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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Procedure

Definition: Procedure, refers to a comprehensive set of instructions that prescribes a certain way of performing a process, or part of a process, in relation to time. It states a chronological sequence for undertaking activities, so as to achieve the objectives. The procedures are meant for insiders (members of the organization including employees, directors, managers…

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Policies

Definition: Policies can be defined as the fundamental written statements which are meant to guide the thinking and action in decision making of the managers. It is a standing solution for recurring situations, as it is a ready reference to many problems. A firm’s policies are framed by the Chief Executives and Board of Directors…

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Organizing

Definition: Organizing is the second key management function, after planning, which coordinates human efforts, arranges resources and incorporates the two in such a way which helps in the achievement of objectives. It involves deciding the ways and means with which the plans can be implemented. It entails defining jobs and working relationships, assigning different tasks…

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