Data Measurement Techniques

Nominal Level

The lowest level of data measurement is the Nominal Level. Numbers representing nominal level data can be used only to classify or categorize. The numbers are used only to differentiate or categorize items or persons but not to make value statement about them. Many demographic questions in surveys result in data are nominal because the questions are used for classification only. Examples of nominal level data are as follows:

Gender, Religion, Ethnicity, Geographical Location, Place  of Birth, Employee Ids, Student Roll Numbers, Telephone Numbers, Security Numbers etc.

Statistical techniques that are appropriate for analyzing nominal data are limited and that is Chi-Square analysis.

Ordinal Level

Ordinal level data is higher than the nominal level. In addition to nominal level capabilities, ordinal level can be used to rank or order objects. For example, using ordinal data, a supervisor can evaluate three employees by ranking their productivity with the number 1 through 3. The supervisor could identify one employee as the most productive, one as least productive and one as somewhere between by using ordinal level data. However, the supervisor could not say the exact difference in the amount of productivity between the employees ranked 1, 2 and 3.

Because nominal and ordinal data are often derived from measurements such as demographic questions, the categorization of people or objects or the ranking of items, nominal and ordinal data are Non-Metric data and sometimes referred to as Qualitative Data.

Interval Level

Interval level data measurement is the next to the highest level of data in which the distances between consecutive numbers have meaning and the data are always numerical. The differences between consecutive numbers are always equal in interval level data means interval data have equal intervals. Interval level data is not having a Zero as fixed point and zero does not mean the absence of the characteristic. For example, zero degree temperature does not mean absence of heat or cold.

Ratio Level

Ratio level data measurement is the highest level of data measurement. Ratio data have the same properties as interval data, but ratio data have an absolute zero and that is fixed and that means absence of the characteristic being studied. The value of zero cannot be arbitrarily assigned because it represents a fixed point. Examples are height, weight, time, volume etc.

Futures and Options

Futures and options represent two of the most common form of "Derivatives". Derivatives are financial instruments that derive their value from an 'underlying'. The underlying can be a stock issued by a company, a currency, Gold etc., The derivative instrument can be traded independently of the underlying asset.

The value of the derivative instrument changes according to the changes in the value of the underlying.

Derivatives are of two types -- exchange traded and over the counter.

Exchange traded derivatives, as the name signifies are traded through organized exchanges around the world. These instruments can be bought and sold through these exchanges, just like the stock market. Some of the common exchange traded derivative instruments are futures and options.

Over the counter (popularly known as OTC) derivatives are not traded through the exchanges. They are not standardized and have varied features. Some of the popular OTC instruments are forwards, swaps etc.

Futures 

A 'Future' is a contract to buy or sell the underlying asset for a specific price at a pre-determined time. If you buy a futures contract, it means that you promise to pay the price of the asset at a specified time. If you sell a future, you effectively make a promise to transfer the asset to the buyer of the future at a specified price at a particular time. Every futures contract has the following features:

Buyer

Seller

Price

Expiry

Some of the most popular assets on which futures contracts are available are equity stocks, indices, commodities and currency.

Options 

Options contracts are instruments that give the holder of the instrument the right to buy or sell the underlying asset at a predetermined price. An option can be a 'call' option or a 'put' option.

A call option gives the buyer, the right to buy the asset at a given price. This 'given price' is called 'strike price'. It should be noted that while the holder of the call option has a right to demand sale of asset from the seller, the seller has only the obligation and not the right. For eg: if the buyer wants to buy the asset, the seller has to sell it. He does not have a right.

Similarly a 'put' option gives the buyer a right to sell the asset at the 'strike price' to the buyer. Here the buyer has the right to sell and the seller has the obligation to buy.

So in any options contract, the right to exercise the option is vested with the buyer of the contract. The seller of the contract has only the obligation and no right. As the seller of the contract bears the obligation, he is paid a price called as 'premium'. Therefore the price that is paid for buying an option contract is called as premium. 

Reputed Open Universities of the India

1)   Indira Gandhi National Open University (New Delhi)

2)   Dr. Babasaheb Ambedkar Open University (Ahmedabad)

3)   Yashwantrao Chavan Maharashtra Open University (Nasik)

4)   Madhya Pradesh Bhoj Open University (Bhopal)

5)   Netaji Subhas Open University (Kolkata)

6)   Karnataka State Open University (Mysour)

Due Care Theory

According to this theory the manufacturers ought to exercise due care.

All precautions to be undertaken to produce a product free of defects.

The manufacturers are liable for the damages caused by a firm.

Below standard production is also negligence.

Areas of Due Care

1)   Design: In accordance with government & industry standards.

2)   Materials

3)   Production

4)   Quality control

5)   Packaging, labeling & warnings.

