
reasonable returns. An increase in the reverse repo rate means that the RBI is ready to borrow
money from the banks at a higher rate of interest. As a result, banks would prefer to keep more
and more surplus funds with RBI.

5. Bank Rate

It is another important quantitative measure to regulate the money supply. The rate at which
Reserve Bank of India discounts the securities of scheduled commercial banks is called Bank
rate. Higher the rate lesser will be the supply of money in the market, and interest rate will rise,
leaving banks with less disposable funds.

6. Trade Cycles

When the economy fluctuates from inflation to boom and then dips to deflation and depression
or slump, the entire period of this cycle is called the Trade cycle. Theoretically, inflation or a
boom is bound to be followed by deflation, depression. It will again recover and will begin
moving to inflation. Ideologically, if the market is left free for adjustment, these cycles will
recur automatically, but with the government intervention or intervention by any other agency,
the periodicity may change. The example is the Global IT boom began in the last decade of the

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20th century, followed by the depression of 2007, which crashed the industrial expansion and
employment.

7. Inflation

When currency begins losing its value and the market becomes expensive, inflationary trends
set in. If the economy is expansionary, it may digest all the falling value trends of the currency
and will improve the economic conditions else it will be infested with disguised unemployment
and falling value of the currency without any improvement in the standard of living.

8. Deflation

It is opposite to Inflation but more dangerous than it. Although prices remain steady, currency
may not lose value, but the economy is deprived of money since employment generation
doesn’t happen because of which demand doesn’t pick up which in turn causes more industries
to shut down causing more unemployment. The economy is ultimately being engulfed in a
vicious circle. It is said that despite all the evils inflation is still better than deflation.

9. Balance of Payment

It is an annual account of a country’s monetary transactions with the rest of the world. Items in
these transactions include payments for the country’s exports and imports of goods and
services; financial transfers; grants in aid. The BOP accounts summaries international
transactions and are prepared in a single currency, typically the domestic currency for the
country concerned. Receipts are recorded as positive or surplus items. The outflow of funds,
such as imports or investment in foreign countries, is recorded as negative or deficit items.

10. Balance of payment Always Balances

The sum of all the included components should be zero with no surplus or deficit. For example,
suppose a country is importing more than it exports, although its trade balance will be in deficit.
In that case, the deficit will have to be counterbalanced by funds earned either from its foreign
investments, by running down central bank reserves or by receiving loans from other countries.
The Balance of Payment account should, therefore, always balance. Imbalances are possible
on individual elements of the BOP, such as the current or capital account.

11. Economies of scale

They are the cost advantages that enterprises obtain due to size, output, or scale of operation,
with cost per unit of output generally decreasing with increasing scale as fixed costs are spread
out over more units of output.

12. Diseconomies of scale

They are the forces that cause larger firms and governments to produce goods and services at
increased per-unit costs. The concept is the opposite of economies of scale. Examples: 1.
Communication cost 2. Duplication of effort 3. Office politics 4. Top-heavy companies 5. Slow
response time.

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13. Opportunity Cost

Opportunity cost is the loss of other alternatives when one alternative is chosen.

14. Balance of Payments

Balance of payments is the record of all economic transactions between the country’s residents
and the rest of the world in a particular period.

15. Balance of Trade

It is the difference between the value of a country's imports, and it’s exported in the given
period.

16. Dumping

In economics, "dumping" is a kind of predatory pricing, especially in international trade. When

manufacturers export a product to another country at a price either below the fee charged in its
home market or below its production cost.

17. Gross national product (GNP)

It is the market value of all the products and services produced in one year by labour and
property supplied by the citizens of a country.

18. Monetary Policy

It is the process by which a country’s monetary authority, generally a central bank, controls the
supply of money in the economy by exercising control over interest rates, to maintain price
stability and achieve high economic growth.

19. Fiscal Policy

It is the means by which a government adjusts its spending levels and tax rates to monitor and
influence a nation's economy. The sister strategy to monetary policy through which a central
bank affects a nation's money supply.

20. Fiscal Deficit

The difference between the higher government expenditure and lower revenue in a fiscal year,
excluding the money it has borrowed, is the fiscal deficit. This is denoted usually as a
percentage of its GDP.

21. Budgetary Deficit

Less than planned revenue in the budget is the budgetary deficit. It includes Fiscal Deficit plus
past debts before this fiscal year.

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22. Difference between Fiscal and Budget Deficit

The significant difference is the time period. Fiscal deficit accounts for a fiscal year where not
enough money is available due to higher expenditure. The budget deficit is fiscal deficit plus
past debts over the Government net sum of all past fiscal deficits, before this fiscal year. It
means there is less receipt of revenue as planned in the budget, including the past ones.

23. Deficit Financing

When the government goes for more public borrowing or borrowing from RBI to make up the
massive gap between fewer revenues and more expenditure, the government may need to take
this step to meet its expansionary policies; developmental plans; welfare schemes. It resorts to
the expansion of the money supply. If the desired development, economic growth occurs, the
inflationary effects are consumed in the economy and nullified else the currency loses its
purchasing power. The example is economic stability from 1994 to 2005 when more economic
development could be seen. The value of the money was stable despite the use of the tool of
deficit financing.

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 OPERATIONS

Operations management is an area of management concerned with planning, organizing, and

supervising in production, manufacturing, or the provision of services. It is concerned with
converting materials and labor into goods and services as efficiently as possible to ensure profit
maximization.

It involves utilizing resources from staff, materials, equipment, and technology. It is delivery-
focused, ensuring that an organization turns inputs into outputs effectively and efficiently. The
inputs represent anything ranging from materials, equipment, and technology to human
resources like staff and workers.

Lead Time: Lead time is the amount of time that passes from the start of a process till its
completion. It represents the time between the moment the customer places the order till the
moment he receives it. Reducing lead time can streamline operations and improve productivity,
increasing output, and revenue.

Cycle Time: Cycle time is defined as the time between the outputs of two successive flow units
from a process defined by you and the customer.

Throughput Time: The amount of time required for a product to pass through a manufacturing
process, thereby getting converted from raw materials into finished goods.

Throughput Time = (Work in Progress / Throughput Rate)

Throughput Rate: Refers to the average output of a production process per unit time. It is also
defined as production per unit time.

Bottleneck: A bottleneck is one process in a chain of processes whose limited capacity reduces
the whole chain’s ability. It generally occurs when workloads arrive too quickly for the
production process to handle. Bottleneck causes inefficiencies, creates delays and in a result,
causes higher production costs.

Lean Manufacturing: It is a systematic method for minimizing waste within a manufacturing

system without sacrificing productivity. It proposes to improve factors that add value and
reduce waste. It is designed to achieve high volume production using minimal level of
inventory. Benefits of adopting lean manufacturing are:

● Reduced Stock Keeping Unit (SKU)

● Reduced Inventory pile
● Improved collaboration
● Increased use of Standard in process and material
● Reduction in cost of goods sold

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Inventory Management

Inventory management is the process of ordering, storing, and using a company’s inventory.
This involves management of raw materials, components and finished goods, as well as
warehousing and processing of such items. It refers to the process of ensuring that a company
always has the products it needs on hand at minimum cost.

Inventory management is essential for every business as knowing when to restock certain items,
what amounts to purchase or produce, and what price to pay and at what price to sell can easily
become complex decisions. There are three types of inventory: Raw material inventory, Work-
in-progress, and Finished goods.

Raw material Inventory

Materials or components that are purchased and are in stock but have not yet been used in the
manufacturing process

Work-in-Progress (WIP)

They are the company’s partially finished goods waiting for completion and eventual sale.
These items are no longer raw materials but have yet to become finished products.

Finished Goods

They are the number of manufactured products in stock that are available to customers for
purchase.

Just-in-Time (JIT)

Just-in-time (JIT) is an inventory strategy companies employ to increase efficiency and

decrease waste by receiving goods only when they are needed in the production process. This
reduces inventory costs and aligns raw-material orders from suppliers directly with production
schedules. This method requires producers to forecast demand accurately.

Economic Order Quantity (EOQ)

It is the optimum quantity of an item to be purchased at one time to minimize the combined
annual costs of ordering and carrying the item in inventory. It is also referred to as the optimum
lot size. It is an inventory-control technique that minimizes the total of ordering and holding
costs.

