Key Differences

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...]

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...]

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...]

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...]

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...]

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...]

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...]

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...]

In layman language, CRM is a software that manages the relationship with customers and clients of the organization while ERP is a unified software program that manages the business processes of the entire organization. It lays emphasis on the planning of the resources of an enterprise to increase efficiency, effectiveness and economy of the enterprise. Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) are the two software, which is implemented by the companies in … [Read more...]