This is Not for Suggestion, Only for Help on VIVA-VOCE. Major-All. Q:-Define HRM. Human Resource Management includes conducting job analyses, planning personnel needs, recruiting the right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels. Or Human Resource Management (HRM) is the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization. Q-Why HRM is important for all managers? Managers need to know about HRM concepts & techniques so that they can avoid mistakes while managing. For example, managers don’t want to: • Hire the wrong person for the job • Experience high staff turn over • Find employees not doing their best • Have the company taken to court because of discriminatory actions • Allow a lack of training to undermine the department’s effectiveness • Commit unfair labor practices • Becoming uncompetitive because people issues are related business issues. Importance of Human Resource Management An organization cannot build a good team of working professionals without good Human Resources. The key functions of the Human Resources Management (HRM) team include recruiting people, training them, performance appraisals, motivating employees as well as workplace communication, workplace safety, and much more. The beneficial effects of these functions are discussed here: Recruitment and Training This is one of the major responsibilities of the human resource team. The HR managers come up with plans and strategies for hiring the right kind of people. They design the criteria which is best suited for a specific job description. Their other tasks related to recruitment include formulating the obligations of an employee and the scope of tasks assigned to him or her. Based on these two factors, the contract of an employee with the company is prepared. When needed, they also provide training to the employees according to the requirements of the organisation. Thus, the staff members get the opportunity to sharpen their existing skills or develop specialised skills which in turn, will help them to take up some new roles. Performance Appraisals HRM encourages the people working in an organisation, to work according to their potential and gives them suggestions that can help them to bring about improvement in it. The team communicates with the staff individually from time to time and provides all the necessary information regarding their performances and also defines their respective roles. This is beneficial as it enables them to form an outline of their anticipated goals in much clearer terms and thereby, helps them execute the goals with best possible efforts. Performance appraisals, when taken on a regular basis, motivate the employees. Maintaining Work Atmosphere This is a vital aspect of HRM because the performance of an individual in an organisation is largely driven by the work atmosphere or work culture that prevails at the workplace. A good working condition is one of the benefits that the employees can expect from an efficient human resource team. A safe, clean and healthy environment can bring out the best in an employee. A friendly atmosphere gives the staff members job satisfaction as well. Managing Disputes In an organisation, there are several issues on which disputes may arise between the employees and the employers. You can say conflicts are almost inevitable. In such a scenario, it is the human resource department which acts as a consultant and mediator to sort out those issues in an effective manner. They first hear the grievances of the employees. Then they come up with suitable solutions to sort them out. In other words, they take timely action and prevent things from going out of hands. Developing Public Relations The responsibility of establishing good public relations lies with the HRM to a great extent. They organise business meetings, seminars and various official gatherings on behalf of the company in order to build up relationships with other business sectors. Sometimes, the HR department plays an active role in preparing the business and marketing plans for the organisation too. Any organisation, without a proper setup for HRM is bound to suffer from serious problems while managing its regular activities. For this reason, today, companies must put a lot of effort and energy into setting up a strong and effective HRM. Q:What is collective bargaining? Collective bargaining is a process of negotiations between employers and a group of employees aimed at reaching agreements to regulate working conditions. Or The process of negotiating the terms of employment between an employer and a group of workers. The terms of employment are likely to include items such as conditions of employment, working conditions and other workplace rules, base pay, overtime pay, work hours, shift length, work holidays, sick leave, vacation time, retirement benefits and health care benefits. Q:- Why is collective bargaining important Collective bargaining includes not only negotiations between the employers and unions but also includes the process of resolving labor-management conflicts. Thus, collective bargaining is, essentially, a recognized way of creating a system of industrial jurisprudence. It acts as a method of introducing civil rights in the industry, that is, the management should be conducted by rules rather than arbitrary decision making. It establishes rules which define and restrict the traditional authority exercised by the management. Q:- Define ‘Business’. A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers. Q:- Define management and its function. Management is the process of reaching organizational goals by working with and through people and other organizational resources. Management has the following 3 characteristics: 1. It is a process or series of continuing and related activities. 2. It involves and concentrates on reaching organizational goals. 