Tag: Definition

Definition!

What is a Definition? It is a statement of the meaning of a term (a word, phrase, or other set of symbols). As well as, Descriptions can classify into two large categories, intentional purposes (which try to give the essence of a term) and extensional purposes (which proceed by listing the objects that a term describes).

Another important category of definitions is the class of ostensive illustrations, which convey the meaning of a term by pointing out examples. Also, A term may have many different senses and multiple meanings and thus require multiple reports.

A statement of the meaning of a word or word group or a sign or symbol dictionary definitions. The statement expresses the essential nature of something, a product of defining.
The action or process of stating the meaning of a word or word group.

Why is “The Language of Business” also called Accounting?

Many famous writers of Accounting of the world have regarded Accounting as the language of business. Man expresses his feelings through language in written and verbal form, similarly, various information of the business organization are expressing and presenting through accounting statements. Also learn, What is Accounting? Why is “The Language of Business” also called Accounting?

Here are explain, Why is “The Language of Business” also called Accounting?

In language, efforts are made to express a particular feeling using words one after another. Similarly, in accounting, financial transactions are recorded in books of accounts and there from preparing financial statements various financial information are communicated to concerning the persons.

Accounting furnishes all information about past events, current activities and future possibilities of a business. Recording and analyzing past and present financial events, Accounting presents and communicates various information in the form of statements and reports to the interested parties like owners, employees, management, investors, buyers, sellers, etc.

These financial statements are meaningless to those who do not have knowledge of accounting, in the same way as the newspaper is a bundle of papers to an illiterate person. So, Accounting functions like a language. One may think it is not apt to compare Accounting with language but actually, it is not so.

Shorthand is a language but the persons who are ignorant of it cannot understand this symbolic language. Similarly, it is not illogical to term accounting as a language of business. It is meaningless to those who are ignorant of this discipline. No language in the world is universal. Similarly, accounting language also is not understandable to all.

With the changes in society and human life languages are changing. Similarly with the advancement and complexity of business accounting language is changing gradually. Therefore, it is apt to say, Accounting is the language of business.

Accounting as the “Language of Business”!

Accounting is the analysis and interpretation of bookkeeping records. It includes not only maintenance of accounting records but also the preparation of financial and economic information which involves the measurement of the transaction and other events pertaining to a business.

To operate a business profitably and to stay solvent, the profitability and solvency of a business should measure at regular intervals. For that, it is essential to know whether a business is earning sufficient profits or incurring losses and it has sufficient money to pay off debts. Accounting provides all these pieces of information which enable the management to guide the business on a profitable and solvent course.

After analyzing properly the information supplied by the accounting statements, the users of the same take decisions for future activities. Since accounting supplies the necessary information, it performs, in fact, a service function and, at the same time, it is using to represent the economic position of an entity. Therefore, it becomes clear that keeping of accounts is not the primary objective of a person or an entity.

On the contrary, the primary objective is to take a decision on the basis of financial facts presented by accounting statements. Thus, the understanding of accounts is not the basic objective; it only helps to realize a specific objective. As such, accounting is not an end in itself but a means to an end.

We express ourselves through our language. Similarly, the results of the activities are expresses through accounting with the help of financial statements. Accounting measures the performances of the business, that is, profitability and financial position. Thus, the language of accounting expresses the whole story of the undertaking through the various processes of accounting. The progress of the firm can easily compare and seen with the help of various accounting data.

Definition of “Language of Business”!

Accounting is knowing as “The Language of business.” It is a means of communicating information about a business. Its responsibility is applying a thorough knowledge of the theory of accounting, that is, generally accepting principles of accounting to the practical field of business in order that income and financial position may state fairly.

Yuji Ijiri, observes “As the language of business, accounting has many things in common with other languages. The various business activities of a firm are reports in accounting statements using accounting language, just as news events are reports in newspapers, in English or another Language”.

From these accounts, statements, and reports, parties concerned can evaluate their success-failure, financial solvency -insolvency, etc. Of course, having sound command over accounting language one can understand this information.

To express an event in accounting or in English we must follow certain rules. Without following certain rules diligently, not only does one run the risk of misunderstanding but also risks a penalty for misrepresentation, lying or perjury. Comparability of statements is essential to the effective functioning of a language whether it is in English or in accounting. At the same time, language has to be flexible to adapt to a changing environment.”

Why is “The Language of Business” also called Accounting?

Reference

1. Meaning – //iedunote.com/accounting-language-of-business
2. Explain – //www.yourarticlelibrary.com/accounting/accounting-as-the-language-of-business/49981
3. Photo Credit URL – //www.igeabanca.it/sites/default/files/2017-06/132483653_M_3.jpg

February 22, 2018
What is Accounting? Meaning and Definition
Accounting is the art of conveying financial information about a business unit for shareholders and managers etc. Accounting also knows ‘business language’. In Hindi, the words ‘लेखाविधि’ (account low) and ‘लेखाकर्म‘ (accounts) are also used in ‘Accountancy’. So, the question is – What is Accounting? Meaning and Definition. Also learn, very helpful for economics, What is the Economics of Development?

Understanding and Learn, What is Accounting? Meaning and Definition!

Accountancy is the branch of mathematical science which is useful in finding out the reasons for success and failure in business. The principles of accountancy are applicable to business units on three divisions of practical arts, namely, accounting, bookkeeping, and auditing.

Meaning of Accounting!

Account’s systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities. Accounting is one of the key functions of almost any business; it may handle by a bookkeeper and accountant at small firms or by sizable finance departments with dozens of employees at large companies.

Definition of Accounting!

Smith and Ashburn presented the above definition with some improvement. According to him, accounting is mainly the science of recording and classification of business transactions and events of financial nature and it is the art of analyzing, analyzing and analyzing the important summaries of those transactions and events, and communicating the results to those individuals who have to make decisions.

According to this definition, the account’s both science and art. But it is almost complete science, without a complete science.

