Management and Administration

? WEALTH MAXIMIZATION     Concept:     Wealth maximization is the concept of increasing the value of a business in order to increase the value of the shares held by stockholders. The concept requires a company’s management team to continually search for the highest possible returns on funds invested in the business, while … Read more

? SWOT Analysis A successful business is founded on a series of sound decisions, so the way you analyze situations and choose to react is essential. When trying to assess the lay of the land, few tools are more useful than the SWOT analysis. It stands for strengths, weaknesses, opportunities, and threats; the SWOT … Read more

? PARTNERSHIP   Partnership : Partnership is an association of two or more parties, they put money for business.         Simple Partnership: Simple partnership is one in which the capitals of the partners are invested for the same time. The profit or losses are divided among the partners in the ratio … Read more

? FUNCTIONS OF MANAGEMENT- DIRECTION (Communication,Supervision,Motivation,Leadership)       Directing is concerned with instructing, guiding, supervising and inspiring people in the organisation to achieve its objectives. It is the process of telling people what to do and seeing that they do it in the best possible manner.   Elements in Directing: The four essential … Read more

? MANAGEMENT     Management is a process of designing and maintaining an environment in which individuals, working together in groups, accomplish selected aims. In other words,” It is the accomplishment of Goals through others.” Management has been used in different senses. Sometimes it refers to the process of planning, organizing, staffing, directing, coordinating … Read more

? SOCIAL ACCOUNTING   Social accounting can be defined as a set of organisational activities that deals with the measurement and analysis of the social performance of organisations and the reporting of results to concerned groups, both within and outside the organisation.   Social accounting, also known as national income accounting, is a method … Read more

? Decision making under uncertainty The area of choice under uncertainty represents the heart of decision theory. Known from the 17th century (Blaise Pascal invoked it in his famous wager, which is contained in his Pensées, published in 1670), the idea of expected value is that, when faced with a number of actions, each of which could give rise … Read more

? FUNCTIONS OF MANAGEMENT – DECISION MAKING   Concept and meaning   Decision making is the process of identifying and selecting a course of action to solve a specific problem.   Decision making involves the selection of a course of action from among two or more possible alternatives in order to arrive at a … Read more

? TECHNIQUES OF ANALYSIS OF FINANCIAL STATEMENTS   A Financial Statement is an organized collection of data according to logical and consistent accounting procedures. Its purpose is to convey an understanding of some financial aspects of a business firm. It may show assets position at a moment of time as in the case of balance sheet, or … Read more

? SOCIAL AUDIT     “Social auditing is defined as a systematic attempt to identify, analyse, measure (if possible), evaluate, and monitor the effect of an organisation’s operations on society (that is, specific social groups) and on the public well-being.”   Social audit as a term was used as far back as the 1950s. … Read more

? BEHAVIOR- PERSONALITY THEORIES       What is Personality :-   It is a stable set of internal characteristics and tendencies that determines the psychological behavior of people. It is particular pattern of behaviour and thinking that prevail across time and contexts and differentiates one person from other.   In simple  terms “Personality … Read more

? MARKETING MANAGEMENT   Marketing Management is a social and managerial process by which individuals or firms obtain what they need or want through creating, offering, exchanging products of value with each others.   CORE CONCEPTS OF MARKETING   NEED/ WANT/ DEMAND:   Need: It is state of deprivation of some basic satisfaction.   … Read more

?     BEHAVIOR – LEARNING AND MOTIVATION   Styles of learning, Models of memory, Causes of forgetting.       Style of Learning       Learning styles are the different ways people interpret, organize and represent information. For example, some people learn best by having information presented to them in audio form, such … Read more

? BEHAVIOR : LEARNING AND MOTIVATION     Classification and types of motives, Theories of work motivation, Assessment of motivation     A need or motive directs us to act or behave in a particular way towards a certain goal or in other terms “It indicates the inner state of mind that energizes, activates … Read more

? DETERMINANTS OF PERSONALITY   Personality is a result of the combination of four factors –   Physical environment Heridity Culture Particular experiences.   Personality and Environment:   Geographical environment sometimes determines cultural variability. That the Eskimos have a culture different … Read more

? BEHAVIOR   MEETING LIFE CHALLENGES : STRESS   Stress: – The pattern of responses an organism makes to stimulus event that disturbs the equilibrium and exceeds a person’s ability to cope.   NATURE OF STRESS   Stress is not a factor that resides in the individual or the environment, instead it is embedded … Read more

