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Key Differences

Know the Differences & Comparisons

Difference Between Common Intention and Common Object

Last updated on June 19, 2020 by Surbhi S

In criminal law, 'intention' absorbs a significant place. With regard to the supreme form of the mental element, it is applicable to heinous crimes. The Indian Penal Code does not define the word 'Intention', however, section 34 is concerned with 'common intention'. In common intention, there must be a prior meeting of mind and unity, as well as there is an obvious act must be performed in the progression of the common intention of all. On the other hand, the common object may be developed … [Read more...]

Difference Between Intrinsic and Extrinsic Motivation

Last updated on June 15, 2020 by Surbhi S

When we think about motivation, the first thing that strikes our mind is its source - internal or external. Intrinsic Motivation can best be described as behaviour directed by internal rewards. As opposed, extrinsic motivation refers to the motivation based on external needs of a person such as money, position, grades, etc. What is Motivation? Motivation can be understood as the invisible force that moves, activates or pushes people and causes them to act. It is something that incites a person … [Read more...]

Difference Between Fine and Penalty

Last updated on June 10, 2020 by Surbhi S

Fine is referred to as a sum of money ordered by the court to pay for an offence, after the complete prosecution in a matter. On the other hand, penalties do not involve court proceedings and they are imposed when a person does not comply with the provision of a specified act. Punishment is a term mainly used in the socio-legal context, as it derives its goals from sociological outlook, and at the same time, it obtains its understanding and enforceability through a legal structure. There are … [Read more...]

Difference Between Corrective Action and Preventive Action

Last updated on June 5, 2020 by Surbhi S

Corrective Action requires the complete understanding of the issue which has taken place and use the root cause analysis so as to reveal the primary cause for it, so as to rectify it in such a way that its occurrence would be rare. On the other hand, Preventive Action requires carrying out trend analysis to find out the issues which may result in non-conformity and address them so as to avoid nonconformity. Corrective Action and Preventive action are the basic quality management tools … [Read more...]

Difference Between Insourcing and Outsourcing

Last updated on June 2, 2020 by Surbhi S

Outsourcing is a process of hiring another entity to perform certain functions, or service, on the company's behalf, instead of undertaking them in-house. On the contrary, insourcing refers to the delegation of a project to an individual or department within the organization, instead of an external supplier. In the last few decades, outsourcing has gained a lot of attention and popularity in the business world. There are a number of activities or services which are outsourced nowadays from … [Read more...]

Difference Between Purchasing and Procurement

Last updated on May 28, 2020 by Surbhi S

Many think that the words procurement and purchase are interchangeable and use them synonymously, but the fact is procurement is a broad term which includes a purchase. Procurement involves sourcing and purchase of goods, services and works from the external source, so as to fulfil the organization's requirement and operate profitably and efficiently. Procurement involves all kinds of acquisition including leasing, renting and contracting to arrange the goods or services. Contrarily, … [Read more...]

Difference Between Small Scale and Large Scale Industries

Last updated on June 2, 2020 by Surbhi S

In general, any industry can be classified as a small scale industry or large scale industry as per the investment made in procuring the plant and machinery for manufacturing goods. In this way, small scale industries are said to be the ones whose investment in the capital assets is limited to the amount specified by the Government of the country. On the contrary, those industries which make an investment in their plant and machinery beyond that limit, are considered as large scale … [Read more...]

Difference Between Primary and Secondary Sector

Last updated on May 19, 2020 by Surbhi S

To have a complete idea of the country's economy, one should have knowledge of its sectors and their contribution to the GDP. The economy of a country is composed of three main sectors - Primary Sector (agriculture and allied sector), Secondary Sector (industrial sector), and Tertiary Sector (service sector). The primary sector, is related to natural resources of the country, in the sense that it makes use of natural resources for the production of raw materials and supplies which are used by … [Read more...]

Difference Between Time Study and Motion Study

Last updated on May 14, 2020 by Surbhi S

Time study is all about determining the ideal time taken in the performance of a well-defined job. On the other hand, Motion study is the analysis of human work, to find out the best method of doing it which involves least efforts. Fredrick Winslow Taylor, an Americal Mechanical Engineer, who is known as the Father of Scientific Management for his contribution in the improvement of industrial efficiency. Scientific Management implies the application of modern scientific methods in the study … [Read more...]

Difference Between Pre-Shipment and Post-Shipment Finance

Last updated on May 9, 2020 by Surbhi S

Based on the stage at which the funding is provided, export finance is divided into pre-shipment and post-shipment finance. As their name suggests, pre-shipment finance is the credit advanced to the exporters before the shipment of goods, whereas post-shipment finance refers to the credit extended when the goods are already shipped. What is Trade finance? Trade finance refers to financing for the purpose of trade, which includes both domestic as well as international trade. Trade transaction … [Read more...]

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