Business

Definition: Organization refers to a collection of people, who are involved in pursuing defined objectives. It can be understood as a social system which comprises all formal human relationships. The organization encompasses division of work among employees and alignment of tasks towards the ultimate goal of the company. It can also be referred as the second most important … [Read more...] about Organization

Definition: Work measurement can be defined as the implementation of a series of techniques which are designed to find out the work content, of a particular task or activity, by ascertaining the actual amount of time necessary for a qualified worker, to perform the task, at a predetermined performance level. The essence of work measurement is ascertaining the work content of … [Read more...] about Work Measurement

Definition: Vertical Integration, as the name suggests, is the combination of firms engaged in different levels of the distribution chain, in the same industry. It involves the augmentation of the firm by uniting the former and latter productive processes. In this form of merger, the company opts to engage in the businesses, which have some link with the existing business … [Read more...] about Vertical Integration

Definition: In business terms, a strike can be understood as a curtailment of work, due to the collective refusal of workers to work, which occurs as a response to employee grievances. It involves, dropping out of work by any number of workers, employed in a particular industry, with an aim of creating pressure on the employers, to accept their demands relating to pay scale, … [Read more...] about Strike

Definition: Decision Tree may be understood as the logical tree, is a range of conditions (premises) and actions (conclusions), which are depicted as nodes and the branches of the tree which link the premises with conclusions. It is a decision support tool, having a tree-like representation of decisions and the consequences thereof. It uses 'AND' and 'OR' operators, to recreate … [Read more...] about Decision Tree

Definition: Enterprise Resource Planning, or otherwise known as ERP is an integrated software application, which firms use to manage and control their internal and external resources comprising financial resources, material, assets and human resources. Put simply, ERP system unites various functions of management into a rationally integrated system to streamline processes … [Read more...] about Enterprise Resource Planning (ERP)

Definition: Strategic Intent can be understood as the philosophical base of the strategic management process. It implies the purpose, which an organization endeavor of achieving. It is a statement, that provides a perspective of the means, which will lead the organization, reach the vision in the long run. Strategic intent gives an idea of what the organization desires to … [Read more...] about Strategic Intent

Definition: Six Sigma is defined as a management technique employed to maintain the desired quality in the organization's processes and end products. It involves, taking planned and integrated steps, so as to enhance the quality of products and reducing cost. Six Sigma is a well-organized method of developing and providing, those products and services to the customers that … [Read more...] about Six Sigma

Definition: Value chain analysis is a process of dividing various activities of the business in primary and support activities and analyzing them, keeping in mind, their contribution towards value creation to the final product. And to do so, inputs consumed by the activity and outputs generated are studied, so as to decrease costs and increase differentiation. Value chain … [Read more...] about Value Chain Analysis

Definition: Gap Analysis can be understood as a strategic tool used for analyzing the gap between the target and anticipated results, by assessing the extent of the task and the ways, in which gap might be bridged. It involves making a comparison of the present performance level of the entity or business unit with that of standard established previously. Gap Analysis is … [Read more...] about Gap Analysis