Participative Management – Workers Participation in Management

Human Resource Management

Case Study on Entrepreneurship: Larry Page

Business Analysis

The Boundaryless Career: Modern Contemperory Perspective on Career

Human Resource Management

How to Meet Costa Rica’s 2026 VASP Requirements Without Expanding Headcount

General Business Articles

Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Fire Insurance – Definition, Characteristics and Policy Types

Fire insurance is the oldest form of insurance. In the early development of industrial society, fire was the main source of energy. The industrial or commercial activities were not possible without fire. However, there was a need to insure the risk of uncontrolled or uncertain fire. Fire insurance is designed to provide for financial loss to property due to fire and a few other related hazards. The property that can be covered under fire insurance includes Building, Machinery, Equipments, Accessories, Goods, Raw Materials, Electrical Installation of building, Residential houses, Furniture and fittings, Pipelines located outside and inside the building. A contract of fire insurance is a contract whereby the insurer undertakes, in consideration of the  premium paid, to make good any loss or damage caused by fire during a specific period. The fire insurance contract  specifies the maximum amount which the assured can claim in case of loss. This amount Continue reading

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Discharge of a Contract by Breach

Discharge of contract means parties to the contract is no more liable to the contract. In other words, the liability of the parties to the contract will come to an end. Discharge by breach of contract: Breach of contract by a party thereto is also a method of discharge of a contract, because “breach” also brings to an end the obligations created by a contract on the part of each of the parties. Of course the aggrieved party i.e., the party not at fault can sue for damages for breach of contract as per law; but the contract as such stands terminated. Breach of contract may be of two kinds: (1) Anticipatory breach; and (2) Actual breach. Anticipatory breach: An anticipatory breach of contract is a breach of contract occurring before the time fixed for performance has arrived. It may take place in two ways: (a) expressly by words spoken Continue reading

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Innovative Organizations – Meaning, Elements and Leadership Behavior

Many organizations are resistant to changes and continue operating the way they had been operating in the past. To remain competitive, they work harder, improve efficiency, reduce cost and implement best practices. But, this is not enough. Instead of getting stuck in their standard mode of operations, organizations need to adopt innovative ways to change the strategies. The best way to create a competitive edge and be in the head of the competition is to innovate by drawing advantage from the creative power of your people. Turn your greatest assets into opportunistic entrepreneurs who discover new ways and improve the way they do business. Management innovation involves total transformation of existing culture to enhance organizational performance in an integrated manner involving technological innovation, product and service innovation, and strategy and structural innovation. Every organization needs to have a vision, a culture and a process of innovation to build a truly Continue reading

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Flexible Budgets – Definition, Characteristics and Preparation Methods

Meaning of Flexible Budgeting Defining the term budgeting is helpful in understanding its role in an entity. Budgeting is described as a quantitative reflection of a business or an individual plan on the use of resources for a specified period of time, in many instances per year. In simpler terms, budgeting is the generation of a document that brings together approximations of income and expenditure for an upcoming period. Given the small duration that is covered, budgeting is also viewed as short-term financial arrangement or plan. In addition, budgets are taken as representations of action plans that help managers pursue business objectives. Thus, it is summed that budgeting is a comprehensive and coordinated plan, based on financial figures, pertaining to operations and resources used in an organization for a specified duration in the future. The overall objective of the budgetary process is to improve the performance of the organization. Comprehending Continue reading

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Business Tactics – Meaning and Types

Business Tactics are specific operating plans which are part of and fit into the larger strategic plan. In warfare, tactics are plans made to fight and win battles. Strategy is the larger set of plans to win wars. Similarly business tactics can be viewed as short term plans to achieve smaller goals – also called targets- and are part of a larger strategic plan to achieve long term goals. A useful way of viewing tactics is to consider them as linking elements between strategy formulation and strategy implementation. There are two types of primary tactics viz. Timing Tactics and Market Location Tactics. Timing refers to the order in which a firm makes market moves in relation to its competitors. A firm may choose to be first in the market with a product or new features to an existing product. This is known as a first mover tactic. Usually a firm Continue reading

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eGovernment – Definitions and Benefits

EGovernment is one more of the recent years “buzzwords”. It is usually either paired with the word “services” at the end or other words like eGovernance and Digital Government. Like every other (relatively) new and cool “buzzword” they are used widely by a broad spectrum of individuals who represent mostly two different backgrounds. Information technology and politics. The first because it is a technological issue, the later because they have come to realize, even though a little late, that they represent an excellent vehicle for them to provide a better experience to anyone who interacts with the Government. But, what do these terms mean? Do they collide or conflict each other? How about covering or including one another? EGovernment is in the first stages of development. Most governments have already taken or are taking initiatives offering government services online. However, for the true potential of eGovernment to be realized, government Continue reading

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