Administration can be viewed as the act of effectively managing the affairs of a business organisation or state. It implies the optimum use of people, information and other resources of the organisation, in the attainment of the ultimate goal of the company. The administration can be done either by public officials or private individuals. Public administration is a branch of economics that works with service motive. On the other end, private administration works with business intuition. The … [Read more...]

Invoice can be defined as a document which gives accurate description of material being sent or shipped and their prices, issued by the exporter/supplier at the request of the importer/purchaser prior to the placement of the order. It is not exactly same as proforma invoice, which is for form only, i.e. neither it is recorded in the books nor charged to the recipient's account. It is used to request buyer for payment of the goods dispatched to him on credit. While an invoice states the total … [Read more...]

Code of Ethics and Code of Conduct are the standards that a group must adhere to, so as to remain the member of the organisation. The primary difference between code of ethics and code of conduct is that code of ethics is a set of principles which influence the judgement while the code of conduct is a set of guidelines that influence employee's actions. These statements are formally addressed and need to be accepted by the members when they join the organisation for the first time. These help … [Read more...]

In Human resource management, the term induction can be defined as the introduction of the newcomer to their job. It is not exactly same as an orientation, which provides basic information about the employer organisation to the fresher. Induction and Orientation are the two programs designed to provide new joined with the information they require to function comfortably and efficiently in the organisation. As the programs take place in the initial days, when the new hires join the … [Read more...]

The term market can be described as any place where buyers and sellers meet, directly or through dealers, to conclude transactions. There are three types of market structure, i.e. perfect competition, monopoly and imperfect competition. Further imperfect competition can be of two types: Monopolistic competition and oligopoly. In perfect competition, the product sold by different firms is identical, but in monopolistic competition, the firms sold near substitute products. The equilibrium … [Read more...]

Human Resource Management (HRM) is a branch of management; that is concerned with making best possible use of the enterprise's human resources, by providing better working conditions, to the employees. It involves those activities that arrange and coordinates the human resources of an entity. Further, it aims at maintaining good relations at various levels of management. On the other extreme, Human Resource Development (HRD) is a wing of HRM that keeps focusing on the growth and development … [Read more...]

An organization is a collection of people who work together to attain specified objectives. There are two types of organization structure, that can be formal organization and informal organization. An organisation is said to be formal organisation when the two or more than two persons come together to accomplish a common objective, and they follow a formal relationship, rules, and policies are established for compliance, and there exists a system of authority. On the other end, there is an … [Read more...]

When the question is about influencing or manipulating others, two things go that side by side in the field of management are Power and Authority. These two are used to make people respond in the manner directed. Power is referred to as the capacity of an individual to influence the will or conduct of others. As against, authority is termed as the right possessed by a person to give the command to others. Many of us think that these two terms are one and the same thing, but there exists a … [Read more...]

Audit means an examination of books of accounts, conducted with the purpose of establishing the fact that the accounting records presents a true and fair view. Many people get confused amidst statutory audit and tax audit in this context. While the former is an audit carried out under the Companies Act, the latter is an audit conducted under the Income Tax Act. The rules related to the audit of financial statements of an entity are dealt in the statutory audit. On the other extreme, the … [Read more...]

CPI and RPI are two popular methods of measuring inflation. As both indexes use a basket of goods for calculating inflation, it is hard to differentiate them. While, Consumer Price Index (CPI) which is projected, by taking the average price of the economic output purchased by the consumers as a base, while Retail Price Index or RPI measures the variations in prices of retail economic output. The first and foremost difference between CPI and RPI is that While the consumer picee index excludes … [Read more...]