Practice and body of knowledge concerned primarily with:
- Methods for recording transactions,
- Keeping financial records,
- Performing internal audits,
- Reporting and analyzing financial information to the management, and
- Advising on taxation matters.
It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets, liabilities and owners’ equity.

Accounting provides information on the:
- Resources available to a firm,
- The means employed to finance those resources, and
- The results achieved through their use.
Meaning and definition of accounting!

The size of the modern business has become so wide that it contains hundreds of thousands, thousands of business and billions of business transactions. It is impossible to handle business ventures by remembering the details of these transactions.

Therefore, the orderly record of these transactions is kept, their ordering knowledge and experimentation are known accountancy only. The practical form of accountancy can also know to account.

According to the AICPA (American Institute of Certified Public Accountants) accounting terminology, Bulletin states that;

“Accounting is the effect of writing, classifying and summarizing the behaviors and events that are at least partly of financial nature, effectively And the art of interpreting their results.”

According to this definition, accounting is an art, not science. This art is using for the recording, classification, condensation, and interpretation of scalable behaviors and events in the currency of the financial nature.

Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was establishing the Italian mathematician Luca Pacioli in 1494.

Accounting, which is known as the “language of business”, There are many quotations like “A pen is mightier than the sword but no match for the accountant” by Jonathan Glancey which tell us about the power and importance of accounting.

The textbook definition of accounts states that it includes recording, summarizing, reporting and analyzing financial data. Let us try and understand the components of accounting to understand what it really means:

#Recording!

The primary function of accounting is to make records of all the transactions that the firm enters into. Recognizing what qualifies as a transaction and making a record of the same is call bookkeeping.

Bookkeeping is narrower in scope than accounting and concerns only the recording part. For the purpose of recording, accountants maintain a set of books. Their procedures are very systematic. Nowadays, computers have deployed to automatically account for transactions as they happen.

#Summarizing!

Recording of transactions creates raw data. Pages and pages of raw data are of little use to an organization for decision making. For this reason, accountants classify data into categories. These categories are defined in the chart of accounts. As and when transactions occur, two things happen, firstly an individual record is made and secondly, the summary record is updating.

For instance, a sale to Mr. X for Rs 100 would appear as:
- Sale to Mr. X for Rs 100
- Increase the total sales (summary) from 500 to 600
#Reporting!

Management is answerable to the investors about the company’s state of affairs. The owners need to periodically update the operations that are financing with their money. For this reason, there are periodic reports which are sent to them.

Usually, the frequency of these reports is quarterly and there is one annual report which summarizes the performance of all four quarters. Reporting is usually done as financial statements. These financial statements are regulating by government bodies to ensure that there is no misleading financial reporting.

#Analyzing!

Lastly, accounting entails conducting an analysis of the results, After results have to summarize and report, meaningful conclusions need to draw. Management must find out its positive and negative points, Accounting helps in doing so by means of comparison. It is common practice to compare profits, cash, sales, assets, etc with each other to analyze the performance of the business.

What is Accounting? Meaning and Definition.

Reference

1. Meaning – //www.investopedia.com/terms/a/accounting.asp
2. Definition – //www.businessdictionary.com/definition/accounting.html
3. Meaning and Definition – //www.managementstudyguide.com/what-is-accounting.htm
4. Photo Credit URL – //downsaccounting.com.au/wp-content/uploads/2016/02/accounting.jpg
February 21, 2018
What is the Economics of Development? Meaning and Definition
Economics of Development (ED): Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used while discussing economic development. Economics development has a direct relationship with the environment and environmental issues. Also Learn, How to explain Nature of Business Economics? Economics of Development, Meaning, and Definition!

Learn, Economics of Development, Meaning, and Definition!

Definition of ED? Progress in an economy, or the qualitative measure of this. Economic development usually refers to the adoption of new technologies. The transition from agriculture-based to an industry-based economy, and general improvement in living standards.

What is ECD (Economics of Development)?

About Economics of Development, Many developing countries suffer from endemic poverty, slow economic growth, unequal distribution of income and wealth. Low levels of agricultural and industrial investment, and ineffective government services. Compounding, and partly giving rise to, these problems are shocks emanating from the world economy.

The Economics of Development (ECD) major provides students with the theoretical knowledge, policy awareness. And, analytical techniques to tackle many of the key issues facing their countries in respect of Economics Development and economic policy analysis. The major integrates macroeconomic issues with the underlying microeconomic processes, emphasizing the importance of, on the one hand.

Extra things:

The global economic environment and, on the other hand, domestic institutions, regulatory frameworks, and socio-economic groups. It pays particular attention to the impact of international and domestic economic policies on growth, poverty and income distribution in developing countries. And, seeks to bring out the fundamental linkages between economic growth and human development.

The approach to teaching in the ECD major has a strong comparative element; both in terms of theoretical perspectives on development problems and policies as well as the experiences of different countries. Global and individual country studies and policy briefs, drawn from an array of research institutions and organizations, are used to help students see how economic analysis can bring to bear upon key development problems.

After completing this major, students will have a solid knowledge of contemporary academic and policy-making debates in development. Including the different economics development perspectives underlying these debates. As a consequence, they will well prepare to better equipped to enter policy dialogues at the national level and international levels and engage in related policy research to provide new solutions to existing problems in a changing environment.

Economic development:

Is the development of the economic wealth of countries, regions or communities for the well-being of their inhabitants. From a policy perspective, economic development can define as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base.

Overview: There are significant differences between economic growth and economic development. The term “economic growth” refers to the increase (or growth) of a specific measure such as real national income, gross domestic product, or per capita income. National income or product is commonly expressed in terms of a measure of the aggregate value-added output of the domestic economy called gross domestic product (GDP). When the GDP of a nation rises economists refer to it as economic growth.

The term “economic development,” on the other hand, implies much more. It typically refers to improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. GDP is a specific measure of economic welfare that does not take into account important aspects such as leisure time, environmental quality, freedom, or social justice. The economic growth of any specific measure is not a sufficient definition of economic development.

