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Key Differences

Know the Differences & Comparisons

Difference Between Indemnity and Guarantee

Last updated on July 26, 2018 by Surbhi S

Indemnity and Guarantee are a type of contingent contracts, which are governed by Contract Law.  Simply put, indemnity implies protection against loss, in terms of money to be paid for loss. Indemnity is when one party promises to compensate the loss occurred to the other party, due to the act of the promisor or any other party. On the other hand, the guarantee is when a person assures the other party that he/she will perform the promise or fulfill the obligation of the third party, in case … [Read more...]

Difference Between Lean and Six Sigma

Last updated on July 26, 2018 by Surbhi S

Every organization works for reaping more and more profit; this can be done by only two ways, i.e. getting more and more customers and eliminating unnecessary expenses, wastes and losses. In this context, lean management and six sigma are two approaches used by the firms, in general. The Lean management aimed at reducing process waste and increasing the worth of firm's product or service to the customer. Conversely, six sigma is a quality measurement, that seeks near perfection in products or … [Read more...]

Difference Between Tactics and Strategy

Last updated on July 26, 2018 by Surbhi S

In a business environment, firms use various techniques, to survive, compete and grow in the long run. These techniques can be called as tactics and strategy. Tactics are the actions, projects or events, to reach a particular point or the desired end, whereas the Strategy is defined as a game plan, which can help the organization to achieve its mission and objectives. These terms are used very often, when we talk about competition among firms at the market. While tactics refers to the moves … [Read more...]

Difference Between Micro and Macro Environment

Last updated on February 3, 2020 by Surbhi S

Every business organization is a part of the business environment, within which it operates. No entity can function in isolation because there are many factors that closely or distantly surrounds the business, which is known as a business environment. It is broadly classified into two categories, i.e. microenvironment, and macro environment. The former affects the working of a particular business only, to which they relate to, while the latter affects the functioning of all the business … [Read more...]

Difference Between LIFO and FIFO

Last updated on July 26, 2018 by Surbhi S

LIFO, is a form of inventory management wherein the product or material received last, is consumed first and thus the stock in hand, consist of earliest consignment. On the other hand, FIFO is another method of inventory management, in which the material received first is consumed first, i.e. the issue of goods is done from the earliest lot and the stock in hand comprise of the latest lot. Inventory management is a tough task for the organizations that are completely stock oriented. Many … [Read more...]

Difference Between Internship and Externship

Last updated on May 3, 2017 by Surbhi S

Internship and externship are two temporary forms of training, which many individuals undergo when they start their career. The first and foremost distinguishing point between internship and externship is that in an internship the interns get experience by actively participating in the job, whereas in externship an extern has to play a shadow role in observing an expert performing the job and learning from it. Nowadays, initial training is the prominent requirement for the freshers, in order … [Read more...]

Difference Between Performance Appraisal and Performance Management

Last updated on July 26, 2018 by Surbhi S

Performance Appraisal implies a rational assessment of the performance of an individual, based on pre-determined standards. On the other hand, performance management alludes to the management of performance of the manpower working in an organization. While Performance Appraisal is a yearly system while if we talk about Performance Management, it is a continuous process that does not occur eventually. What kind of evaluation process is adopted by the organization is one of the biggest … [Read more...]

Difference Between Horizontal and Vertical Integration

Last updated on July 27, 2021 by Surbhi S

Growth and expansion are the two needs of every firm, irrespective of its size and nature. Firms can grow and expand themselves by way of integration. There are two major forms of integration, i.e. Horizontal Integration and Vertical Integration. Horizontal Integration is a kind of business expansion strategy, wherein the company acquires same business line or at the same level of value chain so as to eliminate competition to a greater extent. Conversely, Vertical Integration is used to rule … [Read more...]

Difference Between Blue Collar and White Collar

Last updated on July 26, 2018 by Surbhi S

In an organization, there are hundreds of people working in the organization, which can be distinguished by the color of the dress worn by them. The color of the uniform specifies the job performed by the workers in the organization. Blue collar jobs are the jobs whereby the person performing the job does manual labor and gets an hourly or daily wage, based on the performance of their work. The second kind of jobs are the white collar jobs, wherein the employee does clerical work in an office … [Read more...]

Difference Between Supervisor and Manager

Last updated on July 26, 2018 by Surbhi S

The success of the organization depends on its employees and the ones to whom they are accountable, i.e. Managers and Supervisors. These are two important positions in an organization, which guide the entire team of workers, in the pursuit of common goals of the organization. Managers are the ones who control and administer the entire enterprise, On the other hand, Supervisor is someone who is the leader in the first line management of the organization and thus looks after the work and … [Read more...]

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