Human resource management is the organizational function that manages all the issues related to the people in an organization. That includes but is not limited to compensation, recruitment, and hiring, operation management, organization development, security, wellness, benefits, employee encouragement, communication, policy administration, and training.
In the last few decades, resource management has become a very crucial part of modern business structure. This area is quite a bit mature. An array of novel ideas has been introduced ever since it started growing. Resource management has appeared as an independent discipline after organizations became complex with matrix structure and extended in multiple geographies.
Procurement is a process of acquiring goods and services. Procurement is commonly a part of the input to a company that uses the procured goods or services in the making of their own final product.
Project Management is the process of leading the work of a team to achieve goals and meet the success criteria of an organization at a specified time. The primary challenge of it is to achieve all the project goals within given constraints. The primary constraints are time, budget and scope. The secondary challenge is to optimize the allocation of vital inputs and apply them to meet pre-planned aims.
Management process is basically a process of setting goals, planning, organizing, controlling and leading the execution of any type of activities such as a project or a process.
If you ask a layman about procurement vs purchasing, he will tell you that they are one and have the same meaning, but if you ask a purchasing manager he will explain to you how and why there is differences between procurement and purchasing.
Materials management is important as most manufacturing concerns spend more than 60% of the money they take in, on materials. That means materials soak up a substantial portion of the capital invested in the industry.
A person wants to communicate one thing at a time, but he communicates something else which he never wanted. This type of behaviour in communication is called “The arc of distortion”.
Some of the primary objectives of communication are to convey information like instructions, policies, procedures, decisions etc., so the listener can read, hear and understand what is said and accept the message.
Communication enables a group of people to think and act together. Without communication, there will be no organization. Poor communication leads to poor coordination and similarly, cooperation depends on communication.
We can define the term ‘standard cost’ as the expected cost per unit of the products produced during a period, which is based on various elements of cost like direct material, direct labour, overheads, etc.
