The concept of an organization refers to a structured and coordinated group of individuals or entities working together to achieve common goals or objectives. It involves the division of labour, delegation of responsibilities, and establishment of hierarchies to ensure effective functioning and efficient use of resources.
In this article, we’ll explore the managerial accounting vs. financial accounting. Both play crucial roles in the business world, but they serve different purposes. So, let
Managerial accounting is the process of analyzing financial data and generating relevant information to support internal decision-making within an organization.
Customer relationship management (CRM) is a strategy that organizations use to manage interactions with customers and potential customers. CRM helps organizations streamline processes, build customer relationships, increase sales, improve customer service, and increase profitability.
Relationship management refers to the strategies, practices, and activities employed to build and maintain strong and mutually beneficial relationships with customers, clients, partners, suppliers, and other stakeholders. It involves managing interactions, communications, and collaborations to nurture and enhance relationships for long-term success.
Working capital is the difference between a company’s current assets and its current liabilities. In other words, it represents the amount of money a company has available to cover its short-term obligations and expense.
Managerial Economics can be defined as the branch of economics which deals with the application of various concepts, theories, and methodologies of economics to solve practical problems in business management.
Operations research (OR) is a field of applied mathematics, engineering, and management science that deals with the application of advanced analytical methods to help make better decisions. OR uses quantitative models and data analysis to address complex issues in a variety of fields, including business, government, and healthcare. OR problems typically involve the optimization of … Read more
Before we jump into the topic “Formal vs Informal Communication”, first, we should learn about what formal and informal communication are. Formal Communication: Formal communication refers to the exchange of information, messages, or ideas within an organization or professional setting using established rules, protocols, and designated channels. It typically follows a structured format and is … Read more
A Management Information System (MIS) refers to a computer-based system that collects, processes, stores, and distribute information to support decision-making, coordination, control, analysis, and visualization within an organization. It is a crucial component of modern businesses and is designed to provide managers and other stakeholders with timely and relevant information for effective planning and decision-making.
