A number of approaches to management has been coined so far which seeks to describe the nature and content of the management with different assumptions and views. Of all the approaches developed systems approach has an upper hand over the other approaches, because of its closeness to reality. It suggests definite solutions to the problems. On the other hand, the contingency approach is an extended version of the systems approach. It relies on the assumption that there is no single way of … [Read more...]
Difference Between Industrial Relations and Employee Relations
While industrial relations is clearly associated with trade unions, collective bargaining and industrial actions. Employee relations stress on the management of the employment relationship while developing a positive psychological contract. Industrial relations and employee relations are the two common terms, which highlights a process through which people and their organization connect and communicate, at the workplace, for reason such as smooth functioning of the organization and their … [Read more...]
Difference Between Introduction and Executive Summary
The word 'introduction' needs no introduction, as we all are quite familiar with it, due to its recurrent usage in our day to day life. In general sense, it implies the official presentation of one person to another. However, when it comes to submission of reports, assignments or other documents, it refers to the preliminary piece of information provided at the beginning, to have an idea of what the document contains and why it is prepared. Many of us think that executive summary is similar … [Read more...]
Difference Between Programmed and Non-programmed Decisions
Programmed Decisions can be understood as, those decisions which can be taken with the help of customary or routine approach. On the other hand, Non-programmed Decisions are the ones that are taken when there is a rare or unexpected problem faced by organizations. Decision making is a tough task wherein a person has to weigh all the pros and cons of each alternative, in order to logically choose one course of action out of the various alternatives available. While making any decisions, one … [Read more...]
Difference Between Depreciation and Devaluation of Currency
In economics, depreciation and devaluation of currency are the two measures of changing the relative price of imports and exports of goods. Depreciation of currency implies the drop in the market value of the domestic currency with respect to foreign currency. On the contrary, the Devaluation of currency can be understood as the government's conscious downward adjustment of the market value of the domestic currency in relation to gold and reserve currency. According to the theory of … [Read more...]
Difference Between Consumer Market and Business Market
The market can be understood as the place, through which the business firm delivers value to its customers. The market can be divided into the business market, which sells goods to those entities that use it for further production or resale, and consumer market, which can be understood as the marketplace for consumers, wherein products are sold by the business entities to the consumers, for final consumption. The crucial difference between consumer market and business market is that in a … [Read more...]
Difference Between Manufacturing and Service Operations
Operations Management is that branch of management that deals with the government of that section of the organization which is concerned with the production of goods and services. However, operations management is primarily used with service operations, whereas manufacturing operations are mainly studied in production management, but for non-manufacturing facets operations management can be used. One of the biggest difference between manufacturing and service operations is that in case of the … [Read more...]
Difference Between Currency and Money
In a barter exchange, goods were used as a medium of exchange, and so, it is difficult to determine the value of an item due to lack of - a common unit of measurement, double coincidence of wants, division of goods, etc. To cope with such issues, the money system was introduced in the economy. Money is commonly accepted by society as a common medium of exchange. Any type of exchange of goods and services can be performed with money as a consideration. Money is often misinterpreted with … [Read more...]
Difference Between ACH and Wire Transfer
When it comes to international transfer, ACH, i.e. Automated Clearing House transfer and Wire Transfer are two options with us, to send and receive funds. One of the main difference between these two is while Wire transfer takes place directly between the sender and recipient account, ACH transfer involves an intermediary, which is the automated clearing house. Wire transfer is instant, as they transfer money in real time, i.e. the money is transferred within that day only if it is a domestic … [Read more...]
Difference Between Vowels and Consonants
Vowels and consonants are nothing but two qualities of sounds. Vowels are produced when there is no blocking of air, i.e. the air comes out freely and directly from our lungs, through the mouth, with vibration in the vocal cords. On the other hand, consonants are produced, when there is some sort of blocking in the air that comes out from our lungs, through the mouth. This is due to the human articulatory mechanism. Articulation can be understood as the movement of different speech organs … [Read more...]
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