6)      Notification (Safe messages)

Public Relation



Public Relation



Public is any group that has an actual or potential interest in or  impact on a company’s ability to achieve its objectives

Public Relation involves a variety of programs designed to promote or protect a company’s image or its products

Functions

1)  Press relations – presenting news and information a bout the firm in positive light

2)   Product publicity – Sponsoring efforts to publicize specific products

3)  Corporate communications – Promoting understanding of the organization through internal and external communications

4)   Lobbying – Dealing with govt officials to promote better relations

5) Counseling – advising management about public issues and company positions and image during good times and bad

Marketing Public relations

Its old name was publicity – which meant getting editorial space to promote or hype the product or service – but MPR is more than that !!!

Tasks

1)   Assisting in launch of new products

2)   Assisting in re positioning a mature product

3)   Building interest in a product category

4)   Influencing specific target groups

5)   Defending products that have encountered public problems

6)   Building the corporate image in a way that reflects favorable on its products

Major tools of Marketing Public relations

1)   Publications

2)   Events

3)   Sponsorship

4)   News

5)   Speeches

6)   Public service activities

7) Identity media – a visual identity that the public immediately recognizes and is carried on all stationary, buildings, uniforms, identity cards

Promotion

Upward or vertical movement of employees

Promotion results into more pay, prestige, responsibilities, and position with in organization

Purpose of Promotion

1)   Motivate employees

2)   Attract and retain talented people

3)   Recognize and reward efforts and efficiency

4)   Increase effectiveness and efficiency of employee

5)   Fill up higher posts form within the organization

6)   Build loyalty and morale

7)   To provide career development path

Principles of Promotions

1)   HRM must clearly established policy whether to promote from with in to fill higher vacant position or from recruitment of external candidate

2)   Basis of promotion (seniority or performance)

3)   Promotions against vacant positions or non vacant positions (time bound)

4)   Frequent promotions are not good practice

5)   Promotions decision must be made based on job analysis and performance appraisal

6)   Clear promotion policy and communication to employees

7)   Promotion based on competence must be advertised on notice board

 

Seniority based promotions

Merits

1)   Easy to administer

2)   Less subjectivity

3)   Labour unions are happy

4)   Experience is taken into account

5)   Subordinates feel relax

6)   Loyalty is rewarded

Demerits

1)   Competence is ignored

2)   Seniority issues

3)   Young and competent employees feel aggrieved and frustration

4)   Poor performer may get promoted

Performance based promotions

Merits

1)   Performance is rewarded

2)   Competent employees get motivated and retained

3)   Productivity increases

Demerits

1)   Senior employee get frustrated

2)   Favoritism and subjectivity

3)   Loyalty and service length are not considered

4)      Union leaders oppose and retaliate

Ecological Ethics

The well being & flourishing of human & nonhuman life on earth have value in themselves.

Richness & diversity of life contribute to the realization of these values.

Human beings have no right to reduce this richness & diversity except to satisfy vital needs

The present human interference with the nonhuman world is excessive. This situation has to change.

We should be able to learn appreciate the nature & not increase the standard of living at the cost of our environment.

We have to preserve, protect & promote our environment.

Application of Indian Ethos To Modern Management

The manager should be a Sattavic personality

Liberated from attachment, not uttering ‘I’, endowed with the power to sustain & enthuse, unaffected in fulfillment or failure, such an actor is said to be Sattavic.

Manu

Punishment is the protector of all creatures. Without punishment the stronger would roast the weaker. The whole world is kept in order by punishment, for a guiltless man is hard to find.

Dharma (Righteousness)

Dharma is that which holds together, that which sustains all human beings.

Work efficiency

Whatever work is done with vidya (knowledge), through sraddha (faith) & backed by upanishad (meditation) that alone become most effective

Social Audit & Ethics

Social Audit

A social audit is a systematic study and evaluation of the organization's social performance as distinguished from its economic performance.

Benefits of Social Audits

1)   Supplies data

2)   Develops a sense of social awareness

3)   Cost of social programmers

4)   Necessary information to externals groups

Limitations of Social Audits

1)   Difficult to measure

2)   Classification under “good” or “bad” is not universally accepted

3)   Most of them occur outside the organization

Ethics

The credibility of a business depends on its high business ethics and integrity

How does a manager decide what is ethical or unethical?

1)   Government legislation

2)   Business codes

3)   Pressure groups

4)   Personal values of the manager

Ethics and Corruption in International Business

On an international scale, it is difficult to clearly define what constitutes corrupt business practices.

Although there exist more than 40 codes of conduct worldwide but the observance of these codes being voluntary and not legally enforceable, MNEs differ in their approach.

Studies have shown that developing and transitional economies are more prone to corruption partly because of the inadequate legal framework, weak enforcement and lack of open and independent media.

Informal Organisation

Informal Organisation

The informal organization is the interlocking social structure that governs how people work together in practice.Management has no hand in its emergence, evolution and functions. It’s a spontaneous and a natural structure.Main aim is individual/group satisfaction , esteem, affiliation, etc. IO not clearly defined, hence organisation chart will be difficult to make. IO consists of a dynamic set of personal relationships, social networks, communities of common interest, and emotional sources of motivation.