3. It reaches these goals by working with and through people and other organizational resources. MANAGEMENT FUNCTIONS: The 4 basic management functions that make up the management process are described in the following sections: 1. PLANNING 2. ORGANIZING 3. INFLUENCING 4. CONTROLLING. PLANNING: Planning involves choosing tasks that must be performed to attain organizational goals, outlining how the tasks must be performed, and indicating when they should be performed. Planning activity focuses on attaining goals. Managers outline exactly what organizations should do to be successful. Planning is concerned with the success of the organization in the short term as well as in the long term. ORGANIZING: Organizing can be thought of as assigning the tasks developed in the planning stages, to various individuals or groups within the organization. Organizing is to create a mechanism to put plans into action. People within the organization are given work assignments that contribute to the company’s goals. Tasks are organized so that the output of each individual contributes to the success of departments, which, in turn, contributes to the success of divisions, which ultimately contributes to the success of the organization. INFLUENCING: Influencing is also referred to as motivating,leading or directing.Influencing can be defined as guiding the activities of organization members in he direction that helps the organization move towards the fulfillment of the goals. The purpose of influencing is to increase productivity. Human-oriented work situations usually generate higher levels of production over the long term than do task oriented work situations because people find the latter type distasteful. CONTROLLING: Controlling is the following roles played by the manager: 1. Gather information that measures performance 2. Compare present performance to pre established performance norms. 3. Determine the next action plan and modifications for meeting the desired performance parameters. Controlling is an ongoing process. Q:-Define planning Planning (also called forethought) is the process of thinking about and organizing the activities required to achieve a desired goal. Q:- Define marketing. The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four Ps of marketing are product, place, price and promotion. Q:-Definition of Bank A financial institution licensed as a receiver of deposits. There are two types of banks: commercial/retail banks and investment banks. In most countries, banks are regulated by the national government or central bank. Q:-Definition of Macroeconomics The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels. Q:-Definition of Gross Domestic Product - GDP The monetary value of all the finished goods and services produced within a countrys borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. GDP = C + G + I + NX where: C is equal to all private consumption, or consumer spending, in a nations economy G is the sum of government spending I is the sum of all the countrys businesses spending on capital NX is the nations total net exports, calculated as total exports minus total imports. (NX = Exports - Imports) Q:-Definition of ‘National Income-NI’ National income is the total value a country’s final output of all new goods and services produced in one year. Q:-DEFINITION of Gross National Product - GNP An economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents. Q:-Definition of Demand An economic principle that describes a consumers desire and willingness to pay a price for a specific good or service. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa. Q:-Definition of Supply A fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph. This relates closely to the demand for a good or service at a specific price; all else being equal, the supply provided by producers will rise if the price rises because all firms look to maximize profits. Q:-Define Budget. An estimation of the revenue and expenses over a specified future period of time. A budget can be made for a person, family, group of people, business, government, country, multinational organization or just about anything else that makes and spends money. A budget is a microeconomic concept that shows the tradeoff made when one good is exchanged for another. Q:-Define Public Finance. The field of public finance is usually defined as the study of the taxation, spending and deficit activities of government. Q:-Define Taxation. Taxation refers to the act of a taxing authority actually levying tax. Taxation as a term applies to all types of taxes, from income to gift to estate taxes. It is usually referred to as an act; any revenue collected is usually called taxes. Q:-Definition of Taxes An involuntary fee levied on corporations or individuals that is enforced by a level of government in order to finance government activities. Q:-Definition of Income Tax A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public. Q:-Definition of Value-Added Tax - VAT A type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. Value-added tax (VAT) is most often used in the European Union. The amount of value-added tax that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed. Q:-Define Public expenditure. Public expenditure is spending made by the government of a country on collective needs and wants such as pension, provision, infrastructure, etc. Q:-Define Public Debt. Government debt (also known as public debt and national debt) is the debt owed by a central government. The public debt is defined as how much a country owes to lenders outside of itself. These can include individuals, businesses and even other governments. The term public debt is often used interchangeably with the term sovereign debt. Q:-What is Fiscal Policy? Fiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nations economy. It is the sister strategy to monetary policy through which a central bank influences a nations money supply. These two policies are used in various combinations to direct a countrys economic goals. Here we look at how fiscal policy works, how it must be monitored and how its implementation may affect different people in an economy. Q:-Definition of Rate Of Return The gain or loss on an investment over a specified period, expressed as a percentage increase over the initial investment cost. Gains on investments are considered to be any income received from the security plus realized capital gains. Q:-Definition of Risk The gain or loss on an investment over a specified period, expressed as a percentage increase over the initial investment cost. Gains on investments are considered to be any income received from the security plus realized capital gains. Or, A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. Q:-Define Stock A type of security that signifies ownership in a corporation and represents a claim on part of the corporations assets and earnings. There are two main types of stock: common and preferred. Q:- Define Bond A written and signed promise to pay a certain sum of money on a certain date, or on fulfillment of a specified condition. All documented contracts and loan agreements are bonds. Q:-Define Debenture A type of long-term unsecured bond (loan), taken out by a company, which it agrees to repay at a specified future date. Q:- Define Audit An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm). Q:-Define