Definition: A commercial paper (CP) can be viewed as an unsecured, short-term and negotiable money market instrument. It is issued by the companies with good credit rating to acquire quick working capital to meet its short-term liabilities like paying off bills or maintaining inventory. The issuing company promises to repay the borrowed sum on or before the mentioned maturity … [Read more...] about Commercial Paper (CP)
Industrial Disputes
Definition: An industrial dispute can be viewed as friction or disagreement between two or more parties involved, due to the difference in their perceptions, opinions, mindsets, attitudes and values. In an organization, the parties engage in such disputes can be: Employer and employee; employee and employee or; employer and employer. On a massive level, conflicts … [Read more...] about Industrial Disputes
Approaches to Industrial Relations
Definition: Industrial relations is that part of human resource management which studies the formal relationship of the workers with the administration and the employers and ensuring a proper mechanism to manage the industrial disputes and conflicts. In the present scenario, the relationship between the employer and the employees have changed to a great extent what it used … [Read more...] about Approaches to Industrial Relations
Industrial Relations
Definition: Industrial relations is that field of study which analyzes the relationship among the management and the employees of an organization at the workplace and also provides a mechanism to settle down the various industrial disputes. This concept evolved in the late 19th century because of the industrial revolutions. It is made up of the following two … [Read more...] about Industrial Relations
Max Weber Bureaucracy Theory
Definition: The bureaucratic management theory, introduced by Max Weber stated that to manage an organization efficiently, it is essential to have a clear line of authority along with proper rules, procedures and regulations for controlling each business operation. Bureaucracy refers to the possessing of control over a group of people or activities through knowledge, power or … [Read more...] about Max Weber Bureaucracy Theory
Scientific Management
Definition: Scientific management concept was developed by F.W. Taylor who implemented the scientific techniques such as observation, logic, analysis and combination to study the working conditions and management at the floor level in the factories and production units. The concept of scientific management was given to improve the productivity, efficiency and effectiveness … [Read more...] about Scientific Management
Henri Fayol’s 14 Principles of Management
Definition of Management: Management can be viewed as an effort made for accomplishing the organizational goals, objectives and vision through planning, organizing, staffing, directing and controlling all the business activities accordingly. These principles set the guidelines and standardize the management's course of action to run a business organization effectively and … [Read more...] about Henri Fayol’s 14 Principles of Management
Management By Objectives (MBO)
Definition: Management By Objectives (MBO) is the process of setting achievable goals for the managers and employees at all the levels to be accomplished within a stipulated period. It streamlines the plan of action of the workforce and establishes their roles and responsibilities. The concept of MBO was introduced by Peter Drucker in his book 'Practice of Management' in the … [Read more...] about Management By Objectives (MBO)
Scaling Techniques
Definition: Scaling technique is a method of placing respondents in continuation of gradual change in the pre-assigned values, symbols or numbers based on the features of a particular object as per the defined rules. All the scaling techniques are based on four pillars, i.e., order, description, distance and origin. The marketing research is highly dependable upon the … [Read more...] about Scaling Techniques
Kaizen Costing
Definition: Kaizen costing is a technique of controlling the cost incurred over unproductive activities and resources which does not add any value to the organization. In simple words, it is a practical approach to solving cost-related problems to improve the overall efficiency of the organization. Kaizen costing is implemented in business organizations to manage different … [Read more...] about Kaizen Costing