Quality Management

Quality can be defined as “fitness for use,” “conformance to requirements,” “customer

satisfaction,” “value for performance,” or “zero defects.” In a manufacturing or service
environment, there are two major categories of quality:

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1. Quality of design: It refers to the level of characteristics that the designers specify for a
product. High-grade materials, tight tolerances, special features, and high performance are
characteristics of the term ‘high-quality product.’
2. Quality of conformance: It refers to the product characteristics formed into drawings and
specifications after the design quality level has been determined. These manufacturing
engineers will use the drawings and specifications to develop manufacturing specifications
and design the operations necessary to produce the product.

Quality Management

It is the means of implementing and carrying out the quality policy. They perform goal planning,
quality control, and quality assurance activities. Quality management is responsible for
ensuring that all quality goals and objectives are achieved and that corrective actions have been
implemented.

Quality Control

It encompasses all techniques and activities of an organization that continuously monitor and
improve the conformance of products, processes, or services to the specifications. It also
includes the review of processes and specifications and makes recommendations for their
improvement. It aims to eliminate causes of unsatisfactory performance by identifying and
helping eliminate or at least narrow the sources of variation.

Seven Tools of Quality Control

Stratification, Histogram, Check Sheet, Cause-and-effect diagram (“fishbone” or Ishikawa

diagram), Pareto chart (80/20 Rule), Scatter diagram (Shewhart Chart), Control chart.

Quality Assurance

It describes all the planned and systematic actions necessary to assure that a product or service
will satisfy the specified requirements. The distinction between quality control and quality
assurance is stated in an ANSI/ASQ standard: “Quality control has to do with making quality
what it should be, and quality assurance has to do with making sure quality is what it should
be.” The quality assurance function should represent the customer and be independent of the
quality control function, an integral part of the manufacturing operation.

Total Quality Management

Total Quality Management (TQM) is the continual process of detecting and reducing or
eliminating errors in manufacturing, streamlining supply chain management, improving the
customer experience, and ensuring that employees are up to speed with training. Total quality
management aims to hold all parties involved in the production process accountable for the
final product or service’s overall quality.

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 Source: https://online.visual-paradigm.com/diagrams/templates/block-diagram/the-eight-total-quality-management-principles/

Six Sigma

Six Sigma is a disciplined, statistical-based, data-driven approach and continuous improvement

methodology for eliminating defects in a product, process, or service. It was developed by
Motorola and Bill Smith in the early 1980’s based on quality management fundamentals.

Source: https://www.leansixsigmadefinition.com/glossary/six-sigma/

Sigma represents the population standard deviation, a measure of the variation in a data set
collected about the process. If a defect is defined by specification limits separating good from
bad outcomes of a process, then a six sigma process has a process mean (average) that is six
standard deviations from the nearest specification limit. For example, if a product must have a
thickness between 10.32 and 10.38 inches to meet customer requirements, then the process
mean should be around 10.35, with a standard deviation less than 0.005 (10.38 would be 6
standard deviations away from 10.35), assuming a normal distribution. Six Sigma can also be
thought of as a measure of process performance, with Six Sigma being the goal, based on the
defects per million. Once the current performance of the process is measured, the goal is to
continually improve the sigma level striving towards 6 sigma. Even if the improvements do not

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reach 6 sigma, the improvements made from 3 sigma to 4 sigma to 5 sigma will still reduce
costs and increase customer satisfaction.

Source: https://www.leansixsigmadefinition.com/glossary/six-sigma/

The Five Steps of Six Sigma:

True believers and practitioners in the Six Sigma method follow DMAIC, which stands for
Define, Measure, Analyse, Improve and Control. The ideology behind DMAIC is that a
business may solve any seemingly unsolvable problem by following the DMAIC steps.

1. A team of people, led by a Six Sigma champion, defines a faulty process on which to focus,
decided by analyzing company goals and requirements. This definition outlines the
problem, goals, and deliverables for the project.
2. The team measures the initial performance of the process. These statistical measures make
up a list of potential inputs that may cause the problem and help the team understand its
benchmark performance.
3. Then the team analyses the process by isolating each input or potential reason for the failure
and testing it as the root of the problem. Through analysis, the team identifies the reason
for process error.
4. From there, the team works to improve system performance.
5. Finally, the team adds controls to the process to ensure it does not regress and become
ineffective once again.

Source: http://maximconsultants.com/five-phases-of-six-sigma/

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Lean Management

Lean management refers to a technique developed with the aim of minimising the process
waste and maximising the value of the product or service to the customer, without
compromising the quality. It is coined by Toyota Production System, which is a part of lean
thinking.

Principles of Lean:

1. Identify value: The value must be ascertained from the point of view of the ultimate
customer by product family.
2. Map the value stream: Ascertain all the steps involved in the value stream for each product
family and then eliminating those steps that are not productive.
3. Create the flow: Ensure that the steps which create value take place in a perfect sequence,
so the product reaches the customer smoothly.
4. Establish Pull: Once the flow is initiated, customers pull value from the next level activity.
5. Seek Perfection: When the value is specified, value streams are ascertained, non-
productive steps are eliminated and flow and pull are instigated. The process is started again
and continued, till the perfection state is arrived, in which the perfect value is created with
no waste.

Seven Wastes of Lean:

The seven wastes that are at the root of all unprofitable activity within your organization consist
of: Defects, Overproduction, Transportation, Waiting, Inventory, Motion and Processing.

5S: It represents five Japanese words that describe the steps of a workplace organization
process. English equivalent words are shown in parenthesis.

1. Seiri (Sort)
2. Seiton (Straighten, Set)
3. Seiso (Shine, Sweep)
4. Seiketsu (Standardize)
5. Shitsuke (Sustain)

In simple terms, the five S methodology helps a workplace remove items that are no longer
needed (sort), organize the items to optimize efficiency and flow (straighten), clean the area in
order to more easily identify problems (shine), implement colour coding and labels to stay
consistent with other areas (standardize) and develop behaviours that keep the workplace
organized over the long term (sustain).

Kaizen

Kaizen is an approach to creating continuous improvement based on the idea that small,
ongoing positive changes can reap major improvements. Typically, it is based on cooperation
and commitment and stands in contrast to approaches that use radical changes or top-down
edicts to achieve transformation. Kaizen is core to lean manufacturing, or The Toyota Way. It

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was developed in the manufacturing sector to lower defects, eliminate waste, boost productivity,
encourage worker purpose and accountability, and promote innovation.

Kaizen Cycle for Continuous Improvement

Get employees involved, find problems, create a solution, test the solution, analyse the
results,standardize and repeat.

Kanban

Kanban is a scheduling system for lean manufacturing and just-in-time manufacturing. Taiichi
Ohno, an industrial engineer at Toyota, developed kanban to improve manufacturing efficiency.
Kanban is one method to achieve JIT. The system takes its name from the cards that track
production within a factory.

Poka-Yoke

Poka-yoke is a Japanese term that means "mistake-proofing" or "inadvertent error prevention".

A Poka-yoke is any mechanism in any process that helps an equipment operator avoid mistakes.
Its purpose is to eliminate product defects by preventing, correcting, or drawing attention to
human errors as they occur.

Impact of COVID-19 on supply chains

COVID-19 has severely affected the supply chains of the world. Many companies are still
grappling to figure out a way to deal with the fluctuations in the demand and supply. A series
of events unfolded as COVID-19 hit the world. Following are few of the events which were
seen throughout the world:

1. Supply Shock: For weeks at the beginning of the year, as COVID-19 was taking its toll on
China, experts were focusing on ‘supply shocks’. These were disruptions to the availability
of goods sourced from China; both finished goods for sale and products used in factories
in developed markets. Companies scrambled to sort out what production was feasible, and
what demand could be met. At that moment, it made sense to think of supply chain
resilience. Some companies had already integrated these learnings while others, in the
interests of costs, and at the sacrifice of agility and resilience, have been relentlessly
consolidating production and extending sourcing.

2. Demand Shock: With lockdowns, supply chains were experiencing something completely
new: systemic demand shocks, where people were stocking up on consumer staples in order
to comply with restrictions on movements, in some cases buying months’ worth of goods
in a single day. Store shelves were restocked and this provided a measure of reassurance to
people in a distressing time. But the supply chain professionals behind the scenes
accomplished this with a herculean exceptional effort, as the classic planning models were
not built to accommodate such severe peaks in demand.

