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.
It is very difficult to give a precise definition of the term ‘management’. Different scholars from different disciplines view and interpret management from their own angles. The economists consider management as a resource like land, labor, capital and organization. The bureaucrats look upon it as a system of authority to achieve business goals. The sociologists consider managers as a part of the class elite in the society.
The definitions by some of the leading management thinkers and practitioners are given below:
(i) Management consists in guiding human and physical resources into dynamic, hard-hitting organization unit that attains its objectives to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering the service. —Lawrence A. Appley.
(ii) Management is the coordination of all resources through the process of planning, organizing, directing and controlling in order to attain stated objectives. —Henry L. Sisk.
(iii) Management is principally the task of planning, coordinating, motivating and controlling the efforts of others towards a specific objective. —James L. Lundy.
(iv) Management is the art and science of organizing and directing human efforts applied to control the forces and utilize the materials of nature for the benefit of man. —American Society of Mechanical Engineers.
(v) Management is the creation and maintenance of an internal environment in an enterprise where individuals, working in groups, can perform efficiently and effectively towards the attainment of group goals. —Harold Koontz and Cyrill O’Donnell.
(vi) Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way. —F.W. Taylor.
(vii) To manage is to forecast and to plan, to organize to command, to coordinate and to control. —Henry Fayol.
(viii) Management is the function of executive leadership anywhere. —Ralph C. Davis.
(ix) Management is concerned with seeing that the job gets done; its tasks all center on planning and guiding the operations that are going on in the enterprise. —E.F.L. Breach.
(x) Management is a distinct process consisting of planning, organizing, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources. —George R. Terry.
(xi) Management is guiding human and physical resources into dynamic organizational units which attain their objectives to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering services. —American Management Association.
(xii) Management is a multi-purpose organ that manages a business and manages Managers and manages Workers and work. —Peter Drucker.
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Risk Management: What is Risk? A sudden and unexpected event leading to major unrest amongst the individuals at the workplace is called organization Risk. In other words, Risk is defined as an emergency situation which disturbs the employees as well as leads to instability in the organization. Risk affects an individual, group, organization or society on the whole.
Know and Understand the Risk Management.
Definition of Risk management: The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or a combination of strategies) in proper management of future events.
Characteristics of Risk:
The risk is a sequence of sudden disturbing events harming the organization.
Risk generally arises on short notice.
Risk triggers a feeling of fear and threat amongst individuals.
Risk can arise in an organization due to any of the following reasons:
Technological failure and Breakdown of machines lead to Risk. Problems in the internet, corruption in the software, errors in passwords all result in Risk.
Risk arises when employees do not agree with each other and fight amongst themselves. Risk arises as a result of the boycott, strikes for indefinite periods, disputes and so on.
Violence, thefts, and terrorism at the workplace result in organization Risk.
Neglecting minor issues, in the beginning, can lead to major Risk and a situation of uncertainty at the workplace. The management must have complete control of its employees and should not adopt a casual attitude at work.
Illegal behaviors such as accepting bribes, frauds, data or information tampering all lead to organization Risk.
Risk arises when the organization fails to pay its creditors and declares itself a bankrupt organization.
The art of dealing with sudden and unexpected events which disturb the employees, an organization as well as external clients refer to Risk Management.
The process of handling unexpected and sudden changes in organizational culture is called Risk management.
Need for Risk Management:
Risk Management prepares individuals to face unexpected developments and adverse conditions in the organization with courage and determination.
Employees adjust well to the sudden changes in the organization.
Employees can understand and analyze the causes of Risk and cope with it in the best possible way.
Risk Management helps the managers to devise strategies to come out of uncertain conditions and also decide on the future course of action.
Risk Management helps the managers to feel the early signs of Risk, warn the employees against the aftermaths and take necessary precautions for the same.
What is Risk Management? #Pixabay.
Essential Featured of Risk Management:
Risk Management includes activities and processes which help the managers as well as employees to analyze and understand events which might lead to Risk and uncertainty in the organization.
Risk Management enables managers and employees to respond effectively to changes in the organizational culture.
It consists of effective coordination amongst the departments to overcome emergency situations.
Employees at the time of Risk must communicate effectively with each other and try their level best to overcome tough times. Points to keep in mind during Risk
Don’t panic or spread rumors around. Be patient.
At the time of Risk, the management should be in regular touch with the employees, external clients, stakeholders as well as media.
Avoid being too rigid. One should adapt well to changes and new situations.
Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business goals.
Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities.
Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions, and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
A business (also known as an enterprise, a company or a firm) is an organizational entity involved in the provision of goods and services to consumers. Businesses as a form of economic activity are prevalent in capitalist economies, where most of them are privately own and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be social non-profit enterprises or state-owned public enterprises charged by governments with specific social and economic objectives.
