Research can be understood as the systematic and rigorous search for appropriate information on a specific subject. It involves enunciation of the problem, developing a hypothesis, collecting and analysing data and drawing conclusions, based on the facts and data collected. And to do so, the researcher uses research methods, during the course of conducting research. The research methods are often confused with research methodology, which implies the scientific analysis of the research … [Read more...]
Difference Between Information and Knowledge
It is easy to get confused about information and knowledge. People often use the terms interchangeably, without knowing the fact that there are slight and subtle differences between information and knowledge. These two are important concepts of knowledge management system, wherein the former means processed data about someone or something, while the latter refers to useful information gained through learning and experience. When the data collected is filtered, it turns out as information. Of … [Read more...]
Difference Between Ethnicity and Nationality
The total world population is about 8 billion, which composed of people belonging to different groups, cultures, nations, races, etc. Based on the nationality and ethnicity, a person can be easily identified, i.e. to which country or ethnic group he/she belongs. Nationality implies the place of a person's birth, so it is simply the national identity of an individual. On the other hand, the ethnicity reflects the cultural and ancestral identity of a person. Nationality is used to determine to … [Read more...]
Difference Between Risk and Hazard
We dwell in a world, which is completely uncertain. There is end number of factors that have the capability of endangering our physical, moral or financial health which always surrounds us and they are beyond our control. You might have encountered, tragic deaths or causalities, loss of property and life due to natural calamities or human-made disaster. These forces ultimately pose a risk to human life or wealth or nature. The term 'risk' refers to the chance of loss due to a particular activity … [Read more...]
Difference Between Buying and Leasing
Vehicles are the long-term asset of the entity which is used in performing day to day business activities. To make use of vehicles like car, vans or pickup truck, there are two options open to you. One to own the car by buying it or to use it, for specified period by leasing the vehicle. Buying is simply acquiring the car by paying the price, either in the lump sum or via instalments. On the other hand, leasing is a bit different which allows you to use the asset for a fixed term, by paying … [Read more...]
Difference Between Trade-off and Opportunity Cost
Economics is all about making choices, in order to make best possible use of the scarce resource. Whenever we make a choice among various alternatives, we have to forgo other options. In this context, two economic terms are often misconstrued, which are the trade-off and opportunity cost. While a trade-off denotes the option we give up, to obtain what we want. On the other hand, the opportunity cost is the cost of the second best alternative given up to make a choice. In other words, it is … [Read more...]
Difference Between Laid-off and Fired
When an employee leaves the organisation, the situation is known as separation. The cause of separation can be voluntary or involuntary. In the former, the employee decides to terminate his/her relationship with the employer, but when the employer initiates the separation, it is an involuntary separation. Being laid-off and fired are two types of involuntary separation, wherein laid off is due to the inability of the employer to give employment to the employee. On the other hand, the firing … [Read more...]
Difference Between Profit and Non-Profit Organisation
One of the major myth, regarding the non-profit organisation, which most of the people believe as true is that it does not make the profit from business activity. However, in reality, the non-profit organisation too makes the profit from various activities just like a for-profit organisation does, but only the way of handling profit is different in the two organisations. The basic aspect, which bifurcates business organisation is the purpose of their operation, i.e. not all organisations work … [Read more...]
Difference Between Void Agreement and Void Contract
A void agreement is void ab-initio, in essence, it is null since it is formed. But on the other hand, a void contract is one that is valid at the time of creation but eventually becomes void, due to certain circumstances, which are beyond the control of parties concerned. In finer terms, it can be said that a void agreement, is always invalid, but if we talk about the void contract, is one that is enforceable in the beginning, but subsequently lacks it due to changes in government policy or … [Read more...]
Difference Between Product Marketing and Service Marketing
Marketing of products and services involves different strategies due to the dissimilarities in their characteristics. While in product marketing, the aim is to fulfil the needs and wants of the target population. As against, in service marketing, the firm seeks to create a good relationship with the customer, to win their trust. The two most important activities undertaken by the business is production or procurement of products and its distribution to the end user. The procurement of raw … [Read more...]
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