Meaning of Pool of Companies A pool comprises several companies that determine based on a written agreement and central control a uniform market price for their products. In other words, the members of a pool combine voluntarily and maintain their identity, agreeing to market their product, at the mutually agreed rate. All member companies must […]
Scientific Management The word scientific management is made from two words. The first is scientific, the other is management. Scientific means specialized knowledge on a particular subject, whereas management means establishing coordination between the various factors of production so that maximum production can be done at minimum cost. It is the name of that management
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Meaning of Organizational Process Organizational process refers to the breaking up of activities by managers of the work to be done. In other words, dividing the work of an organization into steps and then doing it is called the organizational process. Its main objective is to attain maximum results from the activities of the organization,
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Meaning of Decentralization Decentralization is a developed form of delegation. When an executive or a high official delegate gives more than the expected amount of responsibility and rights or powers to his subordinates, it is called Decentralisation. Thus, decentralization is a form of distribution of responsibilities, in which the lower level employees are entrusted with
Produce (Commodity) Exchange Produce (or Commodity) Exchange refers to that organized market where the sale and purchase of agricultural produce, minerals, and industrial raw materials take place under predetermined rules and controls. The Chamber of Commerce, Merchant Chamber, etc. are the names by which Produce Exchanges are known in India. Economic Utility and Importance of
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Meaning of Produce (Commodity) Exchange Produce (or Commodity) Exchange refers to that organized market where the sale and purchase of agricultural produce, minerals, and industrial raw materials take place under predetermined rules and controls. The Chamber of Commerce, Merchant Chamber, etc. are the names by which Produce Exchanges are known in India. Definition According to
Meaning of Stock Exchange Stock Exchange refers to that organized market where the shares, debentures of joint stock companies, and other government securities are sold and purchased. The other names of the stock exchange are Share Market, Speculation Market; Stock Exchange Market, etc. The Stock Exchange is the barometer of a country’s prosperity. Definition According
Departmentalization (or Departmentation) Departmentalization refers to the formation of departments in a business organization, into small units or departments. For example – the division of an organization into production department, marketing department, finance department, etc. Departmentalization is done based on the nature of the business and at the time of departmentalization, each department is specified
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Meaning of Departmentalization (Departmentation) Departmentalization refers to the division of a business organization, into small units or departments. For example – the division of an organization into production department, marketing department, finance department, etc. Departmentalization is done based on the nature of the business and at the time of departmentalization, each department is specified clearly
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