What is a Business? Introduction, Meaning, and Definition.
Businesses owned by multiple individuals may form an incorporated company or jointly organized as a partnership. Countries have different laws that may ascribe different rights to various business entities.
An organization or economic system where goods and services are exchanging for one another or money. Every enterprise requires some form of investment and enough customers to whom its output can sale consistently to make a profit. Businesses can privately own, not-for-profit or state-owned. An example of a corporate business is PepsiCo, while mom-and-pop catering businesses a private enterprise.
An enterprise is an organization or enterprising entity engaged in commercial, industrial or professional activities. A company transacts enterprise activities through the production of a good, offering of a service or retailing of already manufactured products. An enterprise can be a for-profit entity or a nonprofit organization that operates to fulfill a charitable mission.
Nature:
The term business comes from busyness or the state of being busy—any activity a man is busy about. Businesses an economic activity with the object of earning an income i.e. profit and thereby accumulate wealth. The economic activity must be regular and continuous.
It involves:
Production of goods to sell them at a profit or
Merely purchase of goods to resell at a profit.
The real object of any enterprise, as pointed by Peter Drucker is to create a customer and to ensure repeat sale which is possible only when the customer can get due service and satisfaction in the market place where the exchange takes place in monetary terms.
Concept:
The following concept below are;
History of Concept:
In the old days, the enterprise was conceiving merely in terms of business. The enterprise of business is business. In those days the sole and exclusive objective of business was the maximization of profit at any cost.
The business began merely as an institution for the purpose of making money. So long as man-made money and kept himself out of jail he was considering successful.
He felt no particular obligation and acknowledge no responsibility to the community. As he was the owner of the enterprise he thought he has the perfect right to do with it what he, please.
Modern Concept:
The modern business enterprise is a social and economic institution. It does not live in a vacuum. Enterprise by itself is not an end but a means to achieve an end – i.e., public welfare. Urwick has rightly pointed out that profit can no longer be the main objective of a business than eating is the main objective of living.
According to Peter Drucker, the objective of the business is to create a customer.
The first business of every business is to secure customers. The customer is the master and to serve him well is the only purpose of business. An enterprise cannot survive without customers. Modern business aims at a profit through service.
What is a Business? Introduction, Meaning, and Definition #Pixabay.
Basic Definitions:
A person’s regular occupation, profession, or trade, an activity that someone engages in a person’s concern, work that has to finish or matters that have to attend to.
Commercial activity, trade considered in terms of its volume or profitability, a commercial house or firm.
A situation or series of events, typically a scandalous or discreditable one, a difficult matter. Action on stage other than dialogue. A very enjoyable or popular person or thing.
Definition of Business:
According to well-known professors William Pride, Robert Hughes, and Jack Kapoor, business is,
“The organized effort of individuals to produce and sell, for a profit, the goods, and services that satisfy society’s needs.”
A business, then, is an organization which seeks to make a profit through individuals working toward common goals. The goals of the business will vary based on the type of business and the business strategy being uses. Regardless of the preferred strategy, businesses must provide a service, product, or good. That meets a need of society in some way.
Even with all the efforts, employees may put forth to salvage a once positive work environment, at the core of every toxic working environment is the toxic boss, manager, or supervisor. All roads go back to the manager. And if the manager isn’t willing to change, then it’s a safe bet that nothing will.
That’s why to impact long-lasting change, managers need to upgrade their style and approach.
The Passive Manager
Also referred to as Parenting Managers or Pleasing Managers, Passive Managers take the concept of developing close relationships with their team and coworkers to a new level. These managers have one ultimate goal: to make people happy. While this is certainly an admirable trait, it can quickly become a barrier to leadership efforts if not managed effectively. Although wholesome and charming, this type of boss is viewed as incompetent, inconsistent, and clueless, often lacking the respect they need from their employees in order to effectively build a championship team. You can spot a Passive Manager by looking at their team and the number of people who should have been fired long ago. Because all Passive Managers want to do is please, they are timid and passive in their approach. These managers will do anything to avoid confrontation and mistake holding people accountable with confrontation and conflict.
The Perfect Manager
Perfect Managers possess some wonderful qualities. These managers are open to change, innovation, and personal growth with the underlying commitment to continually improve and evolve as sales managers, almost to a fault. This wonderful trait often becomes their weakness. In their search for the latest and greatest approach, like Pontificating Managers, Perfect Managers never get to experience the benefit of consistency. This manager is a talking spec sheet. Their emphasis on acquiring more facts, figures, features, and benefits has overshadowed the ability of Perfect Managers to recognize the critical need for soft skills training around the areas of presenting, listening, questioning, prospecting, and the importance of following an organized, strategic selling system. Perfect Managers rely on their vast amount of product knowledge and experience when managing and developing their salespeople. Because of this great imbalance, these managers often fall short on developing their interpersonal skills that would make them more human than machine.