On the production side, the successful replenishment was the result of maximizing
production with all spare capacity in use. Since food supply chains are usually finely tuned

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 for steady demands, the full pipeline has likely not yet been restored. The resilience issue
was less relevant for food supply chains as they tend to be much more local than non-food
supply chains.

3. Aftershock: One imagines that all actors in the supply chain are very well aware of why
demand is increasing, and that it does not represent an organic evolution in the sales of the
product. However, a classic cause, ‘shortage gaming’ must be managed. This describes how,
when there is a shortage of a product, the tendency is for downstream actors to inflate their
supply needs artificially, in order to claim a greater share of a scarce resource. This will
require vigilance moving forward to be sure that visibility into true supply priorities is not
lost as pipelines are refilled. With such an unprecedented demand spike supply chain
planner will have to modify supply quantities manually and scramble to adjust their
planning systems. There are several variables that bring unique uncertainty. It is impossible
to predict how consumers will behave moving forward, since the extent and duration of
restricted movements is unknowable.

4. New Normal: Many economists are predicting a deep recession of unknown length. Supply
chain planners should avoid inventory bounce. When demand reaches a new steady state
that is lower than the previous steady state, there must be a cut in production to allow the
pipeline of stock to lower to a new steady state level. At that point, production actually
increases a bit to match the new demand.

One company resolved a shortage of parts for life-saving ventilators in Italy by using 3D
printing and making them available within a day (though they are being sued for their
efforts). In addition to providing a valuable resource that may help save lives, this move
helps keep workers on and facilities operating despite difficult economic conditions for
luxury items.

Supply chains are showcasing singular resourcefulness and adaptability, though the challenges
are far from over. But the outcome may be fundamental changes and a whole host of managers
and regulators who find it second-nature to rethink global models and supply dependencies.

Recommended Books:

1. Introduction to Operations and Supply Chain Management by Cecil B. Bozarth & Robert
B. Handfield
2. Operations Management by R. Dan Reid & Nada R. Sanders
3. Operations Management by William J. Stevenson

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 HUMAN RESOURCES

Human resource management (HRM) is the practice of recruiting, hiring, deploying, and
managing an organization's employees. HRM is often referred to simply as human resources
(HR). This function within an organization concentrated on recruiting, managing, and directing
people who work in it. HRM plays a strategic role in managing people and the workplace
culture and environment. It can contribute greatly to the overall company direction and the
accomplishment of its goals and objectives. Successful companies need to be adaptive, resilient,
customer-centered, and quick to change direction. Within such an environment, the
effectiveness of HRM is crucial to business success. Nowadays, HR has become much more
than just recruiting. It also concerns reward recognition and employee health. Feedbacks have
also taken a significant place in HR.

Office Culture and the Way it is Evolving

Office culture is the prevailing norm and way of life in an office setting. Desirable office culture
is the type wherein each element in the office develops relationships and creates a positive
work setting. The office cultures are changing from work hubs to social hubs as younger
generations feel the need to socialize with their colleagues during and after work. This type of
social office creates an environment that stimulates creativity and innovation. Even the cubical
forms of a workspace are evolving into more open spaces. All this is due to the changing
demographics of the workforce.

Emerging Trends in HR Management

Shift from Employee Engagement to Employee Experience: This new focus will drive leaders
to examine their employee journey map and optimize it, as customer experience teams do for
customer journeys.

1. Race to Digitize HR: Digitization is changing the workforce at a rapid pace. Workforce
4.0 is now about adopting new job roles and understanding how work is changing in more
digital technology penetrating the workplace. HRs are redesigning the organization to be
more adaptable, agile, and embracing changing dynamics
2. People Analytics Entering Organization Structures: What once was a technical
discipline by data specialists, people analytics is now a managerial business discipline
3. The 'Gig Economic' Redefining the Workplace: The BBC defines the 'Gig Economy' as
"a labor market characterized by the prevalence of short-term contracts or freelance work,
as opposed to permanent jobs." On-demand hiring promises lower costs, but it also creates
more competition for talent where traditional workers' career paths are phased out and are
now replaced with temporary jobs focused on skill
4. Fighting Unconscious Bias: The focus on increasing diversity to improve company-wide
performance and workplace culture is already rising. An HR survey by Harvey Nash found
that organizations are increasingly expanding diversity hiring goals to focus on inclusion
around gender, ethnicity, culture, age, and LGBT-identifying individuals. And yet, implicit,
or unconscious bias is still prevalent throughout the resume screening process. In a recent

IIM Rohtak 34
 resume audit study, researchers identified pervasive racial discrimination throughout the
resume screening process
5. Expanding Our Concept of Wellness: According to a recent survey, only 35% of U.S.
employees reported feeling satisfied with their finances in 2017. Thirty-five percent of
employees surveyed miss 3–5 days per month due to workplace stress, and yet another 85%
of workers who have experienced stress at work rate the efforts of their workplace to reduce
stress as fair to the poor. Investing in employees' well-being is an essential part of
improving employee engagement and promoting a healthy workplace culture. As we
continue to embrace mental health wellness as a necessity and not just a pleasant (after)
thought, corporate wellness programs expand beyond focusing solely on employees'
physical health.
6. Streamlining HR Operations with AI: The new industrial revolution is all about artificial
intelligence - evident from our artificial intelligence trends report. Companies are
increasingly leveraging AI technology to help identify data opportunities, improve internal
workflows, and increase productivity, to name a few. AI-embedded HR technologies can
also help companies improve employee experience. The employee experience begins with
the candidate experience, and AI enhances the entire employee life-cycle from recruiting
through offboarding. AI can help businesses treat their candidates and employees as if they
are loyal customers. Improving employee experience increases employee engagement and
enhances company culture. Machine learning, and the application of AI, uses data to learn,
identify patterns, and make decisions. These tools reduce the amount of human power
needed to perform a job quickly and effectively; meanwhile, they increase response time
and access to information.
7. Improving Essential People Training: Even though we find ourselves amid the #MeToo
movement in the U.S., the ‘Women in the Workplace 2018’ study by Leanin.org and
McKinsey & Company report discloses minimal progress. The statistics are harrowing.
Currently, 35% of women have experienced sexual harassment in the workplace. Although
98% of companies report having sexual harassment policies, only 32% of women think that
inappropriate behavior is addressed correctly. Furthermore, 73% of employees claim that
their managers do not challenge using inappropriate language or action in the workplace.
This study addresses the experience of full-time employees working in the corporate sector.
This is only a small slice of the workplace pie and does not illustrate the entire picture of
sexual harassment throughout all industries. The U.S. Equal Employment Opportunity
Commission reported a 50% increase in lawsuits challenging sexual harassment in 2017.
The fact remains that women and men at lesser rates are sexually harassed at work.

All of these trends point to having a slightly better workplace for all of us, and while companies
have new challenges in making this possible, they are likely to be rewarded by higher
productivity and greater employee loyalty.

Augmented Reality

Augmented reality is the incorporation of digital information with the user's environment in
real-time. Unlike virtual reality, which creates an artificial environment, augmented reality uses
the existing environment and intersects new information on top of it. AR has the potential to

IIM Rohtak 35
transform our working style, changing the way we think about office space and the way we
work. Augmented reality has a huge influence on HR, changing long-established routine
procedures into something more engaging and exciting. Employee engagement is another area
where AR could make a massive difference. With the growing supremacy of smartphones and
mobile apps, adopting an appropriate interface will bridge the gap between the employees and
HR. AR offers the comfort of overlaying data on physical surfaces and delivery through
wearables. It also saves time and money.

Moreover, in industries looking to improve jobs, this will become the new normal, as digital
information will be superimposed on the physical reality. Onboarding and training in industrial
environments can be renovated by adding virtual instructions.

Recommended Books:

1. Human Resource Management by Aswathappa K, Tata McGraw Hill

2. The Talent Masters by Ram Charan
3. Execution by Ram Charan
4. Leading Change by James Kotter
5. The Fifth Discipline by Peter Senge

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 DATA ANALYTICS

Data Analytics (DA) is the process of examining data sets in order to find trends and draw
conclusions about the information they contain. Increasingly, data analytics is used with the aid
of specialized systems and software. Data analytics involves applying an algorithmic or
mechanical process to derive insights and running through several data sets to look for
meaningful correlations.