Local development:

The term “Economics Development” is often used in a regional sense as well (e.g., a mayor might say that “we need to promote the economic development of our city”). In this sense, economic development focuses on the recruitment of business operations in a region. Assisting in the expansion or retention of business operations within a region or assisting in the start-up of new businesses within a region.

In addition to economic models, the needs of constituency groups guide economic developer’s actions. For example, a local economic developer working out of a mayor’s office may act towards decreasing unemployment by attracting businesses with large labor needs (call centers). The economic developer working for the chamber of commerce dominated by banks.

Real estate agents and utilities will recruit manufacturers with large capital investments (steel and chemical plants). The economic developer working for the state manufacturers association will lobby for more workforce training money. An economic developer working for a university will concentrate on business start-ups. Specifically, those based on intellectual property developed by the university (biotech).

Their major areas:

In its broadest sense, economic development encompasses three major areas:
1. Policies that governments undertake to meet broad economic objectives such as price stability, high employment, expanded tax base, and sustainable growth. Such efforts include monetary and fiscal policies, regulation of financial institutions, trade, and tax policies.
2. Policies and programs to provide infrastructure and services. Such as highways, parks, affordable housing, crime prevention, and educational programs and projects.
3. Policies and programs explicitly directed at job creation and retention through specific efforts in business finance. Marketing, neighborhood development, small business start-up and development, business retention and expansion, technology transfer, workforce training, and real estate development. This third category is a primary focus of economic development professionals.
Economic developers:

Economic development, which is thus essentially economics on a social level, has evolved into a professional industry of highly specialized practitioners. The practitioners have two key roles: one is to provide leadership in policy-making, and the other is to administer policy, programs, and projects.

Economic development practitioners generally work in public offices on the state, regional, or municipal level, or in public-private partnerships organizations that may partially fund by local, regional, state, or federal tax money. These economic development organizations (EDOs) function as individual entities and in some cases as departments of local governments. Their role is to seek out new economic opportunities and retain their existing business wealth.

With more than 20,000 professional economic developers employed worldwide in this highly specialized industry. The International Economic Development Council [IEDC] headquartered in Washington, D.C. is a non-profit organization dedicated to helping economic developers do their job more effectively and raising the profile of the profession. With over 4,500 members across the US and internationally, serving exclusively the economic development community.

Extra things:

Membership represents the entire range of the profession ranging from regional, state, local, rural, urban, and international economic development organizations. As well as chambers of commerce, technology development agencies, utility companies, educational institutions, consultants and redevelopment authorities. Many individual states also have associations comprising economic development professionals and they work closely with IEDC.

There is intense competition between communities, states, and nations for new economic development. Projects in today’s globalized world and the struggle to attract and retain business is further intensified by the use of many variations of economic incentives to the potential business. There is significant attention placed on the various activities undertaken by economic development organizations to help them compete and sustain vibrant communities.

Additionally,

The uses of community profiling tools and database templates to measure community assets versus other communities is also an important aspect of economic development. Job creation, economic output, an increase in taxable basis are the most common measurement tools. When considering measurement, too much emphasis was placed on economic developers for “not creating jobs”.

However, the reality is that economic developers do not typically create jobs. But facilitate the process for existing businesses and start-ups to do so. Therefore, the economic developer must make sure that there are sufficient economic and community development programs in place to assist the businesses to achieve their goals. Those types of programs are usually policy-created and can local, regional, statewide and national.

What is the Economics of Development? Meaning and Definition.
February 20, 2018
What are the Participation and Organizational Change?
Organizational change is inevitable in a progressive culture. Modern organizations are highly dynamic, versatile, and adaptive to the multiplicity of changes. This article explains employee Participation and Organizational Change; According to Cambridge Dictionary; “A process in which a large company or organization changes its working methods or aims, for example, to develop and deal with new situations or markets”.

Explain are employee Participation and Organizational Change.

Organizational Change looks both at the process in which a company or any organization changes its operational methods, technologies, organizational structure, whole structure, or strategies, as well as what effects these changes have on it. As well as Organizational change usually happens in response to; or as a result of; external or internal pressures.

“Around 25 to 30 percent of the existing companies might force to stop operations in the country in the next 2 – 3 years. This trend is likely to take place because of the increasing change in the Indian economy which has moved from the regulated and protected regime towards a more open and competitive the regulated and protected regime towards a more open and competitive economy. In this changing perspective, only those who can compete and survive would emerge and take over the place of old ones.” Also learn, What are the Participation and Organizational Climate? employee Participation and Organizational Change.

Meaning of Organizational Change:

Employee participation and Organizational Change looks both at the process in which a company or any organization changes its operational methods, technologies, organizational structure, whole structure, or strategies, as well as what effects these changes have on it. Organizational change usually happens in response to – or as a result of – external or internal pressures.

It is all about reviewing and modifying structures – specifically management structures – and business processes. Small commercial enterprises need to adapt to survive against larger competitors – they also need to learn to thrive in that environment. Large rivals need to adapt rapidly when a smaller, innovative competitor comes onto the scene.

Definition of Organizational Change:

Company or organization going through a transformation. Organizational change occurs when business strategies or major sections of an organization are altered. Also known as reorganization, restructuring, and turnaround.

FACTORS IN ORGANIZATIONAL CHANGE:

Organizational changes are required to maintain equilibrium between various external and internal forces to achieve organizational goals. What are Factors in Organizational Change? Therefore various factors that may be important for necessitating organizational changes may be group into two categories: external and internal.
- EXTERNAL FACTORS.
- INTERNAL FACTORS, and.
- PLANNED CHANGE.
One of Newton’s laws is that “bodies in motion tend to stay in motion: bodies at rest”. There is an organizational version of this basic truth. Those who believe in growth and forward movement tend to be exemplars of change, while those who believe in “this is how we do things around here” lead to doom. Therefore, bringing change in the planned manner is the prime responsibility of all forward-looking managers.

