Definition: Strategic Business Unit (SBU) implies an independently managed division of a large company, having its own vision, mission and objectives, whose planning is done separately from other businesses of the company. The vision, mission and objectives of the division are both distinct from the parent enterprise and elemental to the long-term performance of the … [Read more...] about Strategic Business Unit (SBU)
Stress
Definition: In Human Resource Management, Stress is defined as a state of mental and emotional pressure or strain, caused by challenging or unfavourable circumstances. It is an outside force that rules an individual's feelings and behaviour. It is a person's response to an external factor (stimulus, known as the stressor) in the environment and the outcome of such reaction. … [Read more...] about Stress
Interview
Definition: Interview refers to a formal, in-depth conversation between two or more persons, wherein the exchange of information takes place, with a view of checking a candidate's acceptability for the job. Objectives of Interview To evaluate the applicant's suitability. To gain additional information from the candidate. To provide general information about the … [Read more...] about Interview
Outsourcing
Definition: Outsourcing, the name itself suggest its meaning, i.e. source from outside. It refers to a practice of contracting out the non-core and sometimes core activities of the organisation to a captive unit or a third party. It is a process, in which business-houses handover their regular or peripheral work to the external organisation, who has got experience and … [Read more...] about Outsourcing
Capitalism
Definition: Capitalism refers to an economic and political system, wherein the private individuals own and control the country's factors of production (land, labour, capital) for making a profit. In finer terms, private property is the essence of a capitalist economy and profit works as a motivation here. Under this system, the government does not intervene in the management … [Read more...] about Capitalism
Business Environment
Definition: Business Environment means a collection of all individuals, entities and other factors, which may or may not be under the control of the organisation, but can affect its performance, profitability, growth and even survival. Every business organisation operates in a distinctive environment, as it cannot exist in isolation. Such an environment influence business … [Read more...] about Business Environment
Depreciation
Definition: Depreciation is the reduction in the utility of the fixed asset like plant & machinery, furniture & fixtures, vehicles, buildings, etc. because of obsolescence through technology or market conditions, natural wear and tear, the passage of time, exhaustion of subject matter and so on. Depreciation is a measure which calculates loss in the value of the … [Read more...] about Depreciation
Dispute Resolution
Definition: Dispute Resolution refers to a technique of settling the conflicts or claims between two parties, i.e. employer and employees. The technique aims at achieving fairness for both the groups and arriving at an agreement between by consensus, often initiated by a third party. These disputes are caused by wage demands, unfair labour practices, political interferences, … [Read more...] about Dispute Resolution
Entrepreneurship
Definition: Entrepreneurship refers to the process of creating a new enterprise and bearing any of its risks, with the view of making the profit. It is an act of seeking investment and production opportunity, developing and managing a business venture, so as to undertake production function, arranging inputs like land, labour, material and capital, introducing new techniques … [Read more...] about Entrepreneurship
Benchmarking
Definition: Benchmarking, is a tool of strategic management, that allows the organization to set goals and measure productivity, on the basis of the best industry practices. It is a practice in which quality level is used as a point of reference to evaluate things by making a comparison. The process helps in comparing and gauging the processes, programs, strategies and … [Read more...] about Benchmarking