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Yogita Ingle 5 years ago
Human capital refers to the stock of skill, ability, expertie, education and knowledge in a nation at a point of time.
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Yogita Ingle 5 years ago
“Peter F. Drucker” is referred as the “father of business studies”.
Explanation:
“Business studies” is an academic subject that combines the fundamentals of accounting, “finance, marketing, organizational studies”, and economics.
Business studies is the study of accounting of any business organization, and it is very important topic in the accounting.
This topic is taught at high level in countries like India, Australia, Canada, Sweden, Hong Kong, Nepal, Ireland, New Zealand, Sri Lanka, Pakistan, Zimbabwe, Tanzania, the United Kingdom and Argentina.
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Yogita Ingle 5 years ago
Principles of Management developed by Fayol
1. Division of work: Work is divided in small tasks/job and each work is done by a trained specialist which leads to greater efficiency, specialization, increased productivity and reduction of unnecessary wastage and movements.
2. Authority and Responsibility: Authority means power to take decisions and responsibility means obligation to complete the job assigned on time. Authority and responsibility should go hand in hand. Mere responsibility without authority, makes an executive less interested in discharging his duties. Similarly giving authority without assigning responsibility makes him arrogant and there is fear of misuse of power.
3. Discipline: t is the obedience to organizational rules by the subordinates. Discipline requires good supervisors at all levels, clear and fair agreements and judicious application of penalties.
4. Unity of Command: t implies that every worker should receive orders and instructions from one superior only, otherwise it will create confusion, conflict, disturbance and overlapping of activities.
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Yogita Ingle 5 years ago
Managed floating is a system which allows adjustments in exchange rate according to a set of rules and regulations which are officially declared in the foreign exchange market.
Dirty floating is a concept related to the managed floating system of exchange rate. It is a situation when managed floating is exercised without any set of rules and regulations. Dirty floating occurs when one country manipulates exchange rate against the interest of other country.
Posted by Aditi Agarwal 5 years ago
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Gaurav Seth 5 years ago
- Planning Focuses on Achieving Objectives
Every organisation has a set of goals to be achieved. Planning involves setting goals and determining the most economical and viable course of action to achieve the predetermined goals. Thus, planning is purposeful. - Planning is a Primary Function of Management
It lays down the base for all other functions of management. All other managerial functions are performed within the framework of the plans drawn. Thus, it can be said that planning precedes other functions. This is also called the ‘primacy’ of planning. - Planning is Pervasive
It is required at all levels of management as well as in all the departments of the organisation. It is not a function restricted to top level but it is performed by managers at every level.
While the top management forms organisational plans, middle level does departmental planning, and the lower level makes plans for the day-to-day working of the organisation. - Planning is Continuous
Plans are made for a specific time period. At the end of such tirtie period, new plans have to be drawn. When plans are objective-based and goals are achieved, new plans are drawn with new objectives. On the other hand, if goals are not achieved, plans are revised to achieve success in future. - Planning is Futuristic
It is essentially looking ahead, as it is based on forecasting and is prepared for the future.
The purpose of planning is to me* future events effectively to the best advantage of an organisation. It implies peeping into the future, analysing it and predicting it. Thus, it is a futuristic process. - Planning Involves Decision-making
Planning is essentially the process of choosing among various alternatives. So, in order to make an effective choice, examination and evaluation of each alternative is necessary.
If there is only one possible goal or action, then there is no need for planning. Thus, it is concerned with decision-making.
7.Planning is a Mental Exercise
It is a mental exercise as it requires creativity, imagination and higher thinking skills with sound judgement.
It is an intellectual activity of thinking rather than doing. It requires logical and systematic thinking rather than guess work or wishful thinking.
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Himani .. 5 years ago
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