The planned change aims to prepare the total organization, or a major portion of it, to adapt to significant changes in the organization’s goals and direction. Thomas and Bennis have defined planned change as follows: “Planned change is the deliberate design and implementation of a structural innovation, a new policy or goal or a change in operating philosophy, climate or style.”

TECHNOLOGY-RELATED CHANGES:

Technology refers to the total of knowledge providing ways to do things. It may include inventions and techniques which affect the way of doing things, this is designing, producing, and distributing products. Technology related changes may include:
- Changing problem – solving and decision-making procedures.
- Introduction of automated data processing devices like computers to facilitate managerial planning and control.
- Change in methods of production like the conversion of unit production to mass production.
- Thus any change in technology necessitates the change in all these factors.
TASK-RELATED CHANGES:

Technology – related changes determine the types of tasks that may require completing an operation. However what alternatives are chosen must consider the core job characteristics – skill variety, task identity, task significance, autonomy, and feedback from the job. Task-related changes must focus on:
- High internal work motivation.
- High quality work performance.
STRUCTURE-RELATED CHANGES:

Structural changes redefine the nature of relationships among various organizational positions and may include:
- Changing the number of hierarchical levels.
- Changing one form of organization to another form.
- The Changing span of management, and.
- A Changing line – staff and functional authority.
When structural changes are affecting, these may affect the formal reporting relationships, formal interaction patterns, and consequently informal relations.

PEOPLE-RELATED CHANGES:

Changes of any type as pointed out above require changes in people in an organization. These changes may be of two types – skills and behavior. The magnitude of these changes depends on the type of change. For example, if there is a change in technology says from manual to automated, it requires the different type of skills in the operators as compared to the previously used skills. Similarly, changes in behavior and the social-psychological factors determining behavior are requiring.

OBJECTIVES OF PLANNED CHANGE:

The planned change is needed to meet the overall objectives of the organization. Since there may be changes in the forces – both internal and external – affecting organizational functioning the organization has to make a suitable change to meet its objectives. Thus objectives for such change may be two-fold:
- Modification of the organization’s mode of adaptation to changes in its environment, and.
- Modification of structure, technology attitudes, values, and other behavioral constructs of people in the organization.
1. Environmental Adaptation:

The organization is an adaptive – coping system, it has to work in an environment that is marked by dynamic characteristics. Every organization tends to maintain balance and equilibrium. Because of changes in the environment, the organizational equilibrium is affecting. If the changes are minor and come within the preview of existing programmers, the organization will accommodate them automatically.

However, if the changes cannot adapt to the existing framework, the organizational equilibrium will imbalance and organizational effectiveness is adversely affected. IN this case, the organization requires some innovation. This innovation is in the form of various changes that the organization has to incorporate. Simply because of this reason, every organization has an adaptive subsystem, such as the research and development department, marketing research department, and so on.

2. Individual Adaption:

The second objective of the planned change is to achieve individual adaptation. The organization cannot reach the objective of its environmental adaptation unless some basic internal adaptation is achieving. These internal factors may-be individuals, organization structure, technology, and task. Individuals are the first in this contact.

For organizational effectiveness, people have to change themselves so that they can cope with the requirement of change circumstances. Such changes may require in their attitudes, communication system, the way of behaving, leadership and work styles, and other relevant organizational behavior. Such changes must make according to the need for a new situation.

3. Structural Adaption:

Organizational structure is the pattern of relationships among various positions and various position holders. Structural adaptation involves changing the internal structure of the organization. This change may be in the whole set of relationships, work assignments, and authority structures. Changes in organizational structure are requiring because old relationships and interactions no longer remain valid and useful in the change circumstances.

4. Technological Adaptation:

The impact of recent technological development has forced the organization to take into account the role of technology in organizational success. To cope with the changing environment which may include technological factors as well, the organization has to incorporate new technology. Thus this technological adaptation forces directly the organization to change its task.

5. Task Adaptation:

Technological changes may bring many types of changes in an organizational task. Task forces on the job performed by the individuals in the organization. Since there may be many new types of jobs, the existing job performing techniques may not be suitable. Moreover, there may be a new job load because of job enlargement. In such a case, a new equilibrium has to found out which matches people with jobs. In this matching process, there may be several problems that must encounter by the plan change.

What are the Participation and Organizational Change? Image #Pixabay.

Reference:

1. Meaning – //marketbusinessnews.com/financial-glossary/organizational-change-definition-meaning/
2. Definition – //www.businessdictionary.com/definition/organization-change.html
3. Photo Credit URL – //www.paycom.com/blog/wp-content/uploads/2013/08/raising-hands.jpg
February 19, 2018
How to explain Organizational Culture? Meaning and Definition
What is organizational culture? It encompasses values and behaviors that “contribute to the unique social and psychological environment of an organization”. Their Meaning and Definition below are; According to Needle (2004), organizational culture represents the collective values, beliefs, and principles of organizational members and is a product of such factors as history, product, market, technology, strategy, type of employees, management style, and national culture.

Learn, Understanding explains Organizational Culture Meaning and Definition.

Culture includes the organization’s vision, values, norms, systems, symbols, language, assumptions, environment, location, beliefs, and habits.

It refers to the culture in any type of organization including that of schools, universities, not-for-profit groups, government agencies, or business entities. In business, terms such as corporate culture and company culture are often used to refer to a similar concept. Also learn, Definition of Organizational Climate.

What is Organisational Culture? with Define.

The values and behaviors that contribute to the unique social and psychological environment of an organization. As well as, Organizational culture includes an organization’s expectations, experiences, philosophy, and values. That holds it together and is expressing in its self-image, inner workings, interactions with the outside world, and future expectations. It is base on share attitudes, beliefs, customs, and written and unwritten rules that have developed over time and are considered valid. Also called corporate culture, it’s shown in:
- The ways the organization conducts its business, treats its employees, customers, and the wider community,
- The extent to which freedom is allowed in decision making, developing new ideas, and personal expression,
- How power and information flow through its hierarchy, and
- How committed employees are towards collective objectives.
It affects the organization’s productivity and performance and provides guidelines for customer care and service. Product quality and safety, attendance and punctuality, and concern for the environment. It also extends to production methods, marketing, and advertising practices, and new product creation. Also, Organizational culture is unique for every organization and one of the hardest things to change. Don’t Forget, What are Dimensions of Organizational Climate?