The Pitchfork Manager
People who manage by a pitchfork are doing so with a heavy and often controlling hand: demanding progress, forcing accountability, prodding and pushing for results through the use of threats and fear tactics. This style of tough, ruthless management is painful for people who are put in a position where they are pushed to avoid consequences rather than pulled toward the desired goal.
The Pontificating Manager
These managers will readily admit they don’t follow any particular type of management strategy. Instead, they shoot from the hip, making it up as they go along, often generating sporadic, inconsistent results. As a result, they often find themselves in situations that they are unprepared for. Interestingly, the Pontificating Manager thrives on situations like this. Often adrenaline junkies themselves, these managers are in desperate need of developing the second most essential proficiency of a coach: masterful listening. The Pontificating Manager is the type of manager who can talk to anyone and immediately make people feel comfortable. This character strength becomes a crutch to their leadership style, often blinding them to the need to further systemize their approach. As a matter of fact, the only thing consistent about these managers is their inconsistency.
The Presumptuous Manager
Presumptuous Managers focus more on themselves than anything else. To them, their personal production, recognition, sales quotas, and bonuses take precedence over their people and the value they are responsible for building within each person on their team. Presumptuous Managers often put their personal needs and objectives above the needs of their team. As you can imagine, Presumptuous Managers experience more attrition, turnover, and problems relating to managing a team than any other type of manager. Presumptuous Managers are typically assertive and confident individuals. However, they are typically driven by their ego to look good and outperform the rest of the team. Presumptuous Managers breed unhealthy competition rather than an environment of collaboration.
The Problem-Solving Manager
This boss is task-driven and focused on achieving goals. These problem solvers are constantly putting out fires and leading by chaos. The paradox here is this: It is often the manager who creates the very problems and situations that they work so hard to avoid. Continually providing solutions often results in the lackluster performance that they are working so diligently to eliminate.
The Proactive Manager
The Proactive Manager encompasses all of the good qualities that the other types of managers possess, yet without all of their pitfalls. Here are the characteristics that this ideal manager embodies, as well as the ones for you to be mindful of and develop yourself. The Proactive Manager possesses the
Persistence, edge, and genuine authenticity of the Pitchfork Manager
Confidence of the Presumptuous Manager
Enthusiasm, passion, charm, and presence of the Pontificating Manager
Drive to support others and spearhead solutions like the Problem-Solving Manager
Desire to serve, respectfulness, sensitivity, nurturing ability, and humanity of the Passive Manager
Product and industry knowledge, sales acumen, efficiency, focus, organization, and passion for continued growth just like the Perfect Manager
The Proactive Manager is the ultimate manager and coach, and a testimonial to the additional skills and coaching competencies that every manager needs to develop in order to build a world-class team.
An organization or organisation (see spelling differences) is an entity comprising multiple people, such as an institution or an association, that has a collective goal and is linked to an external environment.
The word is derived from the Greek word organon, which means “organ“.
An organized group of people with a particular purpose, such as a business or government department.
The action of organizing something. And the quality of being systematic and efficient.
The way in which the elements of a whole are arranged.
Basic Definition of Organization:
Basically, an organization in its simplest form (and not necessarily a legal entity, e.g., corporation or LLC) is a person or group of people intentionally organized to accomplish an overall, common goal or set of goals. Business organizations can range in size from one person to tens of thousands.
There are several important aspects to consider about the goal of the business organization. These features are explicit (deliberate and recognized) or implicit (operating unrecognized, “behind the scenes”). Ideally, these features are carefully considered and established, usually during the strategic planning process. (Later, we’ll consider dimensions and concepts that are common to organizations).
Definition of Organization:
A social unit of people that is structured and managed to meet a need or to pursue collective goals. All organizations have a management structure that determines relationships between the different activities and the members, and subdivides and assigns roles, responsibilities, and authority to carry out different tasks. Organizations are open systems they affect and are affected by their environment.
The process of Investment: An organized view of the investment process involves analyzing the basic nature of investment decisions and organizing the activities in the decision process. This process creates a strong yet flexible framework for our investment professionals to work together, sharing ideas and challenging each other’s views. It is constantly evolving and we continue to invest in the resources required to ensure it remains robust. Investment managers participate in our Investment process, from company visits and internal discussions to analyzing external broker research and assessing investment themes. The process informs their decisions but your requirements remain paramount. So, the question is – What is the Process of Investment? Explains.
The Concept is to Explain the Process of Investment.