The informal organization evolves organically and spontaneously in Response to changes in the work environment, the flux of people through its porous boundaries, and the complex social dynamics of its members. Ex: Hawthorne exports

 Informal Organisation

1.   Benefits of Informal Organisation to its members

2.   Sense of Belonging

3.   Safety valve for emotional problems

4.   Aid on the job

5.   Ground for innovation and originality

6.   Important channel of communication

7.   Social control

8.   Check on authority

Advantages

1.   Self Policing

2.   Fills in gaps in a manager’s ability

3.   Feedback of employees and their work experience

Disadvantages

1.   Resistance to change

2.   Suboptimisation

3.   Rumour

4.    Group think

Job Design

The human resource managers have realized that the design of a job has considerable influence on the productivity and job satisfaction

Poorly designed jobs often result in boredom to the employees, increased turnover, job dissatisfaction, low productivity and an increase in overall costs of the organization.

Job design is the development and alteration of the components of a job to improve productivity and the quality of the employees work life.

Methods

Job Simplification

In job simplification, the complete job is broken down into small sub parts. this is done so that employee can do these jobs without much specialized training. Moreover, small operations of the job can also be performed simultaneously so that the complete operation can be done more quickly

Job Rotation

1)   Periodically assigning employees to alternating jobs or tasks.

2)   Job rotation only addresses the problem of assigning employees to jobs of limited scope

3)   Job rotation is often effectively used as a training technique for new, inexperienced employees.

Job Enlargement

1)   Increasing the number of tasks performed (i.e. increasing the scope of the job).

2)   When a job is enlarged, either the tasks being performed are enlarged or several short tasks are given to one worker

3)   Job enlargement implies that instead of assigning one man to each job, a group of men can be assigned to a group of jobs and then allowed to decide for themselves how to organize the work. Such changes permit more social contacts and control over the work process.”

Job Enrichment

1)   The concept of job enrichment has been derived from Herzberg’s two-factor theory of motivation in which he has suggested that job content is one of the basic factors of motivation

2)   If the job is designed in such a manner that it becomes more interesting and challenging to the job performer and provides him opportunities for achievement, recognition, responsibility, advancement and growth, the job itself becomes a source of motivation to the individual.

3)   Job enrichment is a motivational technique which emphasizes the need for challenging and interesting work. It suggests that jobs be redesigned so that intrinsic satisfaction is derived from doing the job.

Advertising - Marketing Tool

It is an paid form of non personal communication and promotion of ideas, goods and services by an identified sponsor

5 M's of advertising

Mission – Sales goals ad Advertising objectives 

Money – Stage in the PLC, Market share, Competition and clutter, Advertising frequency, product sustainability 

Message – message generation, message evaluation and selection, message execution and social responsibility review 

Media – Reach, Frequency, impact, media vehicles, media timing, geographical allocation 

Measurement – communication impact and Sales impact

Objectives

1)   Informative advertising

2)   Persuasive advertising

3)   Reminder advertising

4)   Reinforcement advertising

Deciding the Advertising Budget

1)   Five factors to be considered

2)   Stage in the PLC

3)   Market share and consumer base

4)   Competition and clutter

5)   Advertising frequency

6)   Product substitutability

Developing the Advertising Campaign

1)   Message generation and evaluation

2)   Creative development and execution – Television ads, Print ads, Radio ads and film ads

3)   Socio responsibility review

Evaluating advertising effectiveness

Communication effect research - seeks to determine whether ad is communicating effectively

Pretest  can be done before the ad is launched and there are 3 ways of  doing them

1) Consumer feedback method – ask consumers for their reactions to a proposed ad

2)  Portfolio tests – ask consumer to view or listen to a portfolio of ads and then ask them to recall all the ads with their content – aided or unaided

3)  Laboratory tests – use of equipment to measure physiological reactions – heart beat, blood pressure, pupil dilation, galvanic skin response to an ad.

How to get GTU Degree Certificate in 6th Convocation?

Basically that process divided in three Main stage

1.   Complete the payment transfer

2.   Fill up the Convocation form and

3.   Post the document through speed post

First Step : Complete the bank transaction Click here  

Second Step : Fill up the 6th Convocation Form Click here

Third Step : When we complete the two step then final stage of that degree Certificate is post the all Documents

To take a Two Printout of Convocation form and Bank Transaction one for our Record and another one for GTU

Then send the three document to GTU

First Convocation Form

Second Bank Transaction Receipt

Third one is One Address Of Applicant

Postal Address of GTU

Gujarat Technological University

Nr.Vishwakarma Government Engineering College

Nr.Visat Three Roads, Visat - Gandhinagar Highway

Chandkheda, Ahmedabad – 382424 - Gujarat

Mean, Median and Mode

Mean

It is the average of a group of numbers and is computed by summing all numbers and dividing by total numbers.

Advantages

1)   Easy to understand.

2)   Simple to compute.

3)   Based on all the observation.

4)   Uniquely defined.

Disadvantages

1)   Affected by extreme value.

2)   Unable to compute mean for open-ended clases.

3)   Tedious to compute.

Median

It is the middle value in an ordered array of numbers.

Advantages

1)   Extreme values do not affect the median.

2)   Easy to understand.

3)   Calculated from any kind of data with open-ended classes unless median follows in that class.