Meaning of Organizational Culture:

To understand the meaning of organizational culture, we must first understand the meaning of culture. “Culture is the set of important understandings that members of a community share in common”. It consists of a basic set of values, ideas, perceptions, preferences, concept of morality, code of conduct, etc. which create a distinctiveness among human groups.

When we talk about culture, we typically refer to the pattern of development reflected in a society’s system of knowledge, ideology, values, laws, social norms, and day to day rituals. Depending upon the pattern and stage of development, culture differs from society to society. Moreover, culture is passing on from generation to generation.

In simple words, we can say that “culture is a combination of factors that are learning through our interaction with the environment during our developmental and growth years”. After understanding the meaning of culture, its definition below. More learn, Explain are Evolution, Elements of an Organizational Climate.

Few Definition of Organizational Culture:

The following definitions below are;

“The organizational culture is a system of shared beliefs and attitudes. That develops within an organization and guides the behavior of its members.”

Another definition is also helpful; “The corporate culture consists of the normal values and unwritten rules of conduct of an organization; As well as management styles, priorities, beliefs and inters personal behavior that prevails; Together they create a climate that influences how well people communicate, plan and make decisions.”

“Organisational culture can define as the philosophies, ideologies, values, assumptions, beliefs, expectations, attitudes, and norms. That knit an organization together and are sharing by its employees.”

According to Edgar Schein;

“Organisational culture can define as a pattern of basic assumptions-invent. Discover or developed by a given group as it learns to cope with its problems of external adaptation and internal integration. That has worked well enough to consider valuable and, therefore, to learn to new members as the correct way to perceive. Think and feel in relation to those problems.”

All the above definitions of organizational culture stress the sharing of norms and values that guide the organizational members’ behavior. These norms and values are clear guidelines as to how employees are to behave within the organization and their expected code of conduct outside the organization.

How to explain Organizational Culture? Meaning and Definition. Image #Pixabay.

Concept of Organizational culture:

Organizational culture in a broad sense; refers to the sum of material civilization and spiritual civilization formed by enterprises during construction and development. Including hardware and software in the organization and management, explicit culture, and implicit culture. As well as, Corporate Culture or Organizational Culture is an organization’s unique cultural image composed of its values, beliefs, ceremonies, symbols, and ways of doing things.

It is the sum of the highest target value standards, basic beliefs, and codes of conduct that are unique to the organization and followed by most members of the organization formed by the organization during long-term survival and development.

Key points of organizational culture:

The following few keys below are;
- Freshness or Innovation.
- Collaboration or participation.
- Rigorous.
- Faith or Loyalty, and.
- Integrity or honesty.
Reference:

1. What is OC – //www.businessdictionary.com/definition/organizational-culture.html
2. Meaning of OC – //en.wikipedia.org/wiki/Organizational_culture
3. Meaning and Definition – //www.yourarticlelibrary.com/organization/organizational-culture/organisational-culture-meaning-characteristics-typology-and-other-details/64091
February 16, 2018
What is Building and Principles of Organizational Commitment?

First learn, Continuance Commitment! Organizational commitment is different from continuance commitment. Whereas organizational commitment is an emotional bond to the organization, continuance commitment is a calculative attachment. Employees have high continuance commitment when they do not particularly identify with the organization. Where they work but feel bound to remain there because it would be too costly to quit. Also learn, Explain are Evolution, Elements of an Organizational Climate!

Learn, Understanding of Building and Principles of Organizational Commitment!

In other words, they choose to stay because the calculated (typically financial) value of staying is higher than the value of working somewhere else. You can tell someone has a high calculative commitment when she or he says, “I hate this place but can’t afford to quit!” This reluctance to quit may be due to the risk of losing a large bonus by leaving early or because the employee is well established in the community.

The building of Organizational Commitment!

There are almost as many ways to build organizational loyalty as topics in this textbook, but the following list is most prominent in the literature:

Justice and support:

Employee loyalty is higher in organizations that fulfill their obligations to employees and abide by humanitarian values, such as fairness, courtesy, forgiveness, and moral integrity. These values relate to managers’ need to continually pay attention to the fairness of their decisions. Such as the distribution of rewards and resources. The more justice employees perceive, the higher their loyalty to the organization. Similarly, organizations that support employee well-being tend to earn higher levels of loyalty in return.

Shared values:

The definition of organizational commitment refers to a person’s identification with the organization, and that identification is highest. When employees believe their values are congruent with the organization’s dominant values. Values congruence makes employees feel more comfortable with corporate decisions.

Trust:

Trust is defined as a psychological state comprising the intention to accept vulnerability based on positive expectations of the intent or behavior of another person. A Trust means putting faith in the other person or group. It is also a reciprocal activity: To receive trust, you must demonstrate trust.

Employees identify with and feel obliged to work for an organization only when they trust its leaders. This explains why layoffs are one of the greatest blows to employee loyalty: By reducing job security, companies reduce the trust employees have in their employer and the employment relationship.

Organizational comprehension:

Organizational commitment is a person’s identification with the company, so it makes sense that this attitude is strengthened. When employees understand the company, including its past, present, and future. Thus loyalty tends to increase with open and rapid communication to and from corporate leaders, as well as with opportunities to interact with coworkers across the organization.

Employee involvement:

Employees feel that they are part of the organization when they contribute to decisions that guide the organization’s future. This employee involvement also builds loyalty because giving this power demonstrates the company’s trust in its employees.

Organizational commitment and job satisfaction represent two of the most often studied and discussed attitudes in the workplace. Each is linked to emotional episodes and cognitive judgments about the workplace and relationships with the company.

