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
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 and … [Read more...] about Procedure
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 while taking suggestions from all the … [Read more...] about Policies
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 … [Read more...] about Organizing
Real-Time Gross Settlement (RTGS)
Definition: RTGS, is a short form for Real-Time Gross Settlement. It is a facility provided by the banks, that allows instant and complete settlement of funds from one bank to another and from one place to another, on an individual order basis. This means that the transactions are settled at the same time when they take place and so there is no waiting period. Payments made … [Read more...] about Real-Time Gross Settlement (RTGS)
E-banking
Definition: E-banking is a blanket term used to indicate a process through which a customer is allowed to carry out, personal or commercial banking transactions using electronic and telecommunication network. It is a product offered by banks which facilitates online banking, with the help of which the customer can have access to the bank account in just one … [Read more...] about E-banking
Visual Communication
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
Bookkeeping
Definition: Bookkeeping can be defined as the system of keeping records and classifying all the financial transactions on a day-to-day basis concerning the business operations, in a sequential manner. The term "transaction" refers to the business activity, in which the exchange of money or money's worth for goods or services is involved. It is the initial step to the … [Read more...] about Bookkeeping
Commerce
Definition: Commerce refers to the well organized set up of large-scale interchange of products, service or something of value, for money or money's worth, among the economic agents. It covers all the activities which directly or indirectly assist in the process of exchange. Basically, it is concerned with the distribution aspect of the business. It relies on the fact that … [Read more...] about Commerce
Corporate Social Responsibility
Definition: Corporate Social Responsibility, or otherwise called as CSR is an on-going commitment of the organization to act in an ethical manner and make a contribution in the country's economic development, while bettering the standard of living of the employees and their families, along with the society and public at large. It refers to the accountability of the … [Read more...] about Corporate Social Responsibility