4)   Can be used even for qualitative descriptions.

Disadvantages

Median is the value at average position. So array (ascending or descending order) is required prior to calculation, which is time consuming.

Mode

It is the most frequently occurring value in a set of data. It can be classified as Uni-modal, Bimodal and Multi-Modal

Advantages

1)   Extreme values do not affect the mode.

2)   Easy to understand.

3)   Calculated from any kind of data with open-ended classes

4)   Can be used even for qualitative descriptions.

Disadvantages

If it is bimodal or multi-modal, it can create confusion in taking decision as two or more options are available.

Social Responsibilities of Business

The socio-economic obligation of every business is to see that the economic consequences of its actions do not adversely affect public welfare.

The socio-human obligation of every business is to nurture and develop human values.

Different Views on Social Responsibility

Communist View

This view advocates the imposition of social responsibilities on business through the instrumentality of the State

Capitalist View

This view holds that economic expediency alone is a just standard for business decisions and that business has an unbridled and an uncontrolled right to make money free from all sorts of social responsibilities.

Pragmatic View

This view acknowledges the importance of profits but simultaneously stresses the need for social responsibility. It holds that a company cannot make a social contribution if it is not profitable.

Trusteeship View

This view advocates the retention for personal use of so much as is necessary for an honorable livelihood, no better than that enjoyed by million others; and the utilization of the rest for the welfare of the community.

Social Responsibilities of Business Towards Different Groups

1)   Towards Internal stakeholders

2)   Towards External Stakeholders

3)   Customers

4)   Suppliers

5)   Government

6)   Special-interest group

7)   Consumer advocates

8)   Labor Unions

9)   Media

Over The Counter Exchange (OTE)

Over The Counter Exchange (OTE) is a market where buyers seek out sellers and vice versa and then attempt to arrange terms and condition for purchase/sale acceptable to both parties.

There is no market place in the geographical sense but it is carried on by phone, messages, telex etc.

Advantages

1)   Smaller companies can easily be listed.

2)   Lower cost of new issue

3)   Family concerns can go public

4)   Regulatory measures are stringent.

Book's Website

1)   Book Talk

2)   Vintage-Books

3)   Crossword

4)   Barnes & Noble

5)   Ingram

6)   Book Wire

7)   1st Books

8)   Gujarati Books

9)   Book Web

10)    Abe Book

11)    Go Delite

12)    Wbg Publication

Recruitment

Recruitment is the process of generating a pool of qualified candidates for a particular job in the organization. it is the process of discovering potential candidates.

Source of Recruitment

Mainly two source of recruitment are as following

Internal Recruitment

Internal source of recruitment are readily available to an organization. Internal source of recruitment are preliminary three types are as following,

Transfer

The employees are transferred from one department to another according to their efficiency and experience.

Promotion

Promotion to the employees are promoted from one job to another according to their good work.

Re-employment of ex-employees

In which employees can be invited and appointed to fill vacancies  in the concern. There are situation when ex-employees provide unsolicited application also.

External Recruitment

External source of recruitment have to be solicited from outside the organization. The main external source of recruitment are as following,

Advertisement

It is an external source which has got an important place in recruitment procedure through advertisement.

Employment exchange

There are certain employment exchanges which are run by government. Now a days recruitment in government agency has become compulsory through employment exchange.

Employment Agencies

There are certain professional organization which look towards recruitment and employment of people. i.e. Private agency.

Educational institution

There are certain professional institute which service as an external source for recruiting fresh graduates from the institute.

Recommendation

There are certain people who have experience in a particular area.

Employment at factory level

In which the application for vacancy are presented on bulled in boards outside of the factory or at the gate.

Labor contractors

These are the specialist people  who supply manpower to the factory plant. Worker are appointed on contract basis, for a particular time period

Decision Making

Decision making is a process of identifying and selecting a course of action to deal with a specific problem or take advantage of an opportunity.

Making a choice from two or more alternatives.

Decision Making Process

1.-Identifying the Problem

A discrepancy between an existing and desired state of affairs.

Characteristics of Problems

1)   A problem becomes a problem when a manager becomes aware of it.

2)   There is pressure to solve the problem.

3)   The manager must have the authority, information or resources needed to solve the problem.

2.-Identifying Decision Criteria

Decision criteria are factors that are important (relevant) to resolving the problem such as:

1)   Costs that will be incurred (investments required)

2)   Risks likely to be encountered (chance of failure)

3)   Outcomes that are desired (growth of the firm)

3.-Allocating Weights to the Criteria

Decision criteria are not of equal importance

Assigning a weight to each item places the items in the correct priority order of their importance in the decision-making process.

4.-Developing Alternatives

Identifying viable alternatives

Alternatives are listed (without evaluation) that can resolve the problem

5.-Analyzing Alternatives

Appraising each alternative’s strengths and weaknesses

An alternative’s appraisal is based on its ability to resolve the issues identified in steps 2 and 3.

6.-Selecting an Alternative

Choosing the best alternative

The alternative with the highest total weight is chosen

7.-Implementing the Alternative

Putting the chosen alternative into action

Conveying the decision to and gaining commitment from those who will carry out the decision

Characteristics of an Effective Decision-Making Process

1)   It focuses on what is important.