Emotions also play an important role in another concept that is on everyone’s mind these days: stress. Indeed, managing work-related stress is central to managing employee well-being. Over the next few pages, we will examine the stress process, its causes, and, most important, how to improve employee well-being by managing work-related stress.

Principles of Organizational Commitment!

The Following Principles are three types in the base of Organizational Commitment. Also, want to know about, What are Dimensions of Organizational Climate?

Behavioral Principles!

There is mostly the practice of literature in this area. It is the specific content that tries to find someone committed to making a group rather than being a member or a supporter. Adainika Tella et al., Writing about the library in Nigeria, citing many behavioral factors in making a committed person. This is the variety of work on work, “role ambiguity,” the attitude of colleagues and friends, the attitude of choice for the organization, and the skill variety. These roles begin to point to independence, but the lack of expertise and interesting, rewarding labor.

Social Identification Theory!

Social identity is a simple catch that everyone wants to increase their self-worth by connecting to a specific organization or group for the people. This behavior does not rule out the attitude but rather seeks to get behind this specific material for this type of commitment. Identity theory argues that there is a positive self-concept-a group that is linked to your very own person, making it partial to at least in part by having positive associations. An example can be for a man working for a social service organization. The group can strong positive social organizations, which, in turn, reflect on this work as a man.

Self-classification Theory!

The self-classification approach is that they themselves have created. Through these organizational relationships and people can see themselves at many different levels. You can see yourself as a person, but in this part, is associated with social groups who relate to you. Then you are a “subdued person” or a person. Whose identities are working in such a fixed position or as a living in a certain area, these social contacts get out of the running? The point is that organizational commitment is largely based on how a person has created his identity. Groups that are part of this identity to which it belongs, you can expect a great deal of commitment.

What is Building and Principles of Organizational Commitment?

Reference

1. Continuance Commitment – #wisdomjobs.
2. Build OC – #wisdomjobs.
3. Principles OC – #hihow.win.
4. Photo Credit URL – #mr-marinegroup.

February 11, 2018
What is Organizational Commitment?

Organizational commitment, When a certain group member shows itself with the group and is willing to work intensely on its behalf. In these cases, an organizational committed person takes a large part of his identity from the group and has positive associations with it. It is not only in the form of organizational identity or inspiration, but both are more comprehensive than the comparison. Commitment can especially see as a broad concept of self-definition. Also learn, What are Impact of Organizational Climate on Job Satisfaction, Dimensions? What is Organizational Commitment?

Learn and Understanding of Organizational Commitment!

In organizational behavior and industrial and organizational psychology, organizational commitment is the individual’s psychological attachment to the organization. The basis behind many of these studies was to find ways to improve how workers feel about their jobs so that these workers would become more committed to their organizations. Organizational commitment predicts work variables such as turnover, organizational citizenship behavior, and job performance. Some of the factors such as role stress, empowerment, job insecurity and employability, and distribution of leadership have existed shown to connect to a worker’s sense of organizational commitment. employee experiences a ‘sense of oneness’ with their organization.

Organizational scientists have also developed many nuanced definitions of organizational commitment, and numerous scales to measure them. Exemplary of this work is Meyer and Allen’s model of commitment, which was developed to integrate numerous definitions of commitment that had been proliferated in the literature. Meyer and Allen’s model has also been critiqued because the model is not consistent with empirical findings. It may also not be fully applicable in domains such as customer behavior. There has also been debate surrounding what Meyers and Allen’s model was trying to achieve.

Definition of Organizational Commitment!

The definition of commitment also changes. They do, however, do more for just one group to support some walking around. An Oakland can root for the raiders, but do not recognize themselves with such a raiders organization. One can be a patriotic carb but not identify with the government, bureaucracy, or how the economy is run. Commitment is typically more organizational and more comprehensive than these examples. It is broad in the sense that it is a state of mind being able to do with day-to-day labor, self-identification within a specific organization or group rather than a lifestyle.

“The strength of the feeling of responsibility that an employee has towards the mission of the organization.”

Along with job satisfaction, managers need to ensure that employees have reasonably high levels of organizational commitment. Organizational commitment refers to an employee’s emotional attachment to, identification with, and involvement in a particular organization. Don’t forget for reading it, Explain are Evolution, Elements of an Organizational Climate!

It is the employee’s pride and loyalty toward the organization. Managers need to pay attention to this attitude because loyal employees are less likely to quit their jobs and be absent from work. They also tend to provide better customer service because long-tenured employees have a deeper knowledge of work practices, and clients like to do business with the same employees.

Employees with greater commitment also have higher work motivation as well as somewhat superior job performance. Notice that we recommended that employees should have “fairly high” levels of organizational commitment. Employees with very high loyalty tend to have high conformity, which results in lower creativity. There are also cases of dedicated employees who have violated laws to defend the organization. However, most companies suffer from too little rather than too much employee loyalty.

Reference

1. What is it? – //en.wikipedia.org/wiki/Organizational_commitment
2. Definitions – //www.wisdomjobs.com/e-university/principles-of-management-tutorial-293/organizational-commitment-9474.html
3. Photo Credit URL – //pbs.twimg.com/media/DIa_UeOUwAAF–s.jpg

February 11, 2018
What is Demand? Meaning and Definition!
Demand is an economic principle that describes a consumer’s desire and also willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa. What is Glocalization? Meaning, Definition!

Here are discuss What is Demand? Meaning and Definition!

In economics, demand is the quantity of a commodity or a service that people are willing or able to buy at a certain price, per unit of time. The relationship between price and quantity demands stands also known as the demand curve. Preferences and choices, which underlie demand, can represent functions of cost, benefit, odds, and other variables. Determinants of (Factors affecting) demand Innumerable factors and also circumstances could affect a buyer’s willingness or ability to buy a good.

