Levels of Management - Top, Middle and Lower Level

Meaning of Levels of Management
Many managers work in an organisation. However, these managers do not work at the same level. They work and operate at different positions. Hierarchy of these managerial positions is called Levels of Management.
Three Levels of Management
Generally, there are Three Levels of Management, viz.,Administrative or Top Level of Management.
Executive or Middle Level of

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Steps In Human Resource Planning HRP Process

HRP is done by the HRD manager. He is supported by the HRD department. He takes following Steps in the process of Human Resource Planning HRP.
1. Review of Organisation's Objectives
The HRD Manager first studies the objectives of the organisation. Then he prepares a list of all the activities (jobs) that are required to achieve the objectives. He also does Job's analysis.Image Credits ©

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Human Resource Planning HRP - Manpower Personnel Planning

Meaning of HRP / Manpower / Personnel Planning
Human Resource (Manpower or Personnel) Planning (HRP) involves :-Forecasting (Estimating) the Manpower requirements and recruitment.
Manpower Allocation
Manpower Motivation
Manpower Development
Image Credits © CIPD.
Need / Advantages / Role / Importance of HRP
Now-a-days organisations are fully dependent on human resources. Thus, they are giving

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Human Resource Development HRD - Definition Features

Human Resource Development HRD - Definition
According to American Society for Training and Development (ASTD),"HRD is the integrated use of :-training and development,
organisational development, and
career development to improve individual, group and organisational effectiveness."Image Credits © CIPD.
Features of Human Resource Development HRD
The nature / scope / characteristics or features

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Human Resource Management HRM - Meaning Features Scope

Meaning of Human Resource Management HRM
HRM means to Select, Develop, Motivate and Maintain human resources, in the organisation. It first selects the right human resources or staff (i.e. managers and employees). It trains and develops them. It motivates them by giving them recognition and rewards. It also provides them with the best working conditions.Image Credits © HRM At WORK.HRM is

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Group Discussion GD Meaning, Qualities Judged, Videos

Meaning of Group Discussion (GD)
Group Discussion is an important tool in the selection process. It is mostly used for selecting candidates for management posts. Here, the candidates are divided into small groups. Each group contains six to eight candidates. Each group is given a topic for discussion. They are also given a time limit for discussing this topic. The topic may be a general or

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Types of Employment Tests used for Selecting Employees

Types of Employment Tests
Many large companies use employment tests for selecting appropriate employees. These employment tests help companies to find out the intelligence, maturity, skills, etc., of the candidates or prospective employees.Image Credits © domesticat.The types of employment tests used for selecting employees:Intelligence Test,
Interest Test,
Performance Test,
Personality Test,

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Different Leadership Styles or Types of Leaders

Different Leadership Styles
Different leadership styles or types of leaders are listed and explained below.Image Credits © Fitness 360.The various styles of leadership are as follows:Autocratic Style,
Consultative Style,
Participative Style,
Laissez-Faire Style
Bureaucratic Leader,
Neurocratic Leader,
Paternalistic Style,
Sociocratic Style, and
Situational Style.
Types of Leaders
Above

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What are Different Types of Interview? 10 Interview Types

What are Different Types of Interview?
The 10 different types of an interview are discussed in this article.Image Credits © Perform Impact.
1. Structured Interview
Here, every single detail of the interview is decided in advance. The questions to be asked, the order in which the questions will be asked, the time given to each candidate, the information to be collected from each candidate, etc.

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Behavioural Science Approach To Management

Behavioural Science Approach or School
Behavioural Science Approach is an extension of the Human Relations Approach. Elton Mayo and his team used simple research methods. However, researchers, like Abraham Maslow, Douglas McGregor, etc., used more complex research methods. Thus are called "Behavioural scientists."Image Credits © Iain Farrell.The behavioural science approach is also called "Human

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Principles of Human Relations Approach to Management

Human Relations Approach to Management
The classical school did not give importance to the human aspects of the workers. Therefore, they did not achieve a high level of production efficiency and co-operation between the management and workers. The failure of the classical approach led to the human relations movement.Image Credits © Pixmac-com.The human relations experts tried to integrate (

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Bureaucratic Theory of Management by Max Weber

Bureaucratic Theory by Max Weber
Bureaucratic Theory was developed by a German Sociologist and political economist Max Weber (1864-1920). According to him, bureaucracy is the most efficient form of organisation. The organisation has a well-defined line of authority. It has clear rules and regulations which are strictly followed.Image Credits © gatoconbotas_fc.According to Max Weber, there are

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Hawthorne Studies Experiments - 4 Parts, Conclusions, Criticism

The Human Relations Movement began with the Hawthorne Experiments. They were conducted at Western Electrical Works in USA, b/w 1924-1932.
Four Parts of Hawthorne Studies / Experiments
Image Credits © Harvard Business School.
Part I - Illumination Experiments (1924-27)These experiments were performed to find out the effect of different levels of illumination (lighting) on productivity of labour.