2)   It is logical and consistent.

3) It acknowledges both subjective and objective thinking and blends analytical with intuitive thinking.

4)   It requires only as much information and analysis as is necessary to resolve a particular dilemma.

5) It encourages and guides the gathering of relevant information and informed opinion.

6)   It is straightforward, reliable, easy to use and flexible

Making Decisions

Rationality

Managers make consistent, value-maximizing choices with specified constraints.

Assumptions are that decision makers

1.   Are perfectly rational, fully objective, and logical.

2.   Have carefully defined the problem and identified all viable  alternatives.

3.   Have a clear and specific goal.

4. Will select the alternative that maximizes outcomes in the organization’s interests rather than in their personal interests

Bounded Rationality

Managers make decisions rationally, but are limited (bounded) by their ability to process information.

Assumptions are that decision makers

1.   Will not seek out or have knowledge of all alternatives.

2. Will satisfy—choose the first alternative encountered that satisfactorily solves the problem—rather than maximize the outcome of their decision by considering all alternatives and choosing the best.

Influence on decision making

Escalation of commitment: an increased commitment to a previous decision despite evidence that it may have been wrong.

Decision Making Conditions

Certainty

A situation in which a manager can make an accurate decision because the outcome of every alternative choice is known.

Risk

A situation in which the manager is able to estimate the likelihood (probability) of outcomes that result from the choice of particular alternatives

Uncertainty

Limited information prevents estimation of outcome probabilities for alternatives associated with the problem and may force managers to rely on intuition, hunches and “gut feelings

Common Decision-Making Errors and Biases

Heuristics-Using “rules of thumb” to simplify decision making.

Overconfidence Bias-Holding unrealistically positive views of oneself and one’s performance.

Immediate Gratification Bias-Choosing alternatives that offer immediate rewards and that to avoid immediate costs

Anchoring Effect-Fixating on initial information and ignoring subsequent information.

Selective Perception Bias-Selecting, organizing and interpreting events based on the decision maker’s biased perceptions.

Confirmation Bias-Seeking out information that reaffirms past choices and discounting contradictory information.

Framing Bias-Selecting and highlighting certain aspects of a situation while ignoring other aspects.

Availability Bias-Losing decision making objectivity by focusing on the most recent events.

Representation Bias-Drawing analogies and seeing identical situations when none exist.

Randomness Bias-Creating unfounded meaning out of random events

Sunk Costs Errors-Forgetting that current actions cannot influence past events and relate only to future consequences.

Self-Serving Bias-Taking quick credit for successes and blaming outside factors for failures.

Hindsight Bias-Mistakenly believing that an event could have been predicted once the actual outcome is known (after-the-fact).

Ethical Criticism of Advertising

1)   Promoting harmful goods & services.

2)   Exaggeration

3)   Too much of spending – selling costs

4)   Manipulation of human motivations

5)   Excessive sex or violence

6)   Culture of consumerism

7)   Preventing behavior control

8)   Unnecessary wants as a result of cultural influences.

9)   Dependence effect – John Galbraith creating wants to themselves.

10)   Demonstration effect – status

11)    Advertising as a rational persuasion (Ex: Psychoactive drug)

Corporate Governance

Corporate governance is the system by which companies are directed and controlled- Cadbury Report (UK)

Corporate governance is to do with power and accountability enhancing shareholder value.

Enhancement of long term shareholder value while at the same time protecting the interests of other stakeholders-SEBI

Scope

1.   Right manner of running a corporation.

2.   Achieving  its  objectives

3.   Transparency  in   operations

4.   Accountability

5.   Reporting

6.   Good  corporate  citizenship

7.   Good  operating  relationship

Who Provides Governance?

1.   Board  of  Directors,

2.   Executive  team

3.   Service  providers

4.   Advisory  Board

5.   Venture  capitalists

6.   Major stakeholders.

Managing Challenges

1.   Competition

2.   Economic systems

3.   Globalization

Indices of CG

1.   Improved  performance

2.   Quality

3.   Efficiency

4.   Costs.

5.   Getting the best people.

6.   Training, supporting and guiding the staff.

Current issues in CG

1.   Asymmetry of powers.

2.   Asymmetry  of  information

3.   Interests of shareholders.

4.   Owner management  bias

5.   Failure of the operation of separation of powers.

6.   Division  of  corporate  pie among  shareholders

Job Transfers

Change in job (change in place) horizontal or lateral movement

Reasons of Transfer

1)   Shortage/surplus of employees in one department

2)   Conflict (incompatibility) between supervisor or co workers

3)   To correct initial misplacement decisions

4)   Change in interests and capabilities of individual

5)   Productivity of employee has declined due to monotony of job

6)   The employee health or age may inhibit him to work effectively in present job

7)   Family issues (spouse job)

8)   Keeping employee motivated and develop knowledge level of employee

Principles of Transfers

1)   The frequency and period of transfer should be decided and communicate to employees

