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Management Ethics : An Overview of It
What does Management Ethics Mean? Ethics refers to the philosophy that defines what is right and what is wrong. It is an idea about what is good and what is badly expressed in the behaviour of an individual. It is a moral obligation and set of rules that define the right and wrong conduct of…
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Control : Concept, Characteristics, Process and Importance
Concept of Control Any organization makes a plan and implements it to achieve pre-determined goals or objectives. Different activities are to be performed as per such plan to attain the desired target. Thus, to keep such activities on track to achieve goals or objectives, a function is performed in management which is called control. Control…
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Supervision and Monitoring : Understanding Them A Bit Better
Meaning of Supervision Supervision is the process by which the performance of subordinates is observed by the superior to ensure the work goes according to the plan. It is the act of looking at or overseeing or observation of the performance of employees by the superior individual or team. It is timely, direct and immediate…
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Total Quality Management (TQM) in Organizational Context
Concept TQM Today’s global market is highly competitive and the competition is getting tougher. This is forcing companies to provide more consistent and better quality products and services to their customers. To provide such quality products and services which meet or exceed customer expectations, a key management approach such as Total Quality Management (TQM) should…
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Budget and Its Practice in Organization
Concept of Budget An organization has certain goals or objectives. Such objectives can be achieved through policies and plans. Different tasks, activities and actions are to be undertaken to achieve these goals or objectives. For successful implementation of and completion of a pre-determined plan of action, money is needed. The expression of plans in monetary…
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Leadership and Its Significance in Management
Concept of Leadership Leadership is the process by which an individual influences another individual or a group of individuals. It is encouraging others to do work effectively of their own will. Leadership can also be said as an art of guiding others towards the direction of achieving organizational goals. Leadership is also a relationship between…
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Decision Making : Why A Crucial Aspect Of Management?
Meaning of Decision Making Different problems are confronted in day to day operation of an organization. Such problems can be solved through the best possible alternative course of action. The process of selecting the best course of action to solve any problem is called decision making. Decision making is the process of selecting a course…
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Performance Evaluation: Knowing It A Bit Better
Concept of Performance Evaluation Performance evaluation is making the judgment about the performance of subordinates by the superiors in an organization. It is the process of checking how close is the actual performance to the needed performance. Performance evaluation is comparing the actual and standard performance of employees and providing necessary feedback to keep the…
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Corporate Governance : Concept, Elements and Importance
Concept of Corporate Governance Corporate governance is a mechanism to operate or govern a business more transparently and fairly. It is a set of processes, rules, regulations, or laws used to operate, regulate and control businesses. It is related to all internal and external factors that affect the interest of business stakeholders including shareholders, customers,…