Planning is one of the important aspects of human life, which implies thinking beforehand, what is to be done in future. At the individual level, career planning is quite common, which implies establishing the goals and timelines, within which the individual has to achieve them. It analyses a person's skills, abilities and interest, to lay down long-term goals of a person. At the organizational level, for the perpetual succession of an organisation, there must be potential employees, to fill … [Read more...]

Collective Bargaining can be understood as a rulemaking process, as it formulates or revises the terms and conditions, under which the worker's group and management, may cooperate and work together, over a certain period. It is not similar to negotiation, which implies a process of seeking agreement, through an open end exchange of views. Industrial disputes are the disputes that occur out of a disagreement between employer and employees concerning certain issues relating to employment. … [Read more...]

Leadership is a skill, which requires a person, to influence the subordinates to work voluntarily, and stimulating them to put their efforts, in achieving the goals of the organisation. Based on the objectives and the subordinates, the organisation can choose from different leadership styles. Autocratic leadership also called as monothetic leadership, is one of the styles, which encompasses centralization of the decision making power. In autocratic leadership, the leader directs the … [Read more...]

Motivation implies the act of stimulating or inspiring subordinates to pursue the desired course of action. It is something that makes people act or behave in a particular manner. Based on the premises concerning human behaviour, Prof. Douglas McGregor put forward a theory of motivation, called as theory X and theory Y. Theory X is a conventional approach to motivation, based on negative assumptions. On the other extreme, Theory Y is diametrically opposite to theory X which shows the modern … [Read more...]

Gross Salary refers to the total salary received by an employee during a particular financial year, for his/her contribution to the organisation. It is not just the basic salary but also includes the incentives and fringe benefits. There are a number of instances when gross salary is misconstrued with CTC, but there is a thin line of demarcation amidst the two. CTC expands to Cost to Company, can be understood as the amount that the company spends on an employee during a particular financial … [Read more...]

A single use plan is one that is used only once and then it is cancelled. It is framed as per the requirements of a particular situation or goal and is discarded, on reaching the goal. Budgets, schedules, projects and programs are some of the examples of single-use plans. A project can be described as one-off operation, that has certain objectives and required to be met within stipulated time. A project differs from a program in the sense that the latter is a bundle of related projects, … [Read more...]

Logistics activities include inbound logistics or outbound logistics. Inbound logistics refers to the sourcing, expediting and receiving of goods, that is coming to the business organization. On the other extreme, outbound logistics is all about warehousing, packaging and transporting of goods, going out of the organisation. Logistics is nothing but the management of the movement of materials, information and other resources between two points, i.e. from the point of inception to the point of … [Read more...]

Strategic Alliance can be termed as an arrangement wherein two or more entities come together to undertake common interest. Such an arrangement is in vogue in the contemporary business environment. Indeed, it is a response to the vigorous forces of globalisation, change in technology, deregulation and so forth, due to which the environment is now more complex and competitive in nature. One of the forms of strategic alliance is a joint venture, which can be understood as the temporary … [Read more...]

Competitive Advantage can be described as something, that the competing firms are not able to do, or it is something owned by the firm that the rivals firms wish to have. On the other extreme, Core competence is the distinct proficiency of the company, which cannot be imitated by its rivals. The two terms are closely related to one another, as these two, help in occupying a greater share of the market, satisfying customer, building brand loyalty, and delivering high-quality products to the … [Read more...]

The term insurance can be understood as an arrangement, in which the insurer commits to provide compensation for loss, damage, death, caused to the insured in return for the payment of the premium. There are two types of contract, life insurance, and general insurance. The insurance plan which covers the life-risk of the insured is called life insurance. On the other hand, the insurance plan which covers any risk other than the life-risk of an individual is called general insurance. Life … [Read more...]