Definition: The Finance Lease and Operating Lease are the very common form of lease agreements that an individual goes for. The lease is an agreement wherein the lessor grant rights to the lessee to use lessor’s property in exchange for certain periodic payments. Finance Lease: The Finance Lease or Capital Lease refers to the agreement wherein the lessee gets the ownership … [Read more...] about Finance Lease and Operating Lease
Types of Leases
Definition: The Lease refers to the contractual agreement between the two parties, lessor and lessee, wherein the lessor, the owner of the property grant lessee the right to use his property for a particular period of time in exchange for the periodical rental payments. There are different types of leases that can be classified on the basis of the extent to which the risks … [Read more...] about Types of Leases
Informal Groups
Definition: The Informal groups are those groups that get created spontaneously as soon as individuals start interacting with each other. The informal groups are formed by the individuals to satisfy their social needs of affiliation, and they emerge on their own and hence not created by the management of the organization. Now the question arises that how the informal groups … [Read more...] about Informal Groups
Quality Circle
Definition: The Quality Circle refers to the group of individuals who meet on a regular basis to discuss the work-related problems. Generally, the quality circles are small group gatherings, led by the supervisor or the manager who presents the solutions to the management. The purpose behind the formation of a quality circle is to motivate employees to share the problems … [Read more...] about Quality Circle
Task Force
Definition: The Task Force is a type of a group, formed temporary, in which people from different disciplinary backgrounds come together to perform a specific task or mission. These are different from the committees in the sense, these are temporary and has broader powers of action and decision, greater responsibilities for investigation, analysis, planning and research. The … [Read more...] about Task Force
Committees
Definition: The Committees are the association of organizational people who come together to analyze, investigate and discuss the issues of concern and reach to the final conclusion. The committees are usually formed at different levels in the organization. The power and authority of the committee members are restricted to the extent delegated by the appointer. Also, there … [Read more...] about Committees
Formal Groups
Definition: The Formal Groups are formed deliberately and consciously collectively to direct the efforts of group members, especially the employees towards the accomplishment of organizational objectives. The formal groups are formed to fulfill any of the following purposes: To capitalize the expertise of each individual towards the accomplishment of complex tasks. … [Read more...] about Formal Groups
Types of Groups
Definition: The Group refers to two or more persons who shares a common interest and come together to achieve common goals and objectives. The groups can be formal and informal; formal groups are created by the organization with the intent to accomplish its objective, while the informal groups get created spontaneously as soon as the individuals interact with each other. Types … [Read more...] about Types of Groups
Job Enlargement
Definition: The Job Enlargement refers to the horizontal expansion of jobs wherein more and more activities, and tasks are added to the existing job scope at the same level in the organization. In other words, job enlargement means increasing the scope of duties and responsibilities of an individual by adding the related activities to his existing job profile and generally … [Read more...] about Job Enlargement
Job Enrichment
Definition: The Job Enrichment is the job design technique used to increase the satisfaction among the employees by delegating higher authority and responsibility to them and thereby enabling them to use their abilities to the fullest. In other words, job enrichment is the opportunity given to the employees to explore their abilities when some tough task is assigned to them. … [Read more...] about Job Enrichment