Operations management is the design, operation, and improvement of production systems that produce the core goods or services of a company. Such as marketing and finance. Operations Management is a functional business field with distinct line management responsibilities. This difference is critical because operations management is commonly mistaken with operations research and management science (OR/MS).
MEANING OF MANAGERIAL ECONOMICS: Managerial economics is the study of economic theories, logic, and economic analytical techniques that are utilised in the process of making corporate decisions. To analyse business issues, economic theories and techniques of economic analysis are used. Evaluate business choices and prospects in order to make an informed business decision. Managerial economics
Meaning of Supply: The supply of a commodity means the amount of that commodity which producers are able and willing to offer for sale at a given price. One important point worth noting is that supply is related to scarcity. This means that it is only the scarce goods that have a supply price: goods
Introduction to Financial Accounting Financial accounting is the branch of accounting that deals with the creation of financial accounts for decision makers including stockholders, suppliers, banks, workers, government agencies, owners, and other stakeholders. The primary goal of financial accounting is to reduce the principal-agent issue by measuring and monitoring agent performance and communicating the findings
Financial management is concerned with the duties of the financial managers in the business firm. Financial managers actively manage the financial affairs of any type of business, namely, financial and non-financial, private and public, large and small, profit-seeking and not-for-profit. They perform such varied tasks as budgeting, financial forecasting, cash management, credit administration, investment analysis,
CONCEPTUAL FRAMEWORK OF MANAGEMENT Management as a discipline has attracted the attentions of both academics and practitioners. The primary cause for this phenomena is the increasing relevance of management in people’s daily lives. Today’s civilization is comprised of vast and complicated institutions staffed by a large number of individuals. When compared to the previous master-servant
Sales management is a sub-system of marketing management. It is sales management that translates the marketing plan into marketing performance. As a result, sales management is frequently referred to as the “muscle” behind marketing management. Actually, sales management does a lot more than just provide the muscle for marketing management. In today’s businesses, sales managers
BUSINESS LAW Meaning of Law: Law means the rules of conduct recognized and enforced by the state to controls and regulate the conduct of people, to protect their property and contractual rights to secure justice, peaceful living, and social security. Since the value system of society keeps on changing, the law also keeps changing according
INDUSTRIAL RELATIONS Industrial Relations is a social concept because it deals with social relationships in different walks of life. It is also a relative concept because it grows and flourished or stagnate and decays in accordance with the economic, and political conditions prevailing in society and the laws made by the state to regulate them.
