Business

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 raise the capital themselves by … [Read more...] about Cooperative Society

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 find out a solution which is acceptable … [Read more...] about Negotiation

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 decision making are discussed … [Read more...] about Decision Making

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 … [Read more...] about Digital Economy

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, … [Read more...] about Knowledge Process Outsourcing (KPO)

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 is the fundamental step in the planning … [Read more...] about Objectives

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 and … [Read more...] about Procedure

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 while taking suggestions from all the … [Read more...] about Policies

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 … [Read more...] about Organizing

Definition: Visual Communication, as the name suggests, is the graphical representation of a message by one party to convey something to another. It involves transmission and interpretation of information by way of visual resources, that can be read or viewed. In layman terms, visual communication is one which is purely based on vision, i.e. eyesight. This type of … [Read more...] about Visual Communication