The Boundaryless Career: Modern Contemperory Perspective on Career

Human Resource Management

Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Kaizen – Understanding the Japanese Business Philosophy of Continuous Improvement

Operations Management

Role of Leaders in Shaping Organizational Culture

Management Principles

Organizational Culture – Development and Importance

Management Principles

Retail Organization and Classification of Retail Units

Retail Organization The term retail organization refers to the basic format or structure of a retail business designed to cater to the needs of the end customer. Recently, some scholars have started referring to India as a nation of shopkeepers. This epithet has its roots in the huge number of retail enterprises in India, which were over 12 million in 2003. About 78% of these are small family businesses utilizing only household labor. Retail firms may be independently owned, parts of a retail chain, operated as a franchisee, leased departments, owned by manufacturers or wholesalers, consumers owned or co-operative society. A retail unit could be owned by: Manufacturer (e.g., company owned retail outlets) Wholesaler (e.g., Vastra outlet in Rajouri in New Delhi) Independent retailer (Chanakya Sweet Shop near Hazratganj in Lucknow) Consumer (consumer owned grocery stores in man y residential societies) Co-operative society (e.g., Mother Dairy milk booths in Delhi) Continue reading

Abey Francis

NetSuite ERP Software – True Cloud ERP Platform for Any Business

The main objective of establishing a business organization is to ensure that returns from the venture are maximized. Entrepreneurs must work around the clock for the mobilization of resources and make sure that the business goals are achieved. Various mechanisms are applied to enable the accomplishment of the missions. These encompass the creation of a working environment that is favorable, the adoption of the right technology as well as ensuring that there is the provision of suitable services and products into the market. Any business organization that aims at growing and attain global recognition has to make better consideration of technological trends. Operational data is a requirement for all levels of decision-making in organizations. It is essential because it gives a comprehensive account of any transpiring aspects. The inclusion of technological solutions in the business and running of its operations enable improvement of the anticipated outcomes. Organizations have to establish Continue reading

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Dematerialization and Rematerialization in Commodity Markets

The Indian commodity futures market has grown exponentially in the recent times. With the increase in trade volume at the Commodity Exchanges; the need to have a vibrant and efficient settlement system was felt. This led to the concept of dematerialization of warehouse receipts. Demat of warehouse receipt eliminates the difficulties arising out of the use of physical warehouse receipts. Dematerialization refers to the process of conversion of the physical paper (i.e. share certificates, warehouse receipts, etc.) into the electronic balances. In this process the physical paper is destroyed and electronic balance is credited in the demat account owner of the physical document. The concept of demat has been in vogue in the securities market from the year 1996 with the setting up of the first depository i.e. National Securities Depository Limited (NSDL) to remove the difficulties arising out of the use of physical (paper) certificates for settlement of trades Continue reading

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Computer System – Concepts and Components

The Computer System Concept A computer is more than a high-powered collection of electronic devices performing a variety of information processing chores. A computer is a system, an interrelated combination of components that performs the basic system functions of input, processing, output, storage, and control, thus providing end users with a powerful information processing tool. Understanding the computer as a computer system is vital to the effective use and management of computers. A computer is system of hardware devices organized according to the following system functions. Input. The input devices of a computer system include keyboards, touch screens, pens, electronic mice, optical scanners, and so on. Processing. The central processing unit(CPU) is the main processing component of a computer system. (In microcomputers, it is the main microprocessor.) In particular, the electronic circuits of the arithmetic-logic unit one of the CPU’s major components, perform the arithmetic and logic functions required in Continue reading

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Procedure for finding an optimum solution for transportation problem

The basic steps of the transportation method are: 1. To set up the transportation table. 2. Examine whether total supply equals total demand. If not, introduce a dummy row/column having all its cost elements as zero and Supply/Demand as the (+ive) difference of supply and demand. 3. To find an initial basic feasible solution. An initial BFS for a TP with m sources and n destinations must include m+n—1 basic variables. This initial solution may or may not be optimal. Thus, the initial solution in the transportation method serves the same purpose as the initial solution in the simplex method. There are a few methods to find the initial solution. The widely used methods for finding a initial solution are: North West corner rule Row minima method Column minima method Matrix minima method (Lowest cost entry method) Vogel’s approximation method (unit cost penalty method) (VAM) 4. To obtain an optimal Continue reading

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Purchasing Power Parity (PPP) Theory of Exchange Rate

Purchasing Power Parity Theory (PPP) holds that the exchange rate between two currencies is determined by the relative purchasing power as reflected in the price levels expressed in domestic currencies in the two countries concerned. Changes in the exchange rate are explained by relative changes in the purchasing power of the currencies caused by inflation in the respective countries. The concept of Purchasing power parity theory (PPP) is traced to David Ricardo, but the credit for stating the law in an orderly manner is given to the Swedish economist Gustav Cassel who proposed it in 1918 as a basis for resumption for normal trade relations at the end of First World War. The  Purchasing Power Parity Theory is stated in two versions : The stronger absolute version of Purchasing Power Parity, and The diluted relative version of Purchasing Power Parity. Absolute Version of Purchasing Power Parity The absolute version of Continue reading

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