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Henri Fayol 14 Principles of Management Year 1916

Fayol's 14 Principles of Management
Henri Fayol, a French industrialist, is now recognised as the Father of Modern Management. In year 1916 Fayol wrote a book entitled "Industrial and General Administration". In this book, he gave the 14 Principles of Management. These 14 principles of management are universally accepted and used even today. According to Henri Fayol, all managers must follow

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What is Management? Definitions Meaning and Features

What is Management? Definitions
According to Harold Koontz,"Management is the art of getting things done through and with people in formally organised groups."Harold Koontz gave this definition of management in his book "The Management Theory Jungle".According to Henri Fayol,"To manage is to forecast and to plan, to organise, to command, to co-ordinate and to control."Henri Fayol gave this

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Franchise Meaning, Definition and Features of Franchise

Franchise Meaning
Franchise is a local representative of any organization who markets and conducts the entire marketing activity under complete guideline and support of franchisor in the area allotted to the franchisee. It is a kind of authorization granted to an individual or corporation by a franchisor to sell its goods or services in a defined way. The concept of a franchise was originated in

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Advantages and Disadvantages of Supermarket or Super Bazaar

Advantages of Supermarket
The benefits or advantages of a supermarket or super bazaar are as follows:Image Credits © Eleventh Earl of Mar.Saving in labour cost due to self-service system.
Supermarket has large turnover.
Reasonable or low prices of goods.
Low cost of operation.
Freedom of selection.
Shopping is very easy and quick.
Due to adequate parking space, shopping becomes easy and pleasing

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Supermarket Super Bazaar - Meaning Definition Features

Supermarket Super Bazaar Meaning
Supermarket is also called as Super Bazaar in India.Bazaar is a Hindi word, which means a market in English.Supermarket is a large-scale retail organization, selling a wide variety of consumer goods on the principle of self-service. They are rightly called as Self-Service Stores as customers have to serve themselves and there are no counter salesmen to help the

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Functions of Banks - Important Banking Functions and Services

What are the Functions of Banks? Diagram ↓
The functions of banks are briefly highlighted in following Diagram or Chart.These functions of banks are explained in following paragraphs of this article.
A. Primary Functions of Banks ↓
The primary functions of a bank are also known as banking functions. They are the main functions of a bank.These primary functions of banks are explained below.
1.

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Distinguish Between Saving Account and Fixed Deposit

1. Meaning ↓
Saving account is a bank account which is opened by persons in order to save a part of their income.Fixed Deposit (FD) account is that type of account where a fixed sum of money is deposited for a fixed period. 2. Purpose for Depositors ↓
The main purpose of savings account is to save a part of the income.The main purpose of fixed deposit account is to get a lump sum amount on the

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Distinguish Between Saving and Current Account

Difference Between Saving and Current Account
The difference between saving and current account is discussed as follows:
1. Meaning
Saving account is opened by individuals for the purpose of saving a part of their income.Current account is maintained by businessman and others who have to do regular bank transactions.
2. Purpose
The main purpose of opening a saving account is to save a part of

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Distinguish Between Fixed Deposit and Current Account

1. Meaning ↓
In fixed deposit, a fixed sum of money is deposited for a fixed period.Current account is operated by businessmen and others who have to do regular business transactions. 2. Purpose ↓
The main purpose of fixed deposit is to earn higher interest rate and get a lump sum amount on maturity.The main purpose of current account is to facilitate regular transactions.
3. Who Operates?

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Difference Between Cheque and Demand Draft DD - Distinguish

1. Meaning
A cheque is an unconditional order directing the banker to pay a certain sum of money only to or to the order of a certain person.A draft is an order to pay money drawn by one office of a bank upon another office of the same bank for a sum of money payable to order on demand.Image credits © Moon Rodriguez.
2. Facility
The current account and saving account holders get a cheque

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Difference Between Commercial Bank and Industrial Bank

1. Nature of Banking ↓
Commercial Bank is a bank which primarily provides financial facilities to commercial activities.Industrial Bank is a bank which primarily provides financial facilities to industrial or productive activities. 2. Types of Loans Offered ↓
Commercial Banks generally provides short-term loans for meeting working capital needs.Industrial Banks generally provides long-term loans

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Distinguish Between Commercial Bank and Co-operative Bank