The investment process governs by the two important facets of investment they are the risk and return. Therefore, we first consider these two basic parameters that are of critical importance to all investors and the trade-off that exists between expected return and risk.
Given the foundation for making investment decisions the trade-off between expected return and risk- we next consider the decision process in investments as it is typically practiced today. Although numerous separate decisions must be made, for organizational purposes, this decision process has traditionally been divided into a two-step process: security analysis and portfolio management. Security analysis involves the valuation of securities, whereas portfolio management involves the management of an investor’s investment selections as a portfolio (package of assets), with its unique characteristics.
Security Analysis:
Traditional investment analysis, when applied to securities, emphasizes the projection of prices and dividends. That is, the potential price of a firm’s common stock and the future dividend stream are forecasted, then discounted back to the present. This intrinsic value is then compared with the security’s current market price. If the current market price is below the intrinsic value, a purchase recommendation, and if vice versa is the case sale recommend.
Although modern security analysis is deeply rooted in the fundamental concepts just outlined, the emphasis has shifted. The more modern approach to common stock analysis emphasizes return and risk estimates rather than mere price and dividend estimates.
Portfolio Management:
Portfolios are combinations of assets. In this text, portfolios consist of collections of securities. Traditional portfolio planning emphasizes the character and the risk-bearing capacity of the investor. For example, a young, aggressive, single adult would advise buying stocks in newer, dynamic, rapidly growing firms. A retired widow would advise purchasing stocks and bonds in old-line, established, stable firms, such as utilities.
Modern portfolio theory suggests that the traditional approach to portfolio analysis, selection, and management may yield less than optimum results. Hence a more scientific approach needs, based on estimates of risk and return of the portfolio and the attitudes of the investor toward a risk-return trade-off stemming from the analysis of the individual securities.
Characteristics of Investment:
The characteristics of investment can understand in terms of as:-
Return,
Risk,
Safety,
Liquidity etc.
Now, explain;
Return:
All investments characterize by the expectation of a return. Investments are made with the primary objective of driving return. The expectation of a return may be from income (yield) as well as through capital appreciation. Capital appreciation is the difference between the sale price and the purchase price. The expectation of return from an investment depends on the nature of the investment, maturity period, market demand and so on.
Risk:
The risk is inherent in any investment, the risk may relate to the loss of capital, delay in repayment of capital, nonpayment of return or variability of returns. The risk of an investment is determined by the investments, maturity period, repayment capacity, nature of return commitment and so on.
Risk and expected return of investment are related. Theoretically, the higher the risk, the higher the expected return. The higher return is compensation expected by investors for their willingness to bear a higher risk.
Safety:
The safety of investment identifies with the certainty of the return of capital without loss of time or money. Safety is another feature that an investor desires from investments. Also, Every investor expects to get back the initial capital on maturity without loss and delay.
Liquidity:
An investment that is easily scalable without loss of money or time says to be liquid. A well-developed secondary market for security increases the liquidity of the investment. An investor tends to prefer maximization of expected return, minimization of risk, the safety of funds and liquidity of the investment.
Investment categories:
Investment generally involves a commitment of funds in two types of assets:
Real assets
Financial assets
Realassets:
Real assets are tangible material things like building, automobiles, land, gold, etc.
Financialassets:
Financial assets are a piece of paper representing an indirect claim to real assets held by someone else. These pieces of paper represent debt or equity commitment in the form of IOUs or stock certificates. Also, investments in financial assets consist of – Securities (i.e. security forms of) investment Non-securities investment.
The term ‘securities’ used in the broadest sense, consists of those papers which quote and are transferable.
Under section 2 (h) of the Securities Contract (Regulation) Act, 1956 (SCRA) ‘securities’ include:
Shares., scrip’s, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or another body corporate. Government securities. Such other instruments may declare by the central Government as securities, and, iv) Rights of interests in securities.
Therefore, in the above context, security forms of investments include Equity shares, preference shares, debentures, government bonds, Units of UTI and other Mutual Funds, and equity shares and bonds of Public Sector Undertakings (PSUs). Non-security forms of investments include all those investments, which are not quoted in any stock market and are not freely marketable. viz., bank deposits, corporate deposits, post office deposits, National Savings and other small savings certificates and schemes, provident funds, and insurance policies.
Another popular investment in physical assets such as Gold, Silver, Diamonds, Real estate, Antiques, etc. Indian investors have always considered the physical assets to be very attractive investments. Also, there are a large number of investment avenues for savers in India.
Some of them are marketable and liquid, while others are non-marketable, Some of them are highly risky while some others are almost risking less. The investor has to choose proper avenues from among them, depending on his specific need, risk preference, and return expectation. Learning is best things, How to Earn a Profit process of investment?
Investment avenues can be broadly categorized under the following heads:
