With authority comes responsibility, and it can be best understood by a person working in a company’s HR. The Human Resource Department of every firm is the least liked one because they are responsible for managing people, their issues, problems, conflicts, salaries, etc. And one of the biggest responsibilities is ensuring that all employees working […]
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The path of law is not an easier one, whether you are filing a suit, facing one, or working as a professional lawyer. A lawyer works on behalf of different clients as per the case and circumstances. There are different fields within law like any other industry. Some lawyers deal with corporate legal matters, while
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Business reports provide users or readers with useful information. There are various types of reports that businesses may prepare. Usually, these reports have a proper structure and are long in size. However, these are formal reports. Formal reports, as the name suggests, are official or strict documents relating to specific issues. Most businesses operate on
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Companies and businesses prepare various types of reports. These include both external and internal documents prepared for informed decision-making and other purposes. Of these, the most prevalent external reports include the financial statements. These statements provide meaningful information to both a company’s internal and external stakeholders. However, financial statements have a set format and do
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Management is a very significant function in any business organization. All the departments of a business entity will collapse if there is no systematic managerial approach. Therefore, managers at different scales are very crucial to the success of every department and organizational success as a whole. Different management approaches and management styles are adopted across
What Does ‘Management by Exception’ Mean? How Does It Work? Read More »
Overview The principles of lean management systems urge the efficient use of resources, minimizing waste, and continuous improvements. As the principles suggest, lean management is not a one-time process. It is an iterative process that seeks perfection and continues with improvements. The concept of lean management can be applied to any field, including information systems.
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Companies face the challenge of optimizing their production process due to a scarce resource that restricts output. The bottleneck must be managed effectively in order for businesses to achieve maximum profit and efficiency throughout all levels of the chain, just like controlling how much water can fill up an actual bottleneck! How Does Bottleneck In
The Bottleneck In Production – What Is It and How to Deal With It? Read More »
Definition: Activities Based Management is used to describe the cost management applications of Activities Based Costing. Activities Based Management views the business as linked activities that ultimately add value to the customers. It focuses on managing the business based on the organization’s activities and assumes that such activities consume costs. Therefore by managing activities, costs
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Definition: Boston Consulting Group develops a matrix that could help the management of the company to assess the position of the strategic business unit and develop the right strategy to maintain and improve business units or products. In a large business corporation, there are many types of products, division and business units that diversify differently.
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Activity-based costing or ABC is popularly referred to as a method of costing whereby overhead costs are assigned to products and services. This method of costing recognizes that a relationship exists between the costs incurred and every other activity going on in the business. Activity-based accounting makes it possible to assign an indirect cost to
What is activity-based costing and how does it work? Read More »