Organizational Behavior Organizational behavior is the study of both group and individual performance and activity within an organization. Q:- Define Dividend. A distribution of a portion of a companys earnings, decided by the board of directors, to a class of its shareholders. Q:-Define Franchise. A form of business organization in which a firm which already has a successful product or service (the franchisor) enters into a continuing contractual relationship with other businesses (franchisees) operating under the franchisors trade name and usually with the franchisors guidance, in exchange for a fee. Q:-Define Entrepreneur An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Q:-Define Entrepreneurship The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Q:-Define Financial Market. A market for the exchange of capital and credit, including the money markets and the capital markets. Q:-Different Types of Financial Markets Capital Market, Money Market, Derivatives market, Foreign Exchange market, Insurance Market, Commodity Market. Q:-Basic Definitions: Advertising, Marketing, Promotion, Public Relations and Publicity, and Sales One Definition of Advertising Advertising is bringing a product (or service) to the attention of potential and current customers. Advertising is focused on one particular product or service. Thus, an advertising plan for one product might be very different than that for another product. Advertising is typically done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, etc. One Definition of Promotion Promotion keeps the product in the minds of the customer and helps stimulate demand for the product. Promotion involves ongoing advertising and publicity (mention in the press). The ongoing activities of advertising, sales and public relations are often considered aspects of promotions. One Definition of Marketing Marketing is the wide range of activities involved in making sure that youre continuing to meet the needs of your customers and getting value in return. Marketing is usually focused on one product or service. Thus, a marketing plan for one product might be very different than that for another product. Marketing activities include inbound marketing, such as market research to find out, for example, what groups of potential customers exist, what their needs are, which of those needs you can meet, how you should meet them, etc. Inbound marketing also includes analyzing the competition, positioning your new product or service (finding your market niche), and pricing your products and services. Outbound marketing includes promoting a product through continued advertising, promotions, public relations and sales. One Definition of Public relations Public relations includes ongoing activities to ensure the overall company has a strong public image. Public relations activities include helping the public to understand the company and its products. Often, public relations are conducted through the media, that is, newspapers, television, magazines, etc. As noted above, public relations is often considered as one of the primary activities included in promotions. One Definition of Publicity Publicity is mention in the media. Organizations usually have little control over the message in the media, at least, not as they do in advertising. Regarding publicity, reporters and writers decide what will be said. One Definition of Sales Sales involves most or many of the following activities, including cultivating prospective buyers (or leads) in a market segment; conveying the features, advantages and benefits of a product or service to the lead; and closing the sale (or coming to agreement on pricing and services). A sales plan for one product might be very different than that for another product. Q:-Define personal selling Face-to-face selling in which a seller attempts to persuade a buyer to make a purchase. Q:-Define advertising. The activity or profession of producing information for promoting the sale of commercial products or services. Q:-Define Break Even Point. Point in time (or in number of units sold) when forecasted revenue exactly equals the estimated total costs; where loss ends and profit begins to accumulate. This is the point at which a business, product, or project becomes financially viable. Or, Break-even (or break even) is the point of balance between making either a profit or a loss. Or, the point at which the income from sale of a product or service equals the invested costs, resulting in neither profit nor loss; the stage at which income equals expenditure. Q:-Define Operation Management Operations management refers to the administration of business practices to create the highest level of efficiency possible within an organization. Operations management is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization. Q:-Define Inventory Control. Inventory Control is the supervision of supply, storage and accessibility of items in order to ensure an adequate supply without excessive oversupply. It can also be referred as internal control - an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc. Q:-Define Project. Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations. Q:-What are business ethics? Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. Q:-Define Portfolio Management. Portfolio management refers to the professional management of securities and other assets. Also referred to as asset management and wealth management. Q:-Define Investment. An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price. Q:-Define Risk. The chance that an investments actual return will be different than expected. Risk includes the possibility of losing some or all of the original investment. Q:-Define Retailing. Commercial transaction in which a buyer intends to consume the good or service through personal, family, or household use. Abbreviations: PPC-Production Possibility Curve. MRP-Marginal Revenue Product. VMP-Value of Marginal Product. MPS-Marginal Propensity of Save. MPC-Marginal Propensity of Consume. APS-Average Propensity of Save. MICR Cheque-Magnetic Ink Character Recognition Cheque. GATT-General Agreement on Tariff and Trade. SAPTA-South Asian Preferential Trade Agreement. NCDs-Negotiable Certificate of Deposit. IPO-Initial Public Offerings. HRIS-Human Resource Information Systems. IMC-Integrated Marketing Communications. CVP-Cost-Volume-Profit. EMH-Efficient Market Hypothesis. CAPM-Capital Asset Pricing Model. CML-Capital Market Line. SML-Security Market Line. CRM-Customer Relationship Management.
Posted on: Fri, 31 Oct 2014 15:15:46 +0000
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