Basis of Promotion – Merit vs. Seniority Promotion is made either on the basis of seniority or on the basis of merit or both. Normally, management of any
Definition of Policy Policies are broad guidelines which direct the future course of the business. Definition of Tactics Tactics are micro-level actions which which contribute for the achievement
Importance of tactics in business Tactics are of paramount importance in business, specifically due to the following reasons. 1. To meet competitions effectively Strategies are implemented through tactics.
The following are the advantages and disadvantages of cartels: Advantages of Cartels 1. Assurance of profits Since prices charged by cartels are more than the cost of producing
What is a Plant Layout? Once a suitable location of the plant has been decided upon, the next important issue is the design of the layout. Plant layout
Management by objectives (M.B.O) There are so many approaches to integrate individual goals with overall goals. The most comprehensive approach is Management By Objectives (MBO). It is an
A private limited company enjoys both the advantages of corporate existence as well as that of partnership. Following are some of the privileges and exemptions of the private
When does Agency by Ratification arise? Where a person without being authorized, purports to act as agent, or a duly authorized agent acts beyond his/her authority, the principal
Various differences between holder and holder-in-due-course can be explained on the basis of the following Entitlement Maturity Right to recover amount Privileges Consideration Title Notice of defect in
A partnership comes into existence, by means of a contract between partners, whereas, a joint Hindu family (hereinafter referred to as HUF) arises as a result of status,