Management By Exception (MBE)

Definition: Management by Exception, shortly called as MBE is a management style or philosophy that empowers the manager to concentrate on the exceptionally important or critical matters and taking important decisions while facilitating the front line workers to complete the day to day activities. It aims at keeping the focus of the management on extremely…

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Procurement

Definition: Procurement refers to a business management process which is concerned with identification, sourcing, acquiring and management of the external resources, i.e. goods, works and services, required by a firm on a large scale to meet out its strategic objectives. The term ‘procurement’ not just covers purchasing of goods, but a combined set of events…

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Business-Level Strategy

Definition: Business level strategies refer to the combined set of moves and actions taken with an aim of offering value to the customers and developing a competitive advantage, by using the firm’s core competencies, in the individual product or service market. It determines the market position of the enterprise, in relation to its rivals. Business-Level…

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Centralization

Definition: Centralization, means the concentration of powers, authority and control, at the head or centre of the organization. So, the location of powers as to planning, decision making, formulation of policies, etc. lies in the hands of top-level management, which consists of a few executives who regulate the organization. In a centralized organization, there is…

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Cooperative Society

Definition: As the name suggests, cooperative society refers to that type of business organization, wherein people work together, for a common goal, i.e. welfare of its members. It has to be registered under the Cooperative Societies Act, 1912, in order to obtain the status of a separate legal identity. The members of the cooperative society…

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Negotiation

Definition: By the term ‘negotiation’ we mean an open strategic dialogue that is supposed to resolve the issue between the parties concerned, by reaching an agreement. The two parties with different needs and goals having some common interest and others divergent intend to arrive at an agreement. So they discuss the matter, in order to…

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Decision Making

Definition: Decision Making is the cognitive process of selecting a course of action, out of a set of available alternatives, so as to achieve the goals of the organization. It is an indispensable part of the management, as decisions are made at each level by the management executives. Characteristics of Decision Making The characteristics of…

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Digital Economy

Definition: In simple words, the digital economy, is an economy which operates predominantly with the help of digital technology. It implies the global network of economic activities, processes, transactions and interactions among, people, businesses, devices, etc. which is supported by Information and Communication Technology (ICT). In this, the maximum number of business transactions are concluded…

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Knowledge Process Outsourcing (KPO)

Definition: Knowledge Process Outsourcing (KPO) is a business arrangement in which knowledge or information-oriented activities or services, as well as complex tasks and processes of a business, are outsourced. The provision of service requires collection, creation, interpretation, management, and dissemination of the knowledge. Further, knowledge creation demands analysis, identification of pattern, evaluation and judgement: It…

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Objectives

Definition: In business terminology, the objective is something that is expected as the end result to be achieved by the firm within a definite period of time, through its operations. It prescribes the scope and also directs the efforts of the concern. The objectives of the organization are expressed in relation to the future. It…

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