1. Registration ↓
In India, the Commercial Banks are required to be registered under Banking Regulation Act, 1949.In India, the Co-operative Banks are required to be registered under the Co-operative Societies Act, of the concerned state. 2. Main Objective ↓
The main objective of a Commercial Bank is to accept deposits from public for the purpose of lending to industry and commerce.The main

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Distinguish Between Commercial Bank and Central Bank

1. Function ↓
The main function of a Commercial Bank is to accept deposits from public for the purpose of lending to industry and others.The Central Bank regulates money supply in the country. It also acts as a banker to the government and to the other banks operating in a country. 2. Printing of Currency ↓
The Commercial Banks cannot print currency notes and make coins.The Central Bank of India

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Compare Maslow and Herzberg Theory of Motivation - Difference

1. Meaning ↓
Maslow's theory is based on the concept of human needs and their satisfaction.Hertzberg's theory is based on the use of motivators which include achievement, recognition and opportunity for growth. 2. Basis of Theory ↓
Maslow's theory is based on the hierarchy of human needs. He identified five sets of human needs (on priority basis) and their satisfaction in motivating

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Difference Between Invoice and Delivery Note - Distinguish

1. Meaning ↓
Invoice is a bill of a sale transaction showing the amount to be paid by the buyer.Delivery note is a note sent by the seller to the buyer informing about the despatch and delivery of goods. 2. Contents ↓
Invoice gives details of a sale transaction i.e. description of goods supplied, rate, expenses, amount payable, etc.Delivery note only gives details of quantity supplied.
3. When

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Difference Between Cash Memo and Invoice - Distinguish

1. Meaning ↓
A cash memo is a document stating cash received for the goods sold. It is a paid bill for cash sales.An invoice is a document showing the amount due from the buyer or the debtor it is a bill for credit sale. 2. When Issued?
Cash memo is issued in the case of a cash transaction.Invoice is issued in the case of a credit transaction.
3. Proof ↓
Cash memo serves as an evidence of cash

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Distinguish Between Trade and Cash Discount - Difference

1. Meaning ↓
Trade Discount is a discount allowed by the seller to the buyer in case of bulk purchases made by him.Cash Discount is a reduction in the net amount payable by the buyer when prompt payment is made by the buyer. 2. When Allowed?
Trade discount is usually allowed when bulk purchases are made.Cash discount is usually allowed if payment in cash is made promptly i.e. within a short

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Distinguish Between Debit and Credit Note - Difference

Difference Between Debit and Credit Note
The difference between debit and credit note is explained as follows:
1. Meaning
Debit note is a note sent by one party to another informing him that his account is debited in the sender's book.Credit note is a note sent by one party to another informing him that his account is credited in the sender's book.
2. Details
Debit note contains details as to

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Distinguish Between Proforma Invoice and Invoice - Comparison

1. Meaning ↓
Proforma Invoice is a quotation given in the form of invoice.Invoice is a bill of a sale transaction showing the amount to be paid by the buyer. 2. When Sent?
Proforma Invoice is sent at the request of the buyer before he places the order.Invoice is sent after the goods being despatched by the seller.
3. Purpose ↓
Proforma Invoice enables buyer to decide whether to place the order

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Distinguish Between Loco and Franco Price - Comparison

1. Meaning ↓
Loco price includes the cost of goods at the factory or godown of the seller.Franco price includes the cost of goods plus all expenses upto the buyer's warehouse. 2. Preference ↓
The seller normally prefers Loco price.The buyer normally prefers Franco price.
3. Seller's Liability ↓
In case of Loco price, normally, the liability of the seller ceases once the goods leave his

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Debit Note Credit Note Helps In Adjusting Books of Account

On receipt of goods, the buyer compares with the particulars in the invoice and/or order. On a comparison, the buyer may notice some discrepancies. In such a case, he will lodge a complaint with the seller. On receipt of the complaint, the seller verifies the nature of a complaint and then promptly makes necessary adjustments.Necessary adjustments are made in respect of claims arising out of

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What are the Steps Involved in Execution of an Order?

1. Entry in order received book
Once the order is received, it is stamped with date of its receipt and is given a certain reference number. Entry is made in the Order Received Book. Such entries help to expedite the timely execution of the order.
2. Intimation to the warehouse keeper
The order slip is sent to the warehouse keeper. The goods are then packed as per buyer's requirements. Necessary

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What are the Essentials of an Order? Made by Buyer to Seller

1. Acknowledgement of Quotation from Buyer
The buyer should make a reference to the quotation or proforma invoice received from the seller and also indicate his acceptance of the terms offered. 2. Buyer must indicate Types of Goods Ordered
The buyer should clearly indicate the type of goods ordered in respect of quality, brand, size, shape, colour, etc.
3. Buyer must state Quantity of Goods

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What is Proforma Invoice? When Proforma Invoice is Prepared?

