Bin Card implies a document which records the quantity of material received by, issued to and remained in stores. Conversely, Stores Ledger is a ledger account (accounting record), that maintains the record of the transit of goods in and out, the stores, both in quantitative and monetary terms. Perpetual and Periodic Inventory System are two systems that record the movement of stock maintained by the stores department. Perpetual Inventory System keeps a record of every now and then of … [Read more...]
Difference Between Forecasting and Planning
Forecasting, is basically a prediction or projection about a future event, depending on the past and present performance and trend. Conversely, planning, as the name signifies, is the process of drafting plans for what should be done in future, and that too is based on the present performance plus expectations. Planning and forecasting are two important managerial functions that are relevant for other functions. Basically, forecasting talks about what could practically happen, depending on … [Read more...]
Difference Between Internal and External Validity
Validity talks about the soundness of the research design and methods. While carrying out the experiment, the researcher has two objectives, relating to the validity, i.e. draw conclusions about the impact of an independent variable on the group under study and make inferences about the population as a whole. The first objective stresses on internal validity, whereas the second focuses on external validity. The basic difference between internal and external validity is that the former talks … [Read more...]
Difference Between Validity and Reliability
Simply, the validity of the measuring instrument represents the degree to which the scale measures what it is expected to measure. It is not same as reliability, which refers to the degree to which measurement produces consistent outcomes. For the purpose of checking the accuracy and applicability, a multi-item measurement scale needs to be evaluated, in terms of reliability, validity, and generalizability. These are certain preferred qualities which gauge the goodness in measuring the … [Read more...]
Difference Between Discrete and Continuous Variable
Variable refers to the quantity that changes its value, which can be measured. It is of two types, i.e. discrete or continuous variable. The former refers to the one that has a certain number of values, while the latter implies the one that can take any value between a given range. Data can be understood as the quantitative information about a specific characteristic. The characteristic can be qualitative or quantitative, but for the purpose of statistical analysis, the qualitative … [Read more...]
Difference Between Local Time and Standard Time
Local time implies the time of a particular country, as regards the meridian running through it. On the contrary, standard time is referred as the official local time of a region ascertained by the distance from the Prime Meridian of the meridian running through the area. Here we'll break down the significant differences between local time and standard time. Earth rotates on its axis, leading to sun rise and sun set in different parts of the world. The part of the earth which receives … [Read more...]
Difference Between MLA and MP
In India, there is an area based representation system and so, by the cause of elections the country is divided into different areas called as electoral constituencies. For Lok Sabha elections, the country is split into 543 constituencies. The voters of each constituency choose their representative, called as Member of Parliament or MP. In the same way, each state and union territory is divided into a certain number of assembly constituencies. And the elected members of these assembly … [Read more...]
Difference Between Act and Law
Law implies a system of rules, recognized by a country to regulate the actions of the citizens. On the other hand, Act is that segment of legislation, that deals with specific circumstances and people. Many use the two legal terms interchangeably, but there is notable difference between act and law, as the former is a subset of the latter. Laws plays a pivotal role in every country's legislation, i.e. whether we talk of market, factory, office, school or any any other place, it safeguards … [Read more...]
Difference Between Fog and Mist
Fog and Mist, both are clouds made up of condensed water vapour, i.e. water droplets, hanging in the atmosphere at the surface of the earth, which restricts visibility to some extent. In spite of having similar composition, there are subtle differences between fog and mist which lies in the density and extent to which the visibility is reduced. Fog is denser in comparison to mist, and so it has a greater impact on visibility, i.e. the former limits visibility to nearly one kilometre, but the … [Read more...]
Difference Between High Court and Supreme Court
In the jurisdiction hierarchy, the Supreme Court (SC) of India, stands at the top most rank and is the primary judicial body and final court of appeal set up by the Indian Constitution. It followed by the High Court (HC), which is the apex judicial forum at the state and union territory level. One of the major difference between High Court and Supreme Court is that the judgement made by the HC, can be reviewed in the SC, but the judgement of SC is final and binding, so there is no further review … [Read more...]
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