What is Operations Research? Operations Research is also known as management science, decision science or industrial engineering. It helps in providing quantitative aid to the management in a decision-making process. According to the Operational Research Society of UK, Operational Research is the application of methods of modern science on complex problems arising in the direction and […]
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Production Planning
Production planning is the administrative process that takes place within a manufacturing business and which involves making sure that sufficient raw materials, staff and other necessary items are procured and ready to create finished products according to the schedule specified. Production planning occupies significant place in an organisation because other functional areas of management viz., financing, […]
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Production Management
Production refers to the creation of goods and services for consumption by the society. This production means converting inputs into outputs as per the need of the society. Production management encompasses all those activities that enable conversion of a set of inputs into outputs which are useful to meet the human needs. Production Management is the […]
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Types of Plans
Management > General Management > Functions of Management > Types of Plans Classification of plans is done on the basis of what it seeks and the method in which it is applied. Objectives or Goals: The first step in the planning process is to set objectives. Objectives can be defined as the desired future position that the […]
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Significance of Planning
Management > General Management > Functions of Management > Significance of Planning In this article, we shall study the significance of planning in the management. In the last article, we have seen that it is the primary function of management. In this article, we shall see the advantages and disadvantages of planning. Advantages of Planning: […]
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Planning – Primary Function of Management
Management > General Management > Functions of Management > Planning – Primary Function of Management Planning is the primary function of management. It is the methodology by which certain objectives are identified and strategies are devised for its subsequent realization. It is a preparatory step. It is a systematic activity which determines what, why, how, when, […]
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Introduction to Statistics
Management > Managerial Statistics > Introduction to Statistics What is a Statistic? Statistics has been defined differently by different authors and each author has assigned new limits to the field which should be included in the scope of statistics Seligman, defines “It is a science which deals with the method of collecting, classifying, presenting, comparing and […]
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Balance of Payments
The balance of payments (BoP) is an account statement which holds the summation of all international transactions a country has had with other nations. It gives an idea about the country’s performance in trade, in attracting foreign capital and the impact on the foreign exchange reserve of a country. It also tells us whether the country saves enough […]
Trade interconnectedness: The number of systemically important trading nations increased over time, their trade links have also multiplied. It is due to the increase in supply chain system facilitated by lower tariffs and a decline in transportation and communication costs. The increase in international trade is due to liberalization and specialization. The multilateral and bilateral liberalization has led to […]
Trade has not only influenced the monetary and financing system of a country but even alliances among nations. No nation can form its monetary policies independent of other nations. International finance is the branch of economics that broadly studies the monetary and macroeconomic relationship between nations. It studies capital flows among the nations, exchange rate fluctuations […]