Some of the common factors are:

The following are below;

Good’s own price:

The basic demands relationship is between the potential prices of a good and the quantities that would purchase at those prices. Generally, the relationship is negative meaning that a price increase will induce a decrease in the quantity demands. This negative relationship is embodied in the downward slope of the consumer demand curve. Also, The assumption of a negative relationship is reasonable and intuitive. If the price of a new novel is high, a person might decide to borrow the book from the public library rather than buy it.

Price of related goods:

The principal related goods are complements and substitutes. A compliment is a good that uses for the primary good. Examples include hot dogs and mustard, beer and pretzels, automobiles, and gasoline. Perfect complements behave as a single good. If the price of the complement goes up the quantity demanded of the other good goes down.

Definition of Demand:

The following definitions below are;
1. Commerce: A claim for a sum of money as due, necessary, or require.
2. Economics: (1) Desire for certain good or service support by the capacity to purchase it. (2) The aggregate quantity of a product or service estimated to be bought at a particular price. (3) The total amount of funds which individuals or organizations want to commit to spending on goods or services over a specific period.
3. The Law: An assertion of a legal right, such as to seek compensation or relief.
The amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price. The demand curve is usually downward sloping since consumers will want to buy more as the price decreases. Demand for a good or service exists determined by many different factors other than prices, such as the price of substitute goods and complementary goods. In extreme cases, demand may be completely unrelated to price, or nearly infinite at a given price. Along with supply, it is one of the two key determinants of the market price.

Another Definition:

Demand in economics is how many goods and services are being at various prices during a certain period. It is the consumer’s need or desire to own the product or experience the service. It’s constrained by the willingness and also the ability of the consumer to pay for the good or service at the price offered.

They are the underlying force that drives everything in the economy. Fortunately for economics, people exist never satisfied. Also, They always want more. This drives economic growth and expansion. Without demand, no business would ever bother producing anything.

What is Demand? Meaning and Definition!
February 7, 2018

What is a Dollar?

What is a Dollar? Meaning, Definition!

Dollar (often represented by the dollar sign $) is the name of more than twenty currencies, including (ordered by population) those of the United States, Canada, Australia, Taiwan, Hong Kong, Singapore, New Zealand, Liberia, Jamaica, and Namibia. The U.S. dollar is the official currency of East Timor, Ecuador, El Salvador, Federated States of Micronesia, Marshall Islands, Palau, the Caribbean Netherlands, and for banknotes, Panama. Generally, one dollar is divided into one hundred cents. The Currency, a system of money in general use in a particular country. What is a Rupee? Now, you learn What is a Dollar?

“The history of the dollar. For symbol “$”, see Dollar sign. The Slovenian philosopher, see Mladen Dolar. The municipality in Spain, see Dólar.”

Exchange Currency in US Dollar

One US Dollar ($1) Rated to Others Country:

1.38 Australian Dollar
1.00 Bahamian Dollar
2.00 Barbadian Dollar
2.01 Belize Dollar
1.00 Bermudan Dollar
1.44 Brunei Dollar
1.34 Canadian Dollar
0.82 Cayman Islands Dollar
2.70 East Caribbean Dollar
2.13 Fijian Dollar
207.21 Guyanaese Dollar
7.76 Hong Kong Dollar
128.80 Jamaican Dollar
91.00 Liberian Dollar
13.96 Namibian Dollar
32.01 New Taiwan Dollar
1.44 New Zealand Dollar
1.44 Singapore Dollar
7.39 Surinamese Dollar
6.75 Trinidad & Tobago Dollar

History of Dollar

On 15 January 1520, the Czech Kingdom of Bohemia began minting coins from silver mined locally in Joachimsthal (Czech Jáchymov) and marked on the reverse with the Czech lion. The coins were called Joachim’s thaler, which became shortened in common usage to thaler or taler. The German name “Joachimsthal” literally means “Joachim’s valley” or “Joachim’s dale”. This name found its way into other languages: Czech tolar, Hungarian tallér, Danish and Norwegian (rigs) daler, Swedish (riks)daler, Icelandic dalur, Dutch (rijks)daalder or daler, Ethiopian ታላሪ (“talari”), Italian tallero, Polish talar, Persian dare, as well as – via Dutch – into English as dollar.

A later Dutch coin depicting also a lion was called the leeuwen daler or leeuwen daalder, literally ‘lion daler’. The Dutch Republic produced these coins to accommodate its booming international trade. The leeuwen daler circulated throughout the Middle East and was imitated in several German and Italian cities. This coin was also popular in the Dutch East Indies and in the Dutch New Netherland Colony (New York). It was in circulation throughout the Thirteen Colonies during the 17th and early 18th centuries and was popularly known as “lion (or lyon) dollar”. The currencies of Romania and Bulgaria are, to this day, ‘lion’ (leu/leva). The modern American-English pronunciation of dollar is still remarkably close to the 17th-century Dutch pronunciation of daler. Some well-worn examples circulating in the Colonies were known as “dog dollars”.

Spanish pesos – having the same weight and shape – came to be known as Spanish dollars. By the mid-18th century, the lion dollar had been replaced by Spanish dollar, the famous “pieces of eight”, which were distributed widely in the Spanish colonies in the New World and in the Philippines.

