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
Negotiation
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
Employee Benefits
Definition: Employee Benefits implies the financial or non-financial compensation, offered to the employees, which forms part of their employment contract. It has an important role to play in differentiating two jobs offering the same salary, which vary in terms of the benefits offered. In finer terms, any kind of consideration given to the employees, in return for the … [Read more...] about Employee Benefits
Decision Making
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
Digital Economy
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
Knowledge Process Outsourcing (KPO)
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)
Deed
Definition: A deed is a formal and dignified instrument. In general, it refers to any document by which two or more parties agree to put into force any right or liability. For instance: Gift Deed, Partnership Deed, Trust Deed, Deed of Family Settlement, Mortgage Deed, Lease Deed, Sale Deed, etc. In law, a deed is described as a written instrument which claims or operates … [Read more...] about Deed
Minutes
Definition: Minutes, otherwise called as the Minutes of Meeting (MoM) is the immediate comprehensive written account of the meeting, explaining the business transacted at the meeting. It comprises of accurate and fair notes of the proceedings that happened at the meeting. Contents of Minutes The contents of the minutes are divided into two categories: General Contents It … [Read more...] about Minutes
Annual General Meeting (AGM)
Definition: Annual General Meeting, shortly referred to as AGM, is the compulsory yearly formal get together of the company's shareholders held to transact lawful business. It is a significant event organized by the company every year to discuss the activities, strategies and performance with its shareholders. As per the Companies Act, 2013 every company whether the public … [Read more...] about Annual General Meeting (AGM)
Macroeconomics
Definition: Macroeconomics refers to the field of study in Economics in which we learn about those factors which have an impact on the entire economy, as well as how these factors interact in the economy. It talks about broad economic issues such as full employment or unemployment, high or low rate of growth, policies on money supply, inflation or deflation, government … [Read more...] about Macroeconomics