? FUNCTIONS OF MANAGEMENT – ORGANIZING   Organizing is the process of identification and grouping of activities, assigning duties and delegating authority to the managers, allocating necessary resources and establishing coordination among individuals and department of an organization with a view to attain its objectives.   PROCESS OF ORGANIZING :   The process of … Read more

? PDCA Cycle Plan, Do, Check, Act (PDCA)  is a well-known and respected approach to helping teams plan and implement a solution to a problem, often testing it on a micro scale and reviewing the results before agreeing how to proceed. PDCA encourages an engaged, problem-solving workforce – the method is not limited to … Read more

? FUNCTIONS OF MANAGEMENT : COORDINATION AND CONTROL     COORDINATION    “The Harmonization of activities of different work groups and departments.”   Coordination is the orderly arrangement of individual and group efforts to provide unity of action in the pursuit of a common goal. All these departments must function in an integrated manner … Read more

? RESPONSIBILITY ACCOUNTING   Responsibility accounting is a management control system based on the principles of delegating and locating responsibility. The authority is delegated on responsibility centre and accounting for the responsibility centre. Responsibility accounting is a system under which managers are given decisions making authority and responsibility for each activity occurring within a … Read more

? FUNCTIONS OF MANAGEMENT   PLANNING Planning is a process of determination of organization’s objectives and selecting the courses of actions. i.e. Plans for attaining them. Planning is the primary or basic management function.   Planning Process                                 Types/Dimensions … Read more

? INTERNAL CONTROL     An internal control is a procedure or policy put in place by management to safeguard assets, promote accountability, increase efficiency, and stop fraudulent behaviour. In other words, an internal control is a process put in place to prevent employees from stealing assets or committing fraud.   An internal control is … Read more

? MARKETING MIX     Marketing involves a number of activities. To begin with, an organisation may decide on its target group of customers to be served. Once the target group is decided, the product is to be placed in the market by providing the appropriate product, price, distribution and promotional efforts. These are … Read more

? POSD CORB POSDCORB is an acronym which means Planning, Organizing, Staffing, Directing, Coordinating, Reporting and Budgeting which was first coined in a paper on administrative management that was written for the Brownlow Committee by Luther Gulick and Lyndall Urwick. POSDCORB can be used as a systematic framework for efficiently executing business processes in … Read more

? WORKING CAPITAL                                             Meaning of Working Capital Every business needs funds for two purposes for its establishment and to carry out its day-to-day operations. Capital required for a business can be classified under two main categories viz. (i)        Fixed capital (ii)      Working capital. Long-term funds are required to create production facilities through … Read more

? CAPITAL STRUCTURE       The financial requirement of a firm can be met through ownership capital and/or borrowed capital. The ownership capital refers to the amount of capital contributed by the owners. In case of a company, it refers to the amount of funds raised by issuing shares. The main characteristic of … Read more

? SOURCE OF FINANCE     Sources of finance are the most explored area especially for the entrepreneurs about to start a new business. It is perhaps the toughest part of all the efforts. There are various sources of finance classified based on time period, ownership and control, and source of generation of finance. … Read more

? PERFORMANCE AUDIT     Meaning   An independent examination of the efficiency and effectiveness of government undertakings, programs or organisations, with due regard to economy, and the aim of leading to improvements”.   Performance audit is simply an audit of sound financial management, namely of the economy, efficiency and effectiveness with which audited … Read more

? AUDITING   Auditing is the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements. An audit can apply to an entire organization or might be specific to a function, process, or production step.    Meaning of Auditing:   Auditing is an examination … Read more

?       BEHAVIOUR   INTELLIGENCE (Cognitive; Emotional; Social; Cultural; Multiple)     Cognitive Intelligence   Cognition: Mentally processing information (images, concepts, etc.); thinking Intelligence: It is the ability to process data into more efficient systems by acquiring learned substantive mental methods which develops into cognitive ability.   Cognitive intelligence is the ability … Read more

? FUNCTIONS OF MANAGEMENT – STAFFING     Staffing refers to the managerial function of employing and developing human resources for carrying out the various managerial and non-managerial activities in an organisation. This involves determining the manpower requirement, and the methods of recruiting, selecting, training and developing the people for various positions created in … Read more