Source: https://www.yokogawa.com/eu/blog/chemical-pharma/en/analyze-yourdata-success-in-5-steps/

Types of Data Analytics

Source: http://arunkottolli.blogspot.com/2018/08/4-types-of-data-analytics.html
Types of Data

● Big Data

Big data is a term that describes the large volume of data – both structured and unstructured –

IIM Rohtak 37
that inundates a business on a day-to-day basis. It is a collection of data that is huge in volume,
yet growing exponentially with time. It is a data with so large size and complexity that none of
traditional data management tools can store it or process it efficiently.

Types of Big Data

1. Structured Data: Any data that can be stored, accessed, and processed in fixed-format is
termed as a structured data
2. Unstructured Data: Any data with an unknown form or structure is classified as
unstructured data. Unstructured data poses multiple challenges in terms of its processing
for deriving value out of it
3. Semi-structured Data: Semi-structured data can contain both forms of data. We can see
semi-structured data as structured in form but it is not defined

● Data Science

Data science is the combination of statistics, mathematics, programming, problem-solving,

capturing data in ingenious ways, the ability to look at things differently, and the activity of
cleansing, preparing, and aligning data.

What is the difference between Data Science, Big Data & Data Analytics?

Source: https://www.netcomlearning.com/blogs/181/156/Big-Data-vs-Data-Science-vs-Data-Analytics-Find-Out-the-Key-Differences.html

Machine Learning

Machine learning is a method of data analysis that automates analytical model building. It is a
branch of artificial intelligence based on the idea that systems can learn from data, identify
patterns and make decisions with minimal human intervention.

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What's required to create good machine learning systems?

● Data preparation capabilities

● Algorithms – basic and advanced
● Automation and iterative processes
● Scalability
● Ensemble modeling

Did You Know?

● In machine learning, a target is called a label

● In statistics, a target is called a dependent variable
● A variable in statistics is called a feature in machine learning
● A transformation in statistics is called feature creation in machine learning

Types of Machine Learning

Source: https://www.newtechdojo.com/list-machine-learning-algorithms/

Artificial Intelligence

Artificial Intelligence (AI) refers to the simulation of human intelligence in machines that are
programmed to think like humans and mimic their actions. Artificial intelligence (AI) is a wide-
ranging branch of computer science concerned with building smart machines capable of
performing tasks that typically require human intelligence. AI is an interdisciplinary science
with multiple approaches, but advancements in machine learning and deep learning create a
paradigm shift in virtually every sector of the tech industry.

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Data Mining

Data mining is a process used by companies to turn raw data into useful information. By using
software to look for patterns in large batches of data, businesses can learn more about their
customers to develop more effective marketing strategies, increase sales and decrease costs.
Data mining depends on effective data collection, warehousing, and computer processing.

Internet of Things

The Internet of Things, or IoT, refers to the billions of physical devices around the world that
are now connected to the internet, all collecting and sharing data. Internet of Things (IoT) is
how we describe the digitally connected universe of everyday physical devices. These devices
are embedded with internet connectivity, sensors and other hardware that allow communication
and control via the web.

Cloud Computing

Cloud computing is the delivery of on demand computing services -- from applications to

storage and processing power -- typically over the internet and on a pay-as-you-go basis. Cloud
computing services cover a vast range of options now, from the basics of storage, networking,
and processing power to natural language processing and artificial intelligence and standard
office applications.

Cloud Computing Services

Source: https://www.edureka.co/blog/cloud-computing-services-types/

Recommended Books:

1. Microsoft Excel Data Analysis and Business Modeling by Wayne L. Winston

2. Naked Statistics: Stripping the Dread from the Data by Charles Wheelan
3. Python for Data Analysis: Data Wrangling with Pandas, NumPy, and IPython by Wes
McKinney
4. SQL in 10 Minutes a Day by Ben Forta

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 MARKETING

What is marketing? What is the scope of marketing?

Marketing is the science and art of exploring, creating, and delivering value to satisfy a target
market's needs at a profit.

Scope of Marketing:

Marketing people are involved in 10 types of entities:

1. Goods like eggs, steel, cars (Maruti!!!! Wow)

2. Services like airlines, hotels, barbers
3. Experiences like Walt Disney world's magic kingdom, at planet Hollywood
4. Events like Olympics, trade shows, sports events (T20 World Cup).
5. Persons like celebrity marketing by making major film stars as brand ambassadors
(Amitabh Bachan, Cadbury's), etc.
6. Places like cities, states, nations to attract tourists, factories, company headquarters, and
new residents like we use TAJ or say Nainital
7. Properties like real estate owners market properties or agent markets securities (DLF,
Unitech)
8. Organizations thru' Corporate identity ads like by using the tagline 'Let's make things
better,' or like Richard Branson (virgin) or Phil Knight of Nike are some identity
9. Information like through encyclopedias, CDs and visit the Internet for information. It is
called information marketing

What is the difference between sales and Marketing?

Marketing Sales

Marketing is the systematic planning,

An agreement between a buyer and seller
implementation, and control of business
on the price of a security.
activities to bring together buyers and sellers

The overall picture to promote, distribute,

price products/services; fulfill customer's
Fulfill sales volume objective
wants and needs through products and/or
services the company can offer.

Analysis of market, distribution channels,

competitive products, and services; Pricing
Usually one to one
strategies; Sales tracking and market share
analysis; Budget

Longer-term Shorter-term

Pull Push

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Confused by all of the above-given differences?

To give an example, sales involve activities that would sell 20,000 units of a car. Some of these
activities include how many distributors to target, how much margin is to be given to
distributors, how much discount is to be given, and the collection of payments from distributors.
Marketing involves a set of activities so that a person ordinarily interested in buying just a two-
wheeler would instead buy a car. Some of the activities include deciding whom to sell to (Called
Segmentation and Targeting in marketing terminology), designing the product according to the
requirements, deciding the price of the product, deciding where to sell the product, among
others. So, what is more important, sales or marketing? Neither. Both are equally important for
an organization to achieve its short and long-term targets. Yes, marketing and sales go hand in
hand, but the essence of one without the other is difficult to digest.

What is SWOT analysis?

SWOT acronym stands for strengths, weaknesses, opportunities, and threats. An organization
does SWOT analysis to determine its internal strengths and weaknesses and external
opportunities it may grab, and the threats it faces so that an organization may plan accordingly
about its future strategy.

● Strengths: Features such as Projects that gives it advantages over others

● Weaknesses: Business or Projects that keep it in a lower position as compared to others
● Opportunities: Opportunities that an organisation can exploit to its advantage
● Threats: Entry of new company or product on similar or dissimilar lines

Source: https://en.wikipedia.org/wiki/SWOT_analysis

What is PESTEL analysis?

A PESTEL analysis is a framework or tool used by marketers to analyze and monitor the
macroenvironmental external marketing environment) factors that have an impact on an
organization. The result of which is used to identify opportunities and threats, which is used in
a SWOT analysis.

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PESTEL stands for:

Political Economic Social Technological Environmental Legal

Source: https://www.assignmenthelpshop.com/blog/pestel-analysis/

What are the 4 Ps/ 7 Ps?

1. Product: The product or service that the company will be providing

2. Price: The cost of the product or service that the customer must pay. To select the pricing
strategy, the company must look at factors like market competition and market
segmentation.
3. Place: The place a company chooses to distribute or allow access to its product or services.
4. Promotion: The marketing, advertising, and sales techniques associated with the
promotion of the offering and communication with the audience
5. Physical Evidence: The proof or evidence that a service or purchase took place and
evidence or confirmation of the existence of a brand
6. People: The people involved in the business side of the enterprise who are involved in
selling a product or service, designing it, managing, representing customers, etc.
7. Process: The series of actions taken to deliver a product or service to the customer

Source: https://commons.wikimedia.org/wiki/File:7_ps_of_services_marketing.jpg

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What are 5Cʼs of Marketing?

