After reading this article you will learn about unlimited and limited liability of an organisation. Unlimited Liability: In this system, there is no maximum limit of capital which can be collected from debtors in the case of failure of business. The creditors may collect money even from the personal property of the owner. Because of the risk involved in this [...]
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 approach, universal approach or classical [...]
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 for the company, division or [...]