The Indifference Curve Analysis approach was first introduced by Slutsky, a Russian Economist in 1915. Later it was developed by J.R. Hicks and R.G.D. Allen in the year 1928. What is Indifference Curve? Koutsoyiannis (1985) defines the indifference curve as the locus of points particular combinations or bundles of goods which yield the same utility […]
Indifference Curve – Definition, Schedule & Properties Read More »
OBJECTIVES OF MANAGEMENT In this article, you”ll learn the Objectives of management, Importance of management to modern day organization, and differences between Management and Administration. Feel free to leave a comment or questions below. The main objectives of managements are: To get maximum results with minimum efforts for the betterment of employers, employees, and the
Objectives Of Management Read More »
AREA OF CONCENTRATION (AOC) ON HUMAN CAPITAL MANAGEMENT (HCM) Be able to differentiate between each of them with a concrete and eye-catchy definition. Download PDF What is Human Capital? Functions of HCM. Importance of HCM. Objectives of HCM. Qualities of HCM. Define Compensation? Factors that determine compensation. Importance of compensation to employees. What is Man Power
AOC – Human Capital Management Read More »
After reading this article, you will be able to define the term, Human Resource Management, state the components, qualities, policies of the human resource management or manager and the contents of personnel policies. Please share this article on your social media handle. Together we share knowledge. HUMAN RESOURCE MANAGEMENT Human Resource Management can be defined
Human Resource Management Read More »
This article is an overview of Bureaucracy. After reading through, you will be able to define Bureaucracy according to different scholars. In this summary, you will also learn the features of Bureaucracy, merits, and demerits of Bureaucracy. Bureaucracy Max Weber a German sociologist define bureaucracy as the administrative system which is organized rationally, impersonally and
Bureaucracy – What Is Bureaucracy? Read More »
Henri Fayol (1841-1925), a French Industrialist offered 14 principles of management for the first time in 1916. His fourteen principles of management serve as a guide in helping managers to manage their organizations. The principles propounded by Fayol can be represented by an acronym called “DAD SEE U USSR CIO” 14 PRINCIPLES OF MANAGEMENT Division
14 Principles of Management Read More »
In this articles, you will learn the four traditional functions of management and also the management function propounded by HENRI FAYOL AND LUTHER GULLICK. FUNCTIONS OF MANAGEMENT The four traditional functions of management are planning, organizing, coordination, and controlling. Planning: This is the first traditional function of management. Planning involves looking ahead and mapping out
Management Functions Read More »
Is Management an Art or Science? Students always ask this question, Is management an Art or Science? In this article, we will consider some factors that classify management as an art and also management as a science. In the words of LUTHER GULLICK, management is regarded as a science because it involves a systematic principle
Is Management An Art or Science? Read More »
Generally, the more of a particular commodity human being possesses the less the intensity for more. Hence man’s subsequent unit, desire diminishes. The law of diminishing marginal utility was first formulated in 1854 by Hermann H. Gossen, though the name was given by Alfred Marshal and Jevons calls it Gossen’s first law. Gossen defines it
Law of Diminishing Marginal Utility Read More »