The 5C's of marketing are Company, Customers, Competitors, Collaborators, and Climate.
They are used to analyze the key areas that are involved in marketing decisions for a company
and includes:

Source: https://www.volusion.com/blog/situation-analysis-the-5-cs/

Ansoff Matrix

The Ansoff Matrix, also called the Product/Market Expansion Grid, is a tool used by firms to
analyze and plan their growth strategies. The matrix shows four strategies that can help a firm
grow and analyzes the risk associated with each strategy.

The four strategies of the Ansoff Matrix are:

● Market Penetration: This focuses on increasing sales of existing products to an existing

market
● Product Development: Focuses on introducing new products to an existing market
● Market Development: This strategy focuses on entering a new market using existing
products
● Diversification: Focuses on entering a new market with the introduction of new products

Source: https://bluedonkey.co.uk/applying-ansoffs-matrix/

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BCG Matrix

The Boston Consulting group's product portfolio matrix (BCG matrix) is designed to help with
long-term strategic planning, help a business consider growth opportunities by reviewing its
portfolio of products to decide where to invest, discontinue, or develop products. It's also
known as the Growth/Share Matrix.

1. Dogs: These are products with low growth or market share

2. Question marks: Products in high growth markets with low market share
3. Stars: Products in high growth markets with a high market share
4. Cash cows: Products in low growth markets with a high market share

Source: https://noteseeker.blogspot.com/2017/04/bcg-matrix.html

IIM Rohtak 45
Porter’s 5 Forces

Porter's Five Forces is a model that identifies and analyzes five competitive forces that shape
every industry and helps determine an industry's weaknesses and strengths. Frequently used to
identify an industry's structure to determine corporate strategy, Porter's model can be applied
to any segment of the economy to search for profitability and attractiveness.

Source: https://www.business-to-you.com/porters-five-forces/

Guerilla Marketing

Guerrilla marketing is a marketing tactic in which a company uses surprise and/or

unconventional interactions to promote a product or service. Guerrilla marketing is different
from traditional marketing. It often relies on personal interaction, has a smaller budget, and
focuses on smaller groups of promoters responsible for getting the word out in a particular
location rather than through widespread media campaigns.

Surrogate Marketing

Surrogate marketing is a promotional strategy used for promoting banned products like alcohol
or cigarettes in the market. The banned products are advertised indirectly or masked under
another product. You show surrogate products to the audience to promote banned products.

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Consumer Behavior

Consumer Decision Making Process

1. Need Recognition: Consumers develop a need to satisfy one's demands. He feels a missing
element and needs to be addressed to get normal. Marketers need to determine when their
target audience generates their needs so that they can advertise a product
2. Information Search: Consumer researches about the product to get recommendations and
buy the best products. Information can be primary – when a consumer generates it on their
own from friends or family, or secondary – already available on the Internet or records
3. Evaluating Alternatives: Once the consumer is determined on the needs and product, they
begin to seek the best deal in terms of price, availability, quality, or other factors
4. Purchase Decision: After finalizing the criteria, the consumer decides what to purchase
and where to purchase it from
5. Post Purchase Evaluation: After purchase, does the product perform as per expectations

Digital Marketing: Digital Marketing is a technique to advertise using digital channels such
as social media, email, search engines, websites, and mobile apps. Since marketing is all about
connecting with the audience; thus today, the digital space seems to be the right place as
digitalization is happening rapidly.

Some of the commonly used assets and tactics used in digital media marketing are:

● Search Engine Optimization (SEO): It is a technique of making your website appear on

the top of the search engine results for a specific set of keywords or terms. It helps to
increase the amount of organic traffic that a website receives.
● Pay-Per-Click (PPC): It typically refers to sponsored pages, which appear at the top of the
side of the search engine result page. The payment is only made once a person clicks on
those ads. This technique also involves contextual ad placement in which ads appear when
searching for a particular keyword or term.
● Social Media Marketing: It is marketing your product and brand on various social media
channels like Facebook, Twitter, etc., to increase brand awareness and generate leads for
your business.
● Content Marketing: It is the creation and promotion of content for a product, brand or
customer awareness, lead generation, and traffic growth for the website.
● Marketing Automation: It is an integral platform that helps to bring all the digital
marketing together. The marketing automation tools help to streamline and automate
marketing tasks and workflows.
● Email Marketing: Emails are the best way to promote content, communicate about
discounts and events, and redirect customers to the business website.
● Mobile Marketing: Since mobile has become an integral part of our lives, we need to
communicate with our customers through this personal channel effectively. From SMS to
In-App marketing, there are many ways in which we can market on our mobile devices.
● Inbound Marketing: It refers to a complete funnel approach in which we attract, convert,
close and delight the customers using online content.

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Latest Marketing Trends

1. Digital business pivots may become permanent

2. Social media will become a top channel for purchase, instead of just discovery
3. Informed buyers want to buy from informed brands
4. Virtual events started of necessity but are here to stay because of ROI and accessibility
5. Live interactions with virtual events
6. Using AR in digital engagement
7. Culling social media channels: Many companies are starting to reduce the number of social
media channels they are using to share and influence, and rightly so. With so many channels
available, and many companies have tried to stay relevant on all of them, the need to
declutter is almost pervasive. Reducing social media channels to only the most relevant
will be not only popular but necessary

Recommended Books:

1. Purple Cow by Seth Godin

2. Blue Ocean Strategy by Renée Mauborgne and W. Chan Kim
3. It Happened in India: The Story of Pantaloons, Big Bazaar, Central and the Great Indian
Consumer by Kishor Biyani, Dipayan Baishya
4. Pandeymonium by Piyush Pandey
5. Marketing Management by Philip Kotler

IIM Rohtak 48
 CONSULTING

Any form of providing help on the content, process or structure of a task or a series of
task, Where the consultant is not actually responsible for doing the task itself but is
helping those who are.
- Fritz Steele

In simple terms, Consulting is a job of fixing and improving the client's business. A Consultant
is a business expert; he prepares strategies to overcome its existing problems and improve
business.

Consultants are provided with projects by clients to serve some specific purpose, broadly:

1. Achieving organizational goals

2. Solving management and business problems
3. Identifying and seizing new opportunities
4. Enhancing learning
5. Implementing changes

The scope of Consulting/Job Profiles offered for a Consultant in management areas are diverse
& some of them are given below:

1. General and Strategic Management

2. Information Technology
3. Financial Management
4. Marketing and Distribution Management
5. E-business
6. Operations Management
7. Human Resource Management
8. Knowledge Management
9. Company Transformation
10. Public Sector

Guesstimates

It is an estimate based on a mixture of guesswork and calculation. Here, the interviewer

analyzes if the candidate has gone through all the assumptions and does not arbitrarily use any
numbers to estimate. Although the numbers do not matter here, having a good sense of
numbers used is highly appreciable. Generally, the Top-Down Approach or Bottom-Up
Approach is used to solve the problems.

Some tips to solve such questions easily:

1. After understanding the question, scope it down to apply any one of the above approaches
2. Use simple numbers and round them off wisely to make your calculations easier
3. Try to write down everything in a lucid and structured manner so that the interviewer can
easily follow your thought process

IIM Rohtak 49
4. While assuming a number, try to find some sense and ask the interviewer for any such
clarifications

Following are some of the examples to prepare:

1. How many silver cars are there in New Delhi?

2. What is the number of smartphones in Rajasthan State?
3. How many people are there in Wonderla Amusement park Bengaluru right now?
4. How many drinking water bottles (1 liter) are sold in Mumbai per day?
5. What is the number of Two-wheelers in Rohtak district of Haryana?
6. How many people in your city are using Dell laptops?
7. How many people in your district are wearing jeans on a particular day?
8. What is the number of AXE Deodorants sold in a day in Chennai?
9. Number of Pepsodent toothpaste sold in Delhi?
10. How many aeroplanes leave from Delhi IGI Airport on Sunday?
11. Estimate the amount of petrol used in Delhi per day
12. Estimate the number of red lights in Delhi
13. Estimate the number of subscribers of Economist in India
14. Estimate the number of denim sold in India in a year
15. Estimate the number of vehicles crossing the road in front of IIM Rohtak

Situation-Based Questions:

1. Company X wants to introduce a new innovative product into the market. The new product
is entirely different from the existing product line, and the company has no prior experience
in the sales/marketing of that product. The company's revenue and profit have been growing
at 14% per annum for the last eight years. Would you like to comment on the introduction
of the product? (hint: use appropriate matrices to analyze company)
2. You are appointed as a Consultant for a steel manufacturing company. The company is
incurring losses for the last five years consecutively. You are supplied with all the necessary
accounting statistics and company backgrounds. What would be the five questions you
would like to ask the company's CEO in your first meeting? (hint: ask questions apart from
given data)
3. At present, you are offered two types of businesses, a petrochemical company (to sell
petroleum chemical products derived from petroleum) and a Pulse company. Both the
companies can serve the entire Maharashtra State. Which company would you select and
why? (Hint: growth rates, future expansion plan, government regulations, etc.)
4. You are a consultant hired to strategize new plans for Airtel Telecom. All the financial
market information & service data is accessible to you for the convenience of your analysis.
You have been given only 5 minutes to meet the CEO of Bharti Airtel & any additional
information required for your consultation can be asked there, but only two questions. What
questions or extra information would you ask him/her?