2)   Authority to make transfer must be clear

3)   The criteria for transfer must be well documented

4)   The area of transfer must be clear

5)   The effect on pay and seniority must be clearly defined

6)   Permanent or temporary transfer

7)   The performance evaluation of employee must be made before transfer

8) The job descriptions and specification must be considered before transferring employee

9)   Performance evaluation of transferee (after transfer) must be made with in reasonable time frame

Three broad categories

1)   Enhance training and development

2)   Adjustment to volume of work

3)   Correct poor placement

Types

1)   Production Transfer

2)   Replacement Transfer

3)   Versatility Transfer

4)   Shifts Transfer

5)    Remedial Transfer

Reputed Universities of the India

1)   Osmania University (Hyderabad)

2)   University of Mumbai (Mumbai)

3)   University of Calcutta (Calcutta)

4)   University of Delhi (Delhi)

5)   Punjab University (Chandigadh)

6)   University of Madras (Chennai)

7)   Gujarat Technological University (Gujarat)

Website For Online Bill Payment

1)   Bill Junction 

2)   Bill Desk 

3)   Easy Bill India 

4)   Visa Bill Pay 

5)   My Oxigen 

6)   Pay Bill Online 

Compare Product

1.   Compare India

2.   Price List

3.   Compare Bazaar

Learning organization

A learning organization is one which people at all levels, individually and collectively are continually increasing their capacity to provide results which they really care about

Characteristics of learning organization

1)   Provides people with opportunities to learn new things

2)   Assign people to positions to stretch them

3)   Tolerate mistakes when someone is first learning a new task or skill

4)   Provide paid release time for the employees development purpose

Importance of learning organization

1)   It will help organization and its members to adapt to changing environment.

2)   It leads to greater commitment to organization and work

3) It helps to increase ones knowledge and skills and gain competitive advantage

4)  Its highly relevant in the global economy which operates in a diverse culture

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Monetary Policy

Use of the techniques of monetary control to achieve the broad objectives of Maintaining price stability and Ensuring adequate flow of credit to productive sectors so as to assist growth

Techniques of monetary control

1)   Open market operations (OMO)

2)   Bank Rate

3)   Discretionary control of refinance and re discounting

4)   Direct regulation of interest rates on CP, deposits and loans

5)   Cash reserve ratio (CRR)

6)   Statutory liquidity ratio (SLR)

7)   Direct credit allocation and credit rationing

8)   Selective credit controls

9)   Credit authorization scheme

10)   Fixation of inventory and credit norms

11)    Credit Planning

12)   Moral Suasion

13)    Liquidity Adjustment facility (LAF)

Credit Planning

It is a tool for Macro Management of Credit

To regulate the Expansion in the overall quantum of funds to a desired level

To direct flows of funds to desired Sectors

Process

At the bank level

1.   The bank is required to prepare realistic annual credit budget incorporating estimates of volume and growth

2.   Then it is submitted to RBI between May/June every year

3.   The budget is revised every year based on credit policy banking trends and so on

4.   There is Monitoring and implementation of the budget.

5.   Direct credit allocation, credit rationing , credit authorization and fixation of inventory,credit norms and credit planning have been diminished after the introduction of this policy of liberalization and de regulation

Use Of Information System In An Organization

All modern Organization have certain characteristics. They are bureaucracies with clear-cut division of labour and speculation. Organization arrange specialist in a hearty of authority which everyone is accountable to someone and authority is limited to specific action garnered by abstract rules or procedure.

Routines and business process

All organization, including business firm, because very efficient overtime because individual in the firm develop routine for producing goods and service. routing sometime called standard operating procedure are precise rules procedures, and practice that have been develop to cop with virtually all expected situation.

Organizational police

People in organization occupy different positions with different specialties, concern and perspectives. As result, they naturally have divergent viewpoints about how resources, rewards, and punishments should be distributed. These differences matter to both managers and employees, and they result in political struggle for resources, competition, and conflict within every organization.

Organization culture

All organization have bedrock, unassailable , unquestioned, assumptions that define  their goal and products. Organization culture encompasses this set of assumptions about what  products the organization should produce, how it should produce them, where ,and for whom.

Organization environment

The organization reside in environment from which they drew resource and to which they supply goods and service. Organization and environment have reciprocal. On the one hand, organization open to, and the dependent, social and psychical environment that surround them. 

Organization structure

Organization all have structure or shape. The kind of information system you find in business firm and the nature of problem with these systems  often reflect the type of organization structure.           

Other Organization features

Organization have goals and use different means to archive them some Organization have coercive goals other have utilitarian goals. Still other have normative goals

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Selecting Channel Partners

The company should select the right kind of partners to identifying & fulfill the needs of the customers.

The process of recruitment could include placing advertisement in the press or getting the sales people to visit market and also references by existing partners.

Criteria for selection of channel partner

1)   Location of the party

2)   Location of the ware house

3)   Past experience

4)   Financial strength

5)   Transportation facility

6)   Size of the channel partner

7)   Reputation

8)   Market coverage

9)   Inventory management

10)  Sales performance

11)   Infrastructure

Training for channel members

1)   On the job field training for sales people to achieve the sales & collects the payments.

