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

Five Important Organizational Cultural Models

Management Principles

Measuring National Income – Three Methods of Measuring National Income and Output

National income can be defined as the part of the objective income of the community including income derived from abroad which can be measured in money i.e the money value of goods and services which is produced and made available for consumption in an economy for a particular period which is usually a year.  National income, also known as Gross Domestic Product (GDP) is very helpful to the economists to track the economic growth’s rate, average living standard in one country as well as the distribution of income between different groups of population (i.e. inequality gap). For  measuring  the national income, the national economy is viewed as follows: The national economy is considered as an aggregate of producing units combining different sectors such as agriculture, mining, manufacturing and trade and commerce. The whole national economy is viewed as a combination of individuals and household owning different kinds of factors of Continue reading

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Commercial Credit Analysis: Collateral

Collateral is the security given to the bank as a safeguard for the facility/ facilities advanced. This is effectively the Bank’s insurance that should there be a default, the bank has something to fall back on to either recover in part or full the amount advanced. It is important for a prospective borrower to realize that there is no such thing as a standard collateral. The nature of the collateral, the amount and the percentage of the facility advanced that it covers will vary from borrower to borrower and from bank to bank. However, there are some standard collaterals. The collateral sought for an overdraft and working capital facilities is the hypothecation of book debts and stocks. The amount advanced will be usually a percentage of the total value – the percentage held back being known in banking connotation as the margin. This is an additional safeguard for a bank Continue reading

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Recruitment – Definition, Process, Need and Purpose

People are integral part of any organization today. No organization can run without its human resources. In today’s highly complex and competitive situation, choice of right person at the right place has far reaching implications for an organization’s functioning. Employee well selected and well placed would not only contribute to the efficient running of the organization but offer significant potential for future replacement.  Recruitment comes at this point of time in the picture. Recruitment is a strategic function for HR department. Recruitment means to estimate the available vacancies and to make suitable arrangements for their selection and appointment. Recruitment is understood as the process of searching for and obtaining applicants for the jobs, from among whom the right people can be selected. A formal definition states, “It is the process of finding and attracting capable applicants for the employment. The process begins when new recruits are sought and ends when Continue reading

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Importance of Management Skills in Small Business

For a Small Business to grow, expands and flourish the management team needs to follow basic, yet profound skill sets to achieve success of the business. If these management skills are not taken seriously enough the end result will quickly become failure of the business. There are three key management skills that small business managers need to follow for success these are; Technical skills, Human skills and Conceptual skills. Then there are specialized skills that are imperative for small business success to occur these include; Planning, Organizing, Directing and Controlling. Small Business owners might not obtain these skills because of not having the opportunities to learn these skill sets through the use of courses or university education. Without these skills small businesses will find it near impossible to be successful but through the implementation of the skill sets small businesses will experience growth and prosperous times. Technical skills Technical skills Continue reading

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The Case Method in Research

Case study method is one of the methods of investigation. Originally case method was used in medicine. The physician used to maintain a record of treatment and health conditions of each patient. Each such record pertains to a ‘case’. The peculiarities of each ‘case’ are known as well as generalities of all cases together. The cause-effect relationship is established and exceptions there to are also noted down. The basic unit of case study is a case – a particular one of its kind. It may be a single business unit or a whole group of business units in an area or a single producer or a group of producers or a single consumer or a group of consumers and so on. When a group is involved, that group is treated as one unit, with whatever phenomenon found in one group member is taken as a phenomenon of the group as Continue reading

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Meaning and Definition of Motivation

To the behavioral scientists, the word motivation is something stemming from within a person. According to them, motivation refers to a dynamic driving force, which stems from within. It is an “inner striving condition, which activates or moves individual into action and continues him in the course of action enthusiastically”. Thus, motivation is defined as an inner state that activates, energizes or moves behavior towards goals. And, the forces inside the individual that inspire him to continue work are variously called as wishes, drives, needs etc. According to Rensis Likert motivation is the “core of management.” Motivation is an important function performed by manager for actuating the people to work for the accomplishment of organisational objectives. Issuance of well-conceived instructions and orders does not mean that they will be followed. A manager has to make appropriate use of various techniques of motivation to enthuse the employees to follow them. Effective Continue reading

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