IIM Rohtak 50
Frameworks

Frameworks are structures/tools used for problem-solving coherently and holistically.

Appropriate use of frameworks helps the consultants to take care of every aspect of the
organization. Most of the frameworks have been discussed in the Marketing section. Here, we
would like to elaborate on the Balanced Scorecard.

Balanced Scorecard

The balanced scorecard is a management system aimed at translating an organization's strategic

goals into a set of performance objectives that, in turn, are measured, monitored, and changed
if necessary to ensure that the organization's strategic goals are met. The four perspectives of
the Balanced Scorecard are given below:

Source: https://ianjseath.wordpress.com/2010/03/28/best-value-or-lowest-cost/

Question Types: Consulting & Firm-Specific

● Why do you want to be a management consultant?

● What skills do you believe are crucial to succeed in management consulting?
● Why are you interested in our firm?

Recommended Books

1. The McKinsey Way - Using the Techniques of the World’s Top Strategic Consultants to
Help You and Your Business by Ethan M. Rasiel
2. The Trusted Advisor by David H. Maister, Charles H. Green, and Robert M. Galford
3. The Pyramid Principle: Logic in Writing and Thinking by Barbara Minto
4. Flawless Consulting: A Guide to Getting Your Expertise Used by Peter Block
5. Valuation: Measuring and Managing the Value of Companies by Tim Koller, Marc
Goedhart, David Wessels

IIM Rohtak 51
 CURRENT AFFAIRS

It is necessary to stay updated with the day-to-day happenings as you can be asked about your
opinion regarding certain important events. Panelists can also give a current topic for
extempore. For current affairs, you can refer to any good English newspaper like the Hindu,
The Indian Express, Mint, Business Standard or The Economic Times. While stating your
opinions, maintain a balanced point of view and do not state something politically
controversial. Also, back your opinions with a good reasoning.

Here are few important current events of the past six months. (The topics are not exhaustive)

July 2020

1. The World Bank has signed a loan agreement of $400 million with the Government of India
to enhance support for the Namami Gange Programme. The loan agreement aims to make
the Ganga a clean and healthy river.

https://www.livemint.com/news/india/india-world-bank-sign-400-mn-loan-agreement-for-
namami-gange-11594126443111.html

https://www.business-standard.com/article/news-cm/world-bank-provides-400-million-to-
enhance-support-for-rejuvenating-the-ganga-120070800239_1.html

2. The Consumer Protection Act, 2019 has been implemented in India since 20th July 2020.
It has replaced the Consumer Protection Act, 1986. The new act has been introduced to
offer protection to buyers from traditional sellers as well as from the new e-commerce
retailers/platforms.

https://www.livemint.com/news/india/consumer-protection-act-2019-comes-into-force-from-
today-covers-e-commerce-too-11595245073150.html

https://www.thehindu.com/news/national/tamil-nadu/new-consumer-protection-act-gives-
more-power-to-consumers-experts-say/article32135908.ece

3. Google to buy 7.73% stake in Reliance Industries Limited (RIL)’s Jio Platforms for Rs
33,737 crores.

https://www.bloombergquint.com/business/google-pays-rs-33-737-cr-for-7-73-stake-in-jio-
platforms

https://economictimes.indiatimes.com/industry/telecom/telecom-news/rils-jio-platforms-
receives-rs-33737-crore-from-google/articleshow/79387109.cms?from=mdr

4. The United States has formalized to withdraw from the World Health Organization (WHO)
on July 6, 2020.

https://www.thehindu.com/news/international/us-notifies-un-of-withdrawal-from-world-
health-organization/article32017424.ece

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https://www.nationalgeographic.com/science/2020/07/what-we-will-lose-if-united-states-
cuts-ties-with-world-health-organization/

5. India has become the second-largest source of foreign direct investment (FDI) in the United
Kingdom. India invested in 120 projects and created 5,429 new jobs in the UK. United
States remains the number one source of FDI for the UK

https://www.thehindubusinessline.com/economy/india-moves-up-a-rank-to-become-second-
largest-source-of-fdi-for-uk/article32045737.ece

https://economictimes.indiatimes.com/news/international/business/india-moves-up-a-rank-to-
become-second-largest-source-of-fdi-for-uk/articleshow/76897637.cms

August 2020

1. Prime Minister Narendra Modi has addressed the nation on 7th August to deliver his speech
on the New Education Policy 2020. The PM’s speech began with address at the conclave
on ‘Transformational Reforms in Higher Education under National Education Policy’,
organised by the University Grants Commission and Ministry of Education. Key highlights
and updates on PM’s speech:
i. National Research Foundation will work closely with the National Educational
Technology Forum (NETF) to enable scientific steps to include technology in the
education system
ii. K. Kasturirangan, an Indian space scientist played a crucial role in drafting the New
Education Policy 2020
iii. National Education Policy was approved after extensive discussions over 3-4 years
and deliberation over lakhs of suggestions
iv. New Education Policy is the foundation of strengthening the 21st century India.
Every student will be future-ready and will contribute to nation-building.

https://indianexpress.com/article/education/prime-minister-narendra-modi-speech-live-
updates-national-education-policy-2020-6542985/

https://www.hindustantimes.com/education/pm-modi-on-new-national-education-policy-live-
updates-conclave-on-higher-education-reforms-begins/story-
z3sKfkQ72G9y3s9eobsWHM.html

2. The Reserve Bank of India (RBI) has set up an expert committee under veteran banker KV
Kamath to suggest financial parameters for resolution of Covid-19 related stressed assets.
The Reserve Bank of India (RBI) has announced to introduce a mechanism of ‘Positive
Pay’ feature for all cheques of value Rs 50,000 and above.

https://bfsi.economictimes.indiatimes.com/news/policy/rbi-constitutes-five-member-
committee-on-resolution-framework-led-by-k-v-kamath/77414042

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50324

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3. The United States Senate has unanimously passed a bill banning the Chinese-owned video-
sharing app TikTok on government devices.

https://in.reuters.com/article/us-usa-tiktok-senate/u-s-senate-votes-to-ban-tiktok-app-on-
government-devices-idINKCN2522ON

https://www.bbc.com/news/technology-53225720 (News: India bans TikTok and other

Chinese apps)

4. Russia has become the first country to register a coronavirus vaccine “Sputnik V” registered
for use.

https://sputnikvaccine.com/

https://www.hindustantimes.com/world-news/russia-releases-first-batch-of-covid-19-vaccine-
sputnik-v-into-public/story-3zo0QMVHlwEu0EGQgrjS5L.html

5. A Memorandum of Understanding (MoU) has been signed by the Bombay Stock Exchange
with Akola, Maharashtra-based bullion trade and industry associations namely Akola
Sarafa Association and Akola Sarafa Va Suvarnakar Yuva Sangh. The partnership will seek
to enhance cooperation between the BSE and physical markets represented by the two trade
bodies in various areas like knowledge sharing, education and training, events as well as
explore areas of mutual interests

https://www.thehindubusinessline.com/markets/bse-signs-mou-with-akola-based-bullion-
associations/article32323783.ece

https://economictimes.indiatimes.com/markets/stocks/news/bse-join-hands-with-bullion-
trade-associations-to-deepen-commodity-derivatives-
market/articleshow/77480100.cms?from=mdr

September 2020

1. The Priority Sector Lending (PSL) Guidelines have been reviewed by the Reserve Bank of
India to align the PSL Guidelines with evolving national priorities. The new guidelines will
make better credit penetration into credit deficient areas and increase the lending to small
as well as marginal farmers and weaker sections. It will also enhance credit to renewable
energy, and health infrastructure.

