Definition: Partnership is a model of business in which pair of individuals unite their hands to distribute profits of a business incorporated by them based on agreement. The Indian Partnership Act,1932 regulate evolution and administration of partnership firms. As the business extends, one requires more fund and more persons to regulate the business and spilt its risks. In … [Read more...] about Partnership
Business Management
Management Vs Administration
A debate arises between the two associated terms, Management and Administration. According to various management writers, both of them are identical and can be used conversely; the divergence exists in their use regarding distinct areas of human activities. Yet few authors don’t comply with this conclusion. In the initial stage of management evolution, both the management … [Read more...] about Management Vs Administration
Matrix Organizational Structure
Definition: A matrix organizational structure is the arrangement of the personnel, i.e., the matrix leader, managers and employees, across the grid, such that a hybrid hierarchy is maintained. Here, there is a vertical and horizontal flow of direction and information, such that each subordinate has dual bosses. Out of these, one is the functional manager; and the other is the … [Read more...] about Matrix Organizational Structure
Group Vs Team
When we use the terminologies, group and team, we mostly take these as synonyms of each other. Though both refers to the assemblage of two or more individuals, a team is a particular type of a group which is more focused towards the desired mutual goal with every member contributing in the best possible manner. A group is an assemblage of individuals with common traits or … [Read more...] about Group Vs Team
Offshoring
Definition: Offshoring is the process of relocating the business operations unit (production or services) to a different country (usually in developing nations) where cheap labour or resources are available. Here the company do not seek global retailing; instead, it looks forward to minimizing the cost of manufacturing and other supporting services. Setting up this new … [Read more...] about Offshoring
Intrapreneurship
Definition: An intrapreneurship is a phenomenon of empowering the employees within the organization, by valuing their ideas and converting them into a profit-making model for the business. The organization would bear the associated risk and loss if the intrapreneur's project failed. It is the combination of employee responsibilities with his/her entrepreneurship skills that … [Read more...] about Intrapreneurship
Strategy Vs Tactics
Even the top-performing managers consider the terms strategy and tactics as synonyms. Although both are far different from each other. A strategy is a corporate plan developed to competently achieve the company's vision in the long run, by overcoming various business obstacles. Whereas, tactics are the ways adopted to deal with certain situations which arise during the … [Read more...] about Strategy Vs Tactics
Inventory Management Techniques
Definition: Inventory management techniques can be seen as a useful tool in the hands of the management. It ensures the availability of the right type of stock, at the right time, at the right place and in the desired quantity. It also enables the managers to match the inventory shown in the books of accounts with that available. Example: A garment manufacturing industry … [Read more...] about Inventory Management Techniques
Inventory Management
Definition: Inventory management is an approach for keeping track of the flow of inventory. It starts right from the procurement of goods and its warehousing and continues to the outflow of the raw material or stock to reach the manufacturing units or to the market, respectively. The process can be carried out manually or by using an automated system. When the goods arrive … [Read more...] about Inventory Management
PERT Analysis
Definition: PERT or Project Evaluation and Review Technique can be understood as a tool for handling programmes and projects which involve a series of activities. It supports the analysis of these actions and their sequential arrangement, along with determining the proposed duration required for completing each of these tasks with the help of drafting a critical path, is termed … [Read more...] about PERT Analysis