Types of Dollar with Countries Bases

Antigua and Barbuda	East Caribbean dollar	XCD
Australia and its territories	Australian dollar	AUD	1966-02-14	Australian pound 1910-1966 Pound sterling 1825-1910
Bahamas	Bahamian dollar	BSD		Bahamian pound
Barbados	Barbadian dollar	BBD
Belize	Belize dollar	BZD/USD	1973	British Honduran Dollar
Bermuda	Bermuda dollar	BMD
Brunei	Brunei dollar (Alongside the Singapore dollar)	BND (SGD)
Canada	Canadian dollar	CAD	1858	Canadian pound 1841-1858 Spanish dollar pre-1841 Newfoundland dollar, pre-1949 in the Dominion of Newfoundland
Cayman Islands	Cayman Islands dollar	KYD
Dominica	East Caribbean dollar	XCD
East Timor	United States dollar	USD
Ecuador	United States dollar	USD	2001	Ecuadorian sucre
El Salvador	United States dollar	USD	2001-01-01	Salvadoran colón
Fiji	Fijian dollar	FJD
Grenada	East Caribbean dollar	XCD
Guyana	Guyanese dollar	GYD
Hong Kong	Hong Kong dollar	HKD	1863	Rupee, Real (Spanish/Colonial Spain: Mexican), Chinese cash
Jamaica	Jamaican dollar	JMD	1969	Jamaican pound
Kiribati	Kiribati dollar along with the Australian dollar	N/A / AUD
Liberia	Liberian dollar	LRD
Marshall Islands	United States dollar	USD
Federated States of Micronesia	United States dollar	USD
Namibia	Namibian dollar along with the South African rand	NAD	1993	South African rand
Nauru	Australian dollar	AUD
New Zealand and its territories	New Zealand dollar	NZD	1967	New Zealand pound
Palau	United States dollar	USD
Saint Kitts and Nevis	East Caribbean dollar	XCD
Saint Lucia	East Caribbean dollar	XCD
Saint Vincent and the Grenadines	East Caribbean dollar	XCD
Singapore	Singapore dollar	SGD
Solomon Islands	Solomon Islands dollar	SBD
Suriname	Surinamese dollar	SRD	2004	Surinamese guilder
Taiwan	New Taiwan dollar	TWD	1949
Trinidad and Tobago	Trinidad and Tobago dollar	TTD
Tuvalu	Tuvaluan dollar along with the Australian dollar	TVD / AUD
United States and its territories	United States dollar	USD	1792	Spanish dollar colonial script
Zimbabwe	United States dollar	USD		Zimbabwean dollar

Note: All Countries Dollar exchange rate, 21 December 2016.

February 1, 2018

What is an Entrepreneur? Meaning and Definition
An entrepreneur is an individual, who rather than working as an employee. Also they Founds and runs a small business, assuming all the risks and rewards of the venture. Learn about them before first think what do you know who they are? This article explains to an Entrepreneur with their Meaning and Definition. Also, the stakeholder is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. Definition of Organization!

Learn and understand, the question What is the meaning of an Entrepreneur? with Definition.

Stakeholders play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to the market.

Also, Stakeholders who prove too successful in taking on the risks of a startup are reward with profits, fame and continue growth opportunities. Those who fail to suffer losses and become less prevalent in the markets.
- A person who sets up a business or businesses, taking on financial risks in the hope of profit.
- A promoter in the entertainment industry.
What is the definition of an Entrepreneur?

The following definitions below are;

“A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”

Entrepreneur Defined as;

“A person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”

Who is an Entrepreneur?

World three best entrepreneur below are;

Steve Jobs founder of Apple:

Steve Jobs was Apple Entrepreneurs and Leader.

Bill Gates founder of Microsoft:

Bill Gates Microsoft Entrepreneurs and Leader.

Mark Zuckerberg founder of Facebook:

Mark Zuckerberg Facebook Entrepreneurs.

An extra explain about Entrepreneur:

Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision-maker, decides what, how, and how much of a good or service will produce. A stakeholder supply risk capital as a risk-taker, and monitors and controls the business activities. Also, the stakeholder is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.

According to economist Joseph Alois Schumpeter (1883-1950), An entrepreneur is not necessarily motivating profit, But regard it. As a standard for measuring achievement or success.

Schumpeter discovered that they;
- Greatly value self-reliance.
- Strive for distinction through excellence.
- They are highly optimistic (otherwise, nothing would be undertaken), and.
- They, always favor challenges of medium risk (neither too easy nor ruinous).
What is an Entrepreneur? Meaning and Definition. Also, the Image from the Internet,
February 1, 2018

Tag: Definition

Definition!

Here are explain, Why is “The Language of Business” also called Accounting?

Accounting as the “Language of Business”!

Definition of “Language of Business”!

Reference

Understanding and Learn, What is Accounting? Meaning and Definition!

Meaning of Accounting!

Definition of Accounting!

Meaning and definition of accounting!

#Recording!

#Summarizing!

#Reporting!

#Analyzing!

Reference

Learn, Economics of Development, Meaning, and Definition!

What is ECD (Economics of Development)?

Extra things:

Economic development:

Local development:

Their major areas:

Economic developers:

Extra things:

Additionally,

Explain are employee Participation and Organizational Change.

Meaning of Organizational Change:

Definition of Organizational Change:

FACTORS IN ORGANIZATIONAL CHANGE:

TECHNOLOGY-RELATED CHANGES:

TASK-RELATED CHANGES:

STRUCTURE-RELATED CHANGES:

PEOPLE-RELATED CHANGES:

OBJECTIVES OF PLANNED CHANGE:

1. Environmental Adaptation:

2. Individual Adaption:

3. Structural Adaption:

4. Technological Adaptation:

5. Task Adaptation:

Reference:

Learn, Understanding explains Organizational Culture Meaning and Definition.

What is Organisational Culture? with Define.

Meaning of Organizational Culture:

Few Definition of Organizational Culture:

Concept of Organizational culture:

Reference:

Learn, Understanding of Building and Principles of Organizational Commitment!

The building of Organizational Commitment!

Justice and support:

Shared values:

Trust:

Organizational comprehension:

Employee involvement:

Principles of Organizational Commitment!

Behavioral Principles!

Social Identification Theory!

Self-classification Theory!

Reference

Learn and Understanding of Organizational Commitment!

Definition of Organizational Commitment!

Reference

Here are discuss What is Demand? Meaning and Definition!

Some of the common factors are:

Good’s own price:

Price of related goods:

Definition of Demand:

Another Definition:

What is a Dollar? Meaning, Definition!

Exchange Currency in US Dollar

History of Dollar

Types of Dollar with Countries Bases

Learn and understand, the question What is the meaning of an Entrepreneur? with Definition.

What is the definition of an Entrepreneur?

Who is an Entrepreneur?

An extra explain about Entrepreneur: