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Archive | Business Management

Schools of Management Thoughts

Following are main six classes of schools of management thought specified by Frank P. Carraecioto: 1. Process School or Traditional School 2. Empirical School 3. Human Behaviour School 4. Social System School 5. Decision Theory School 6. Mathematical or Quantitative Management School. 1. Process School or Traditional School: This approach is also known as operational […]

Setting Objectives for a Manager: 6 Stages

Objectives for the manager are set in the following stages: 1. Analyse the Manager’s Authority and Responsibility 2. Compare Goals with Managers Job 3. Initial Definition of Objectives 4. Determining the Units of Measure 5. Select Specific Targets 6. Discussion with the Manager. Stage # 1. Analyse the Manager’s Authority and Responsibility: After knowing goals […]

Development of Management Thoughts

After reading this article you will learn about the process of development of management thoughts. The diagram given under represents the most important contribution to the modern man­agement thoughts. Only few important pioneers have been listed. Vertical columns represent the broad divisions. Some pioneers of management thoughts made the contribution in more than one field […]

System: Meaning, Classification and Design

After reading this article you will learn about:- 1. Meaning of System 2. Definition of System 3. Classification 4. Design 5. Overall Objectives 6. Advantages. Meaning of System: A system can be defined as an orderly arrangement of components like, men, materials, money, machine and environment that are inter-related, and act and interact with one […]

Procedure for Designing an Engineering System

A system engineer must design a system in the following phases in sequence of order: 1. Understanding the Problem 2. Considering the Alternative Solution 3. Choosing the most Optimum System 4. Synthesis of the System 5. Updating Equipment Characteristics and Data 6. Testing the System and Refinement 7. Application and Operation. Phase # 1. Understanding […]

Need of an Individual: Classification and Priority

After reading this article you will learn about:- 1. Concept of Need 2. Classification of Needs 3. Priority. Concept of Need: When a machine goes out of order, we understand that it needs something like oil or repairs or replacement of certain parts etc. In the same way, human behaviour should have some reason and […]

Do you think Business Management as an Art?

Management as an Art! An art requires application of personal skills and knowledge to achieve the desired results. It involves continuous practice and creativity. It can be attained with the help of study, observation and experience. (more…)

Do you think Business Management as a Science?

Management as a Science! Science is a systematized body of knowledge, having logically observed principles and findings. It establishes cause and effect relationship between two or more events. (more…)


Three Basic Approaches to Sales Forecasting (1693 Words)

Read this article to learn about the three basic approaches to sales forecasting! Forecasting, rudiment point of planning, from a marketing standpoint, is the tactics of predicting alterations in the market¬≠ing environment, so that organizations can contrive strategies to encounter them when they occur. (more…)


Methods and Techniques of Inventory Control | Business Management

Read this article to learn about the advance method and techniques of inventory control: ABC analysis, EOQ model, safety stocks and the reorder point! Inventories occupy the most prominent position in the working capital structure of manufacturing and distributive business enterprises. For example, on an average inventories are approximately 60 per cent of the current […]

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