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50310

https://economictimes.indiatimes.com/markets/stocks/news/rbi-revises-priority-sector-
lending-guidelines/articleshow/77927451.cms?from=mdr

2. Reserve Bank of India has released a notice on Compliance Functions in Banks and the
Role of Chief Compliance Officer (CCO). According to the compliance system Banks are
required to have an effective compliance culture, independent corporate compliance
function, and a strong compliance risk management programme at the bank and group level.

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 Such an independent compliance function is required to be headed by a designated Chief
Compliance Officer (CCO).

https://www.financialexpress.com/industry/banking-finance/rbi-issues-guidelines-for-
uniform-compliance-across-banks-wants-appointment-of-cco/2080979/

https://www.business-standard.com/article/finance/banks-chief-compliance-officers-to-
report-to-ceo-board-committee-rbi-120091101605_1.html

3. The Reserve Bank of India (RBI) will implement the “Technology Vision for Cyber
Security’ for Urban Cooperative Banks (2020-2023) to enhance the IT security system of
Urban Co-operative banking to prevent, detect, respond to and recover from cyberattacks.

https://www.rbi.org.in/Scripts/PublicationVisionDocuments.aspx?Id=1159

https://www.bloombergquint.com/business/rbi-prescribes-five-pillared-approach-to-deal-
with-cybersecurity-issues-in-ucbs

4. Estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of 2020-
21 has been released by the National Statistical Office (NSO), Ministry of Statistics and
Programme Implementation. According to the latest release, the GDP at Constant (2011-
12) Prices in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore and the Indian economy
has experienced a contraction of 23.9% as compared to 5.2% growth in Q1 2019-20.

https://pib.gov.in/PressReleasePage.aspx?PRID=1650021#:~:text=ESTIMATES%20OF%20
GROSS%20DOMESTIC%20PRODUCT,%2DJUNE

https://www.bloombergquint.com/business/india-gdp-contracts-a-record-239-in-april-june-
quarter

5. The World Bank released the report titled “The Human Capital Index 2020 Update: Human
Capital in the Time of COVID-19”. The Human Capital Index (HCI) 2020 is a collaboration
between the Human Development Practice Group and the Development Economics Group
of the World Bank. India has been ranked at the 116th position among 174 countries in the
Human Capital Index 2020. The 2020 Human Capital Index update includes health and
education data for 174 countries covering 98% of the world’s population up to March 2020.

https://www.thehindu.com/business/Economy/india-ranks-116-in-world-banks-human-
capital-index/article32627733.ece

https://www.business-standard.com/article/international/india-ranked-at-116th-position-in-
world-bank-s-human-capital-index-120091700420_1.html

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October 2020

1. The Monetary Policy Committee of the Reserve Bank of India met on 7th, 8th and 9th
October for its third meeting of 2020-21. Reserve Bank of India (RBI) governor
Shaktikanta Das has announced crucial policy decisions at the Bank’s 3rd bi-monthly
monetary policy.

https://m.dailyhunt.in/news/africa/english/adda247-epaper-
adda/rbi+s+3rd+bi+monthly+monetary+policy+statement+2020+21+released-newsid-
n220687936

https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3912

2. The Reserve Bank will trigger fresh flotation of market loans when the Government of
India utilizes 75% of the WMA limit. To further aid the state governments from financial
problems, RBI extended this timeline by six months i.e. till March 31, 2021.

https://economictimes.indiatimes.com/news/economy/finance/rbi-fixes-centres-wma-limit-at-
rs-1-25-lakh-crore-for-second-half-of-fy-2020-21/articleshow/78412394.cms?from=mdr

https://www.financialexpress.com/economy/rbi-fixes-centres-wma-limit-at-rs-1-25-lakh-
crore-for-h2/2095387/

3. The World Bank projected India’s GDP to contract by 9.6% this FY-21, which is reflective
of the national lockdown and the income shock experienced by households and firms due
to the COVID-19 pandemic. The World Bank earlier in June had estimated the Indian
economy to shrink by 3.2% in the current fiscal

https://thewire.in/economy/india-gdp-contraction-fy21-world-bank

https://www.thehindu.com/business/Economy/world-bank-expects-indias-gdp-to-contract-by-
96-this-fiscal/article32801181.ece

4. Finance Minister, Nirmala Sitharaman has launched “MSME Prerana”, an online business
mentoring programme for MSMEs by state-run Indian Bank. The programme, to be made
available in local languages, is aimed at empowering entrepreneurs through skill
development and capacity building workshops.

https://www.financialexpress.com/industry/sme/msme-prerana-nirmala-sitharaman-launches-
indian-banks-business-mentoring-programme-for-msmes/2099614/

https://bfsi.economictimes.indiatimes.com/news/banking/fm-nirmala-sitharaman-launches-
indian-banks-business-mentoring-programme-for-
msmes/78526741#:~:text=Finance%20Minister%20Nirmala%20Sitharaman%20launched,de
velopment%20and%20capacity%20building%20workshops

5. South Korea based electronics conglomerate, Samsung Electronics has topped the list of
‘World’s Best Employer 2020′ published by Forbes’. Amazon, IBM, Microsoft and LG are

IIM Rohtak 56
 among the top 5 in the list respectively. The global list features 750 multinational and large
corporations headquartered in 45 countries. From India, HCL Technologies is the top
industry in the list. It is placed at the 30th position globally. In the Banking sector, HDFC
Bank is top in India. It is at 176th position.

https://m.dailyhunt.in/news/india/english/adda247-epaper-
adda/samsung+tops+forbes+list+of+world+s+best+employer+2020-newsid-n225011258

https://www.india.com/technology/samsung-beats-amazon-ibm-to-top-forbes-list-of-worlds-
best-employers-4184644/

November 2020

1. Prime Minister Narendra Modi has launched the country’s first seaplane service between
the Statue of Unity near Kevadiya in Gujarat’s Narmada district and Sabarmati Riverfront
in Ahmedabad. He travelled in the maiden flight of the twin-engine plane from pond-3 close
to Sardar Sarovar Dam and landed at Sabarmati riverfront where a water aerodrome has
been set up.

https://economictimes.indiatimes.com/news/politics-and-nation/pm-modi-launches-seaplane-
service-between-statue-of-unity-and-sabarmati-riverfront-in-
gujarat/articleshow/78966651.cms?from=mdr

https://www.thehindu.com/news/national/pm-modi-launches-seaplane-service-in-
gujarat/article32989740.ece

2. The Finance Minister of India, Smt. Nirmala Sitaraman has announced the ‘Aatmanirbhar’
Package 3.0. Addressing a press conference to announce more stimulus measures to boost
growth. According to Finance Minister Nirmala Sitaraman, PMI rose to 58.9 in October
2020 indicating a strong recovery of the economy from COVID-19 crisis. The energy
consumption growth was higher in October 2020.

https://www.livemint.com/news/india/nirmala-sitharaman-live-fm-to-address-the-media-
shortly-11605163088630.html

https://m.dailyhunt.in/news/africa/english/adda247-epaper-
adda/finance+minister+announces+aatmanirbhar+package+3+0-newsid-n228959300

3. WhatsApp has partnered with five Indian banks to process its payment services. These are
State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Jio Payments Bank. The
Facebook-owned messaging platform, WhatsApp Inc., has received the approval from the
National Payments Corporation of India (NPCI) to launch its Unified Payments Interface
(UPI) based payments services in India, to let users send or receive money across the
country.

https://bfsi.economictimes.indiatimes.com/news/fintech/whatsapp-enables-pay-option-for-
indian-users/79074169

IIM Rohtak 57
https://bfsi.economictimes.indiatimes.com/news/fintech/whatsapp-enables-pay-option-for-
indian-users/79074169

4. The United States has officially withdrawn from the Paris climate accord on 04 November
2020. With this, the US has now become the only country to formally pull out of the deal
since it was adopted in 2015.

https://www.bbc.com/news/science-environment-54797743

https://economictimes.indiatimes.com/news/international/world-news/un-and-partners-
express-regret-over-us-departure-from-paris-climate-
accord/articleshow/79054559.cms?from=mdr

