Strategy has been researched for a long time by business leaders and by business theorists. But, there is no definitive answer regarding what strategy is actually. Strategy can often be mistaken for tactics, goals and even actions. A strategy is the direction and scope of a business in the long run. It aids a business …
Management accounting is related to preparing and presentation of accounting and controlling information in a format that helps management in the formulation of policies and in decision-making on different matters connected. It is by using the techniques of management accounting that the executives are provided the information which they require to achieve objectives for which …
International Capital Flows usually means the inflow and outflow of capital from one country to another country. In this article, we have discussed about the different types of International Capital Flows like Foreign direct investment (FDI), Foreign portfolio investment (FPI), trade flows, invisibles, external assistance, external commercial borrowings and private loan flows.
The entire process of management includes certain key management functions like planning, organizing, leading and controlling. Management is defined as a process which involves responsibility for economical and efficient planning & control of operations of an organization in the fulfillment of given objectives.
There are many advantages of accounting and we will discuss that in this article. Accounting is viewed as the language of business, and therefore it offers several advantages to management. Accounting demands recording transactions and compiling them in reports. Correct accounting is essential for the success of a business.
Scientific management attempts to have the maximum from methods, men, materials, machines and money. The main features of scientific management are: Minimize Wastage, Discards Traditional Management, Increases the Productivity of Employees, Importance to Specialization, etc.
The history of management thought can be grouped into three basic approaches: classical approach to management theory, behavioural approach to management theory and management science approach. Management has grown in leaps and bounds from a virtually trivial subject in the past centuries, to one of the most essential topics.
In today’s world, competency based human resource management has turned into a vital area in HR. Competency-Based Human Resource Management specifies how you can remodel the human resource department with the purpose that job competencies – instead of job descriptions – function as foundation for all HR efforts.
Competency mapping is a technique of evaluating the good and bad points of an employee or organization. Competency mapping is a process of finding out important competencies necessary to execute successfully a given job at a given point of time. Once the competency mapping process is completed, the map becomes an input for several other HR processes. This articles lists the steps in competency mapping process.
The Behavioral approach to management advanced due to the fact that the managers found that following the ideas of the classical approach failed to attain total efficiency and workplace harmony. The behavioral approach to management featured what the classical advocates neglected – the human factor. The behavioral approach to management featured individual behavior & group processes, and accepted the significance of behavioral processes at work. The behavioral approach has been divided into 2 branches: the Human relations approach and the behavioral science approach.