2)  Class room training to distributor about company products, ways of tackling competition.

3)   Special meeting for launch new products

4)   Training on submitting reports & records.

Power of Motivation to members

1)   Referent power– image, position& recognition

2)   Expert power- special knowledge about the co

3)   Legitimate power- agreement or contract

4)   Support power-  by co to increase sales

5)   Competition power- main competitors

6)   Reward power- awards, incentives, prices

7)   Coercive power- credit to customers

Liquidity Adjustment Facility

 It is an important innovation in the Indian Money Market

Related concepts

Autonomous liquidity .AL comprises

Central Bank Balance Sheet flows that stem from regular Central Banking functions has currency Authority and Banker to Government Banks.

Discretionary Liquidity –Sum of Central Bank balance sheet flows that arise out of its money market operations.

Discretionary Liquidity represents a change in the total liquidity in the system which occurs due to monetary policy action

Inventory

It is a stock of raw material finished goods.

Need

1)   To improve customer service 

2)   To smoother the operations of logistic system

3)   Reduces costs

Objective of inventory Management

1)  It aims to achieve perfect balance b/w customer service target and reducing inventory costs.

2)   Cost associated with inventory.

3)   Inventory procurement costs

4)   Inventory carrying cost.

5)   Stock out cost

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Class Intervals

While arranging large amount of data (in statistics), they are grouped into different classes to get an idea of the distribution, and the range of such class of data is called the Class Interval.

Methods

Exclusive Method

When the lower limit is included, but the upper limit is excluded, then it is an exclusive class interval

Example - 150 U 153, 153 U 156.....etc are exclusive type of class intervals. In the class interval 150 - 153, 150 is included but 153 is excluded. Same way in the class interval 153 U 156 153 is included but 156 is excluded.

Inclusive Method:

When the lower and the upper class limit is included, then it is an inclusive class interval.

Example - 220 - 234, 235 - 249 ..... etc. are inclusive type of class intervals. In the class interval 220 - 234, 220 is included as well 234 is included. Usually in the case of discrete variable, inclusive types of class intervals are used.

Open End:

When any of the class left without giving boundary is known as Open ended class interval.

Example – 235 & Above, Greater than 325etc. are open end type of class intervals.

Unequal Class Interval

When the class intervals are constructed with different class widths, then it is an Unequal Class Interval

Example – 18-25, 26-40, 40-55 .. etc. are Unequal type of class intervals.

Venture Capital

Venture capital (also known as VC or Venture) is a type of private equity capital typically provided to early-stage, high-potential, growth companies in the interest of generating a return through an eventual realization event such as an IPO or trade sale of the company. Venture capital investments are generally made as cash in exchange for shares in the invested company. It is typical for venture capital investors to identify and back companies in high technology industries such as biotechnology and ICT.

Venture capital typically comes from institutional investors and high net worth individuals and is pooled together by dedicated investment firms.

Venture capital firms typically comprise small teams with technology backgrounds (scientists, researchers) or those with business training or deep industry experience. VC has a reputation of being a particularly impenetrable career path, employing only those who bring expert value.

A core skill within VC is the ability to identify novel technologies that have the potential to generate high commercial returns at an early stage. By definition, VCs also take a role in managing entrepreneurial companies at an early stage, thus adding skills as well as capital (thereby differentiating VC from buy out private equity which typically invest in companies with proven revenue), and thereby potentially realizing much higher rates of returns.

A venture capitalist (also known as a VC) is a person or investment firm that makes venture investments, and these venture capitalists are expected to bring managerial and technical expertise as well as capital to their investments. A venture capital fund refers to a pooled investment vehicle (often an LP or LLC) that primarily invests the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans.

Venture capital is also associated with job creation, the knowledge economy and used as a proxy measure of innovation within an economic sector or geography.

Venture capital is most attractive for new companies with limited operating history that are too small to raise capital in the public markets and are too immature to secure a bank loan or complete a debt offering. In exchange for the high risk that venture capitalists assume by investing in smaller and less mature companies, venture capitalists usually get significant control over company decisions, in addition to a significant portion of the company's ownership (and consequently value).

Young companies wishing to raise venture capital require a combination of extremely rare yet sought after qualities, such as innovative technology, potential for rapid growth, well thought through business model and impressive management team. VCs typically reject 98% of opportunities presented to them, reflecting the rarity of this combination.

Chit Funds

A Chit Fund is a kind of savings scheme practiced in India. In a chit scheme, a specific number of individuals come together to pool a specific amount of money at periodic intervals. Usually the number of individuals and the number of periods will be the same. At the end of each period, there will be an auction of the money.[ citation needed ] Members of the chit will participate in this auction for the pooled money during that interval. The money will be given to the highest bidder. The bid amount will be divided by number of members, and thus determining per head contribution during that period. Usually the discount will continue to decrease over periods. The person getting money in the last period will receive the full scheme amount.