What is Proforma Invoice? Meaning
Proforma invoice is sent by a seller to the buyer before receiving the order. At times, the buyer may like to know the exact amount which he would have to pay in case he places an order. He would request the seller to give him a clear idea about the payment. In such a case, the seller prepares an invoice and sends it to the buyer. Such invoice is called Proforma

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Enquiry is a Request by Buyer to the Seller in Trade

Enquiry In Trade Transaction ↓
Simple english meaning of word enquiry means to ask questions. An enquiry is a request by buyer to the seller, asking for questions i.e information about the goods. The seller may advertise his goods or services. He may also depute a sales representative to the potential buyers. If the prospective buyer is interested in purchasing the goods, he may obtain as much

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What is Trade Transaction? Steps in Trade Transactions

What is Trade Transaction? Meaning
Trade transaction means the activity of buying and selling in between two parties, namely Buyer and Seller.The consideration for which a trade transaction takes place is called Price.Image Credits © Brendan ReynoldsSuch trade transaction would materialise only when one party is willing to buy and another party is willing to sell. Such parties have to take a

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Quotation - Meaning, Contents and Types of Quotations

What is Quotation? Meaning of Quotation ↓
A Quotation is a business offer made by a seller to an interested buyer to sell certain goods at specific prices and on certain terms and conditions.Image Credits © Stefan DanIt is a reply by the seller to the prospective buyer. Hence, the quotation letter should be prepared carefully by the seller. It should contain information on all points mentioned

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What is Discount ? Meaning and Types of Discounts Cash Trade

What is Discount ? Meaning
In simple terms, Discount is an allowance or concession in price. Discount is given so that the buyer is induced (lured) to place an order and later to make payment in time.Discount can be also referred to as a deduction in price. The seller deducts the discount from the gross or total price, and the buyer is supposed to pay the net amount.
Types of Discounts

The two

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Various Types of Invoice - Different Kinds of Invoices

1. Inland Invoice ↓
An invoice which is used in internal trade transaction is called as an Inland Invoice. When the goods are sold within a country, the invoice relating to such a transaction is called as an Inland Invoice.

2. Foreign Invoice ↓
An invoice which is prepared for covering an international trade transaction is called as a Foreign Invoice. A number of copies are prepared, maybe

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Different Modes of Payment - What are Types of Payment?

Different Modes or Types of Payment ↓
The payment can be made in many different ways like by giving Cash, doing Telegraphic Transfer or Mail Transfer, via Money Order or Postal Order, Bill of Exchange, Promissory Note, Cheque, Bank Draft, etc. 1. Cash Payment
This is one of the oldest modes of payment. In this case, the buyer pays money in the form of notes and coins to the seller. The seller on

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What is Invoice ? Meaning, Contents and Functions

Meaning of Invoice ↓
Invoice is a bill which indicates the amount that is to be paid by the buyer to the seller. There is no standard form or style of invoice and as such it can be designed as per the requirements of the seller. It can be prepared in three or more copies as required by the parties concerned. The invoice may be sent along with the goods or at a later date. When cash is paid at

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What are the Disadvantages of Departmental Store?

Along with advantages, the departmental store also have certain drawbacks or limitation which both customers as well as the owners have to endure.
1. Departmental store needs higher operating costs
The cost of running a departmental store is very high. Since a departmental store is centrally located the rent for the building is very high. It also offers personal services and facilities, spends

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What are the Advantages of Departmental Store ?

The departmental store offers many advantages to the customer as well as to its owners. The important advantages of a departmental store are as follows.
1. Departmental store gives shopping convenience
A departmental store enables a customer to purchase all his requirements under one roof. Time is saved as there is no need to visit several shops.
Image Credits © Ran Han
2. Departmental store

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What is Departmental Store? Meaning and Features

Meaning of Departmental Store ↓
A departmental store is a large retail trading organization. It has several departments, which are classified and organized accordingly. Departments are made as per different types of goods to be sold. For example, individual departments are established for selling packed food goods, groceries, garments, stationery, cutlery, cosmetics, medicines, computes, sports

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Direction of India's Foreign Trade - Changes in Import Export

Introduction to Direction of India's Foreign Trade ↓
By direction of trade we mean the countries with which India keeps international trade relations. It also helps us to understand the diplomatic relations maintained by India with other countries in direction of trade.For the purpose of direction of trade, the countries to which India exports are broadly divided into following five groups.The

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