Coordination

Definition: Coordination can be described as that invisible cord, which runs through all the activities of the organization and binds them together. It is not a function of the management, rather it is the essence of management, which is needed at all levels and at each step of the firm, to achieve the objectives of…

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Knowledge Management

Definition: Knowledge Management implies the effective governance of organization’s acquired and generated knowledge relating to technical know-how, insights, experiences, strategies and tactics. In finer terms, knowledge management is the process of handling organization’s knowledge efficiently, so as to create value and fulfil strategic objectives. Knowledge Management aims at identifying, acquiring, creating, assessing, organizing, utilizing, storing,…

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Vouching

Definition: Vouching is the process of analysing vouchers of the business enterprise. It is a step pursued in auditing, with an aim of checking the accuracy and reliability of the transactions entered in the company’s books of accounts. In this process, the company’s transactions are thoroughly verified with the documentary evidence and the authority, which…

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Corporate-Level Strategy

Definition: Corporate-Level Strategy refers to the top management’s approach or game plan for administering and directing the entire concern. These are based on the company’s business environment and internal capabilities. It also called as Grand Strategy. It reflects the combination and pattern of business moves, actions and hidden goals, in the strategic interest of the…

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Goodwill

Definition: In business terminology, goodwill is the monetary worth of the advantage which a firm possesses over the other firms in the market with respect to profits which are expected to be derived in future over and above the normal profits. As the time goes by, a business develops a good reputation, name, strong connections…

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Responsibility Centre

Definition: Responsibility Centre refers to an operating segment within the firm, lead by the manager who is accountable for its activities, performance and results, in terms of expenditure, profit, and return on investment. A responsibility centre has its own goal and objectives, plans and strategies, policies and procedures. Further, it has a dedicated team or…

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Economic Activity

Definition: Economic Activities implies all the activities of producing, distributing, trading, consuming, exchanging and supplying, goods and services of value, at any level, in a society, for monetary consideration. These activities are undertaken with the aim of making money, acquiring wealth, earning a livelihood, and generating income from different sources. The economic activity in a…

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Operations Management

Definition: Operations Management can be understood as an area of management which is concerned with the government of system, processes and functions that manufacture goods and renders services to the end user, to provide desired utilities to them while adhering to other objectives of the concern, i.e. efficiency, effectiveness, and productivity. Objectives of Operations Management…

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Internal Environment

Definition: Internal environment is a component of the business environment, which is composed of various elements present inside the organization, that can affect or can be affected with, the choices, activities and decisions of the organization. It encompasses the climate, culture, machines/equipment, work and work processes, members, management and management practices. In other words, the…

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Quality Assurance

Definition: Quality Assurance is a managerial tool that encompasses all the systematic actions required for providing sufficient confidence, that a product will meet the requisite quality. Here, the confidence is bifold, as in internally to the company’s management and externally to the stakeholders such as customers, creditors, clients, society, government agencies, third parties, etc. Altogether,…

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