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Taylor’s Principle of Scientific Management : What Is It All About ?
Frederick Winslow Taylor (1856-1915) started his career as an operator and rose to the position of chief engineer. During his work, he conducted various experiments which made the foundation for scientific management. Taylor performed these experiments to reduce wastage and increase operational efficiency. Scientific management implies the use of scientific techniques to identify problems and…
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Microeconomics : An Introduction
Understanding Microeconomics Microeconomics is one of the widest subjects of economics. It is the part of economics that deals with the individual unit of economic variables and their behavior. The term ‘Microeconomics’ was first used by Norwegian Economist Ragnar Frisch in 1933 AD. It is the study of different parts of the economic system, not…
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Customer Oriented Banking Service (COBS)
Just like any other business, customers are the core of the banking business too. It is for customers, all the products and services of banks have to be designed. Customers are the actual users and beneficiaries of such services. If a customer has to feel-good factor for a bank, it works as an inducer for…
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Double Entry System and Its Concept
A double-entry system is a system of bookkeeping that records the two-fold effect of any financial transaction. This is a system of recording the effect of a transaction in two different aspects. In other words, a double-entry system is a technique of recording a transaction in the ‘Debit Side’ of one account and ‘Credit Side’…
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Correspondence and Letter Writing : Things To Learn
Concept of Correspondence AN organization is established with definite goals or objectives. For achieving these goals or objectives, different functions or activities are to be performed. Such functions or activities can be performed with the help of the exchange of facts, figures, and information. This information can be exchanged in written or verbal form. The…
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Human Resource Management (HRM) : Let Us Introduce It
Concept of HRM Human Resource Management (HRM) is a special discipline of management concerned with people. It is concerned with regarding people in the organization as valuable assets and making the best use of them to achieve organizational goals. In simple words, HRM is the process of utilizing human resources efficiently and effectively to achieve…
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Management : Understanding Its Basics
Concept of Management Management is a set of activities directed towards the accomplishment of an organizational goal. It is concerned with utilizing resources effectively and efficiently to ensure such a goal is achieved within time. It is a process of planning, organizing, staffing, directing and controlling for a smooth operation of the organization. It is…
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Economics – A Brief Introduction
Meaning of Economics The study of human activities focusing on unlimited human wants, scarce resources and the alternative use of these resources. Is concerned with economics . It is a science concerned with human welfare through different economic activities.It got formal recognition as a specific discipline of study after the publication of a book named…
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Bank : Meaning, Evolution, Importance and Types
Meaning of Bank bank is a financial institution dealing with money or monetary transactions. It is a licensed and regulated institution involved in accepting the deposit, creating credit and performing other monetary transactions. Bank collect money from those having a surplus of it and lend the collected money to those who are in a deficit…
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Accounting : Knowing Its Basics
Concept of Accounting Before understanding accounting, we must first know the concept of Book Keeping. Bookkeeping is the art and skill of recording transactions. It evolved as each and every transaction could not be memorized by an individual. It was just limited to record-keeping. Its concept got expanded to accounting with the development of the…
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