“An ounce of prevention is worth a pound of Cure” – Benjamin Franklin The entire businesses around the world are exposed to risk or disruptions whether it is from fire, equipment failure, natural disaster, communication failure, economy downturn or an act of terrorism. There can be hardly superior hazard to any organization than recession. The organizations experienced more disruptions than ever in the past years. These disruptions can ruin the organizations or make it difficult to survive. This is where Business Continuity Management (BCM) plays integral role to smoothly run the business without any interruption. Business Continuity Management is very important for the endurance of the business. Business Continuity Management is a method designed to ensure that the functions of an organization can be managed or restored promptly in the event of internal or external occurrence. One of the most important objectives of the BCM is to reduce the legal, Continue reading
Modern Management Concepts
Differences Between Emotional Quotient (EQ) and Intelligence Quotient (IQ)
Intelligence Quotient (IQ) Intelligence Quotient is a number or a count of the intelligence of a person. In a standard IQ test, a person’s quotient of intelligence is compared and determined on the basis of the scores of other on the same test. These days more and more people are relying on IQ tests for a lot of reasons. IQ tests have become a parameter for educational institutes and corporate offices in conjunction with personality tests. Intelligence Quotients are used by people to find out a person’s mental age, which is the persons understanding levels and performance capabilities at a particular age. A Standard IQ test would consist of tasks that involve the use of mental ability and vary on their difficulty levels. The test includes gauging of memory, reasoning power, numerical capability, definitions and scope of recalling data. Psychologists have determined a given age at which people can correctly Continue reading
Stimulating Forces for Organizational Change
What makes an organization to think about change? There are a number of specific, even obvious factors which will necessitate movement from the status quo. The most obvious of these relate to changes in the external environment which trigger reaction. An example of this in the last couple of years is the move by car manufacturers and petroleum organizations towards the provision of more environmentally friendly forms of ‘produce’. However, to attribute change entirely to the environment would be a denial of extreme magnitude. This would imply that organizations were merely ‘bobbing about’ on a turbulent sea of change, unable to influence or exercise direction. The changes within an organization take place in response both to business and economic events and to processes of management perception, choice and action. Managers in this sense see events taking place that, to them, signal the need for organizational change. They also perceive the Continue reading
Entrepreneurial Motivation Factors
Entrepreneurship is the process of adding something new [creativity] and something different [innovation] for the purpose of creating wealth for the individual and adding value to society. An entrepreneur has to be creative and innovative in order to have a sustainable growing business. In fact, entrepreneurs are considered as one of the main contributors to country economy growth. Entrepreneurial activity benefit community and society as it creates job opportunity, income, products and services with his creativity and innovation to us. Important Factors of Entrepreneurial Motivation Motivation is one of the elements in influencing the process of entrepreneurship. The general entrepreneurial motivation factors, including need for achievement, locus of control, vision, desire for independence, passion, and drive. Need for Achievement: Individuals who have higher level in need for achievement are will have higher desire to involve in activities or tasks that have a high degree of individual responsibility for outcomes. Entrepreneurial Continue reading
Technological Knowledge Generation and Diffusion in Organizations
The differences in the types of organisations, their structures, their goals and perspectives, and the way they recognise and face challenges can breed a lot of opportunities and avenues for producing and distributing new information to the world. Technology and science has made wonders for almost everyone living in this planet. It has changed the way we live. It has also introduced new sets of problems and issues which must be strategically addressed. Firms are already in the forefront of responding to changes and challenges in their environment. They respond to these challenges through strategies that make use of support systems like technology and scientific research. Today’s business and social transactions are being supported more and more by technological and scientific innovations and strategies. Knowledge of advanced technologies in the different sciences and frontiers has largely advanced most careers and business prospects. The purpose of a business firm is to Continue reading
Social Loafing in Organizations
Social loafing is antithesis of synergy in team-work which suggests that people working together on a common task may actually decrease their individual efforts; team-work does not necessarily spurt group efforts. A simple phenomenon of social loafing may be observed in a group assignment to students during their study. In such an assignment, students find that one or two students do not put their weight for the completion of the project. These students may be called loafers (not attaching the same connotation which is attached with the term loafer in our social phenomenon) who frequently miss the project group’s meetings, fail to perform their assigned tasks, and so on. They rely on the fact the more reliable members will complete the project without their help, and still expect to share the credit and obtain the same marks from the professor since he will be concerned with determining who worked and Continue reading