Meaning and Definition of Telecommuting Telecommuting is the practice of working from one’s home, or at a satellite location near one’s home, where employees use communication and computer technology to interface with internal and external stakeholders. The advent of telecommuting has changed the profile of the global workforce dramatically. The workers are no longer confined within the walls of the office. They are becoming more technologically savvy and work on flexible timings at remote locations. Telecommuting has been defined in many ways, but all such definitions are based on two concepts: the office is not the only place where work can be conducted; and secondly, information technology (IT) is necessary for telecommuting. Telecommuting is also defined as the case in which an employee is paid for work conducted at an alternative worksite, so total commuting time is reduced. The success of telecommuting is seen in the fact that the total Continue reading
Modern Management Concepts
Corporate Reputation – Meaning, Definition, Elements and Importance
Meaning and Definition of Corporate Reputation Corporate reputation refers to perceptions of an organization held by all stakeholders acquired over time. This indicates that corporate reputation must be earned. It represents the image of an establishment that the customers have. While a section of scholars believes that reputation cannot be directed and controlled, most believe that it is an integral part of a business and must be managed. Therefore, reputation management refers to an attempt by organizations to influence how their clients perceive them. Corporate reputation defined as overall estimation in which a company is held by its constituents. A corporate reputation represents the net affective or emotional reaction – good bad, weak or strong – of customers, investors, employees and general public to the company’s name. World’s leading companies such as Coca cola, Unilever, Johnson & Johnson, Disney, etc. had truly created their corporate identities that define their who Continue reading
10 Important Theoretical Concepts in Business Analytics
Making informed choices in the workplace is of great importance since strong data analysis and decision-making skills enable teams to maximize the chances of success. In organizational contexts, those involved in making important decisions should be aware of different methods helping to analyze data sets and make accurate predictions. This article is aimed at analyzing 10 important theoretical concepts in business analytics and discussing their applications in data analysis and decision-making. Ten concepts discussed below facilitate the process of decision-making in business environments. The concepts are relevant to the workplace since they can be utilized to support strategy development, inform inventory and investment choices, establish effective internal policies, and maximize profits. 1. Probability The concept of probability can be justly listed among the terms having numerous applications in decision-making in everyday and professional problems. Based on class activities, the probability is basically the chance that a specific event will happen, Continue reading
Essential Characteristics and Skills of Entrepreneurship
Essential Characteristics of Entrepreneurship Entrepreneurship is considered to be the driving force for economic and industrial growth. These growths arise from the ingenuity of business managers, leaders and administrators. Additionally, entrepreneurship is regarded to be a way of thinking that is motivated by existence of a particular opportunity. The objective of entrepreneurship is to create value. Entrepreneurship has resulted into significant transformation of the society. There are numerous attributes that make a successful entrepreneur. Some of these attributes are discussed below. 1. Self Confident Business environment is very dynamic and challenging. As a result, it is characterized by a high degree of uncertainties. For example, an entrepreneur may establish a business venture but be faced with challenges that may limit its success. However, entrepreneurs do not back off from challenges. Instead, their optimism enables them to tackle challenges head-on. Succeeding is such an environment requires one to be persevering and Continue reading
Reputation Risk – Meaning, Definition and Management
Reputation is an accumulation of perceptions and opinions about an organization that reside in the consciousness of its stakeholders. Reputation has becoming increasingly important to any company as the world becomes more complex. Tangible factors of business are becoming less significant and rapidly replaced by the intangible factors. Reputation is considered as the most valuable intangible asset. Though reputation is considered as an intangible asset which will not be presented in any balance sheet, it will represent the market value. Warren Buffet said: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” The hard-owned reputation is much more vulnerable in 21st century, as the globalization and development of technologically interconnection make news more easily transmitted and more transparent. Once reputation is compromised, it may be costly to rebuild reputation and the period may be extremely long. Continue reading
Workplace Cooperation – Cooperation in the Workplace and Knowledge Sharing
Cooperation in the workplace refers to a situation in which the workers and managers resolve their issues of common concern, through discussions and consultations. Workplace cooperation has a number of characteristics, for example; it is a voluntary process in which the employees and the employer choose to work together as one team. In this team, each of them places a greater emphasis on the success of their relationship and the building of the company as opposed to emphasis on their individual rights in the company. Workplace cooperation can be supported by a legal framework which can either be facilitative or prescriptive. Workplace cooperation involves open communication where the employer and his employees talk to one another, listen to one another and even share information together. Cooperation in the workplace also aims at coming up with a common approach that is acceptable to both the workers and the management in the company Continue reading