5. The second World Health Expo was inaugurated on November 11, in Wuhan, the capital
city of Central China’s Hubei Province. This year’s Expo will focus on displaying the most
cutting-edge science and technology in the global health industry and help Wuhan build
“city of global health industry”.

https://m.dailyhunt.in/news/africa/english/adda247-epaper-
adda/2nd+world+health+expo+kicks+off+in+wuhan-newsid-n22892722

December 2020

1. RBI Monetary Policy Highlights & Key Decisions:

a. Governor Shaktikanta Das proposes to put in place criteria for NBFC dividend
distribution, introduces risk-based audit in large NBFCs & co-op banks
b. RTGS will soon be made 24X7 in the next few days
c. The business sentiment of manufacturing firms is gradually improving
d. CPI inflation is seen at 6.8% for Q3 and 5.8% for Q4
e. Real GDP growth for FY21 is projected at -7.5%. Q3 FY-21 GDP is seen at +0.1%
while Q4 FY-21 GDP is seen at +0.7%
f. Corporate bond spreads have narrowed to pre-covid levels
g. RBI proposes to enhance limits for contactless card payments from ₹2000 to ₹5000
from Jan 2021
h. On-tap Targeted Long-Term Repo Operations (TLTRO) will be expanded to cover other
stressed sectors in tandem with Emergency Credit Line Guarantee Scheme (ECLGS)
scheme

https://www.businesstoday.in/current/economy-politics/reverse-rate-cut-tltro-key-takeaways-
from-rbi-governor-address-coronavirus-crisis/story/401283.html

https://www.moneycontrol.com/news/business/economy/rbi-monetary-policy-live-updates-
governor-shaktikanta-das-to-announce-mpc-decisions-today-6186951.html

2. Reliance Industries Ltd (RIL) has topped the 2020 Fortune 500 list of Indian companies,
released. The revenue of RIL clocked Rs 615,854.00, accounting for 7% of cumulative
revenues and 11 per cent profit of the companies. The country’s biggest oil firm, Indian Oil

IIM Rohtak 58
 Corporation Ltd (IOC), bagged the second spot, followed by Oil and Natural Gas
Corporation (ONGC) at the third position.

https://www.business-standard.com/article/companies/reliance-industries-tops-fortune-india-
500list-second-year-in-a-row-120120100988_1.html

https://timesofindia.indiatimes.com/business/india-business/ril-tops-fortune-500-list-of-
indian-companies-ioc-at-second-spot/articleshow/79534913.cms

3. The Central Government has launched ‘Quarterly Return filing & Monthly Payment of
Taxes (QRMP)’ scheme for small taxpayers under the GST system. Taxpayers with an
aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed
their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme.

https://m.economictimes.com/news/economy/policy/qrmp-scheme-launched-for-gst-payers-
with-turnover-up-to-rs-5-crore/articleshow/79589832.cms

https://indianexpress.com/article/business/qrmp-scheme-for-gst-payers-with-turnover-up-to-
rs-5-crore-7094520/

4. The United States International Development Finance Corporation (DFC) has announced
to invest $54 million in India to support the development of critical infrastructure projects
in the country in the wake of the COVID-19 pandemic. The DFC will invest this $54
million in equity for the National Investment and Infrastructure Fund (NIIF) in India.

https://www.hindustantimes.com/business-news/us-financial-body-to-invest-54-million-in-
india-for-infrastructure-projects/

https://www.business-standard.com/article/economy-policy/us-body-announces-54-mn-
investment-in-india-to-support-infra-projects-120122201602_1.html

5. Bombay Stock Exchange (BSE) Ltd. has launched an electronic spot platform, “BSE E-
Agricultural Markets Ltd (BEAM)”, for agricultural commodities through its subsidiary
BSE Investments Ltd. The platform aims to boost the competitiveness of the Indian
agricultural market by enhancing the strength of the BSE in financial markets, market
technology and its vibrant ecosystem

http://www.businessworld.in/article/BSE-Launches-E-agricultural-Spot-Market-Platform/11-
12-2020-352498/

https://economictimes.indiatimes.com/markets/stocks/news/bse-launches-e-agricultural-spot-
market-platform/articleshow/79678928.cms

Some Important Topics

1. The Farm Bill

Since 26th November 2020, the borders of Delhi have been witnessing a huge agitation being
carried out by farmers, most of them from Punjab and Haryana. The farmers are protesting 2

IIM Rohtak 59
Farm Bills that the Rajya Sabha recently passed: (1) the Farmers’ Produce Trade and Commerce
(Promotion and Facilitation) Bill, 2020, and (2) the Farmers (Empowerment and Protection)
Agreement on Price Assurance and Farm Services Bill, 2020. The two bills had already cleared
the lower house – the Lok Sabha. When they were introduced in the Rajya Sabha, there was
ruckus and finally, the Bill was passed through a voice vote.

The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020:

This Bill allows the farmers to sell their produce outside the Agricultural Produce Market
Committee (APMC) regulated markets. The APMCs are government-controlled marketing
yards or mandis. So, the farmers clearly have more choice on who they want to sell.

The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm
Services Bill, 2020:

This Bill makes provisions for the setting up of a framework for contract farming. The farmer
and an ordained buyer can strike a deal before the production happens.

According to PRS India, a “Standing Committee on Agriculture (2018-19)” observed the

APMC laws needed reforms as cartelization had begun to crystallize due to a limited no. of
traders in APMC mandis. Therefore, the following law was passed in September 2020.

The Essential Commodities (Amendment) Bill 2020:

The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020
allows intra-state and inter-state trade of farmers’ produce beyond the physical premises of
APMC markets. State governments are prohibited from levying any market fee, cess or levy
outside APMC areas.

https://economictimes.indiatimes.com/news/economy/agriculture/everything-you-need-to-
know-about-the-new-agriculture-bills-passed-in-lok-
sabha/articleshow/78183539.cms?from=mdr

https://www.thehindu.com/news/national/the-hindu-explains-who-gains-and-who-loses-from-
the-farm-bills/article32705820.ece

2. NEP 2020 (The National Education Policy):

What are the key takeaways?

The NEP proposes sweeping changes including opening of Indian higher education to foreign
universities, dismantling of the UGC and the All India Council for Technical Education
(AICTE), introduction of a four-year multidisciplinary undergraduate programme with
multiple exit options, and discontinuation of the M Phil programme. In school education, the
policy focuses on overhauling the curriculum, “easier” Board exams, a reduction in the syllabus
to retain “core essentials” and thrust on “experiential learning and critical thinking”. In a
significant shift from the 1986 policy, which pushed for a 10+2 structure of school education,

IIM Rohtak 60
the new NEP pitches for a “5+3+3+4” design corresponding to the age groups 3-8 years
(foundational stage), 8-11 (preparatory), 11-14 (middle), and 14-18 (secondary).

https://indianexpress.com/article/explained/reading-new-education-policy-india-schools-
colleges-6531603/

https://www.thehindu.com/education/the-hindu-explains-what-has-the-national-education-
policy-2020-proposed/article32249788.ece

3. What next for the Covid-19 vaccine rollout in India?

India’s top drug regulator approved Covishield and Covaxin as vaccines for restricted use
against Covid-19, paving the way for mass vaccination against the virus that has so far infected
over a crore people and killed nearly 1.5 lakh.

What type of approval has been granted?

Both vaccines have received what is known as a “restricted use approval in an emergency
situation” — like an Emergency Use Authorisation that countries like the UK and US have
been granting to companies like Pfizer, Moderna and AstraZeneca for their vaccines.

Are there any conditions for these approvals?

Several conditions have been imposed on SII and Bharat Biotech, including that both firms
must continuously submit safety, efficacy and immunogenicity data from their ongoing trials
until these are complete. They also must submit safety data every 15 days for the coming two
months, and after that monthly for the duration of their trials.

On top of this, the restricted approval to Covaxin has been given “in clinical trial mode”. Bharat
Biotech will still have to complete vaccinating nearly 26,000 participants in its phase-3 trial,
and then collect and analyse data from these people.

https://indianexpress.com/article/explained/covid-vaccine-rollout-covishield-covaxin-
coronavirus-mass-vaccination-7132877/

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