Such chit fund schemes may be conducted by organized financial institutions or may be unorganized schemes conducted between friends or relatives. There are also variations of chits where the savings are done for a specific purpose. Chit funds also played an important role in the financial development of people of south India

Binomial Distribution

Binomial Distribution is used when there are exactly two mutually exclusive outcome of trial, These outcomes are appropriate labeled success and failure.

 Characteristics

1.   It is a discrete distribution.

2.   Trials are finite (and not very large), performed repeatedly for ‘n’ times.

3.   Each trial (random experiment) should be a Bernoulli trial, the one that results in either success or failure.

4.   Probability of success in any trial is ‘p’ and is constant for each trial.

5.   Sampling is done with replacement.

6.   All trials are independent.

Assumption

 Binomial distribution deals with only two events  Probability of success P and Probability of failure Q = 1- P So here we assume that P (Probability of success will never change as different trails take place. So sampling is always done with replacement in binomial distribution.

Application of Bernoulli distribution

Situations where Bernoulli distribution is commonly used are

1.   Sex of newborn child; Male = 0, Female = 1 say.

2.   Items produced by a machine are Defective or Non-defective.

3.   During next flight an engine will fail or remain serviceable.

4      Student appearing for examination will pass or fail.

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Business Forecasting

Forecasting is a technique of anticipating future problems and events. It involves making a detailed analysis of the past and present to get an idea about probable events in the future.

Forecasting makes planning possible, ensure coordination, facilitates control and enable strategic changes.

Business Forecasting is an act of predicting the future economic conditions on the basic past and present information, it refers to technique of taking a prospective view of things likely to shape the turn of things in foreseeable future. As future is always uncertain, there is a need of organized system of forecasting in business.

Process of business forecasting consists of the following steps

1)   Developing the basic
2)   Estimating the future business operations 
3)   Regulation Forecast
4)   Reviewing the forecast process

Interview

Interview is a conversation between two or more people where question are asked by the interviewer to information from the interviewee. The interview method of collecting data involves presentation of oral-verbal stimuli and replay in terms of oral-verbal response, This methods can be used through personal interview and if possible through telephone interview.

Interview is one of the prominent method of data collection. it may be defined as a two way systematic conversation between an investigator and an informant , initiated for obtaining information relevant to a specific study. It involves not only conversation but also learning form the respondent's gestures, facial expression and pauses and his environment.

Interviewing requires face to face contact or contact over telephone and calls for interviewing skills, it is done by using a structured schedule or an unstructured guide.

Sources of Capital for New Venture

One of the most difficult problems in the venture creation process is obtaining finance. for the entrepreneur, available financing needs to be considered. 

Debt or Equity financing

Debt financing

Obtaining borrowed funds for the company. It is an unsecured INTEREST bearing instrument, it is loan to the company the company will pay fixed percentage of interest. Here some asset be used as acollateral.

Equity financing

Obtaining funds for the company in exchange for ownership.

The company will pay the DIVIDEND to equity share holders, they are the owners of the company. Equity source of finance is not burden to the company, the company will pay the dividend when it get profit, there is no obligation to company in payment of dividend.

Internal or External funds
Internal funds

Internally generated funds can come from several sources within the company: i.e., profits, sale of assets, increase in working capital & accounts receivable. Internal source of funds can be obtained by reducing short-term assets like inventory, cash, & other working capital items.  

External funds

External source of financing need to be evaluated on three bases: length time of funds, cost involved & company control lost.

Main source is- self, family, friends, commercial banks, government grants,  issuing of shares,  bonds, debentures & other financial institutions.

Funding from Banks & Financial Institutions
The company can get the funds or financial assistance from financial institutions which are established for the growth of business such as IDBI, SFCS, SIDCS, RBI, IFCI, SIDBI & other private financial institutions.

Governmental & Developmental sources

Subsidies will be extended by central and state government to project being established in industrial profile areas.

The government was established the industrial development financial institution to give financial assistance.

Loans from Banks
Commercial Banks are main sources to appreciation of capital. Commercial banks are providing loans under different heads. The funds provided are in the form of debt financing and, as such, require some tangible guaranty or some asset with value.

Private Placement

A final sources of funds for the entrepreneur is private investors, who may be family and friends or wealthy individuals & also a sale of securities to an institutional investors.

Bootstrap financing
One alternative way to acquiring outside capital that should be considered as Bootstrap financing. It is mostly used in start up of new business and new venture creation.

It is one of the most expensive ways to raise capital for business, Bootstrap financing also look good to outside lenders when the time comes to raise money through these routes.

Venture Capital
It is a long-term funds in equity or semi-equity form to finance for high-tech projects involved in high risk & yet having strong potential of high profitability.  

It is a professionally managed pool of equity capital. Venture capital is a least understand concept in entrepreneurship and it is a long term investment discipline. The pool is managed by general partner, with the exchange for a percentage of the gain realized on the investment.

FDI- Foreign Direct Investment

FDI is defined as, a company from one country making a physical investment into building a factory in another country.  Investment made to acquire lasting interest in enterprises operating outside the economy of the investor. The FDI relationship consists of a parent enterprise and a foreign affiliate which together form multinational corporations.