Tutorial Topic: what is market failure, definition, example and causes of market failure. The success of the market is mainly dependent on the effective allocation…
While computing the total cost of production, there are several types of costs that an organisation needs to consider apart from those involved in the procurement of raw material, labour and capital.
Tutorial Topic: 3 Types of Production Functions: Cobb-Douglas, Leontief and constant elasticity substitution (CES) production function. There are different types of production functions that can…
Production function can be defined as a technological relationship between the physical inputs and physical output of the organisation. It is a statement of the relationship between a firm’s scarce resources.
Production Possibility Curve (PPC) is a curve that shows the alternative combinations of two goods and services by using all the available factor resources, efficiently. In economics, the Production Possibility Curve provides an overview of the maximum output of a good.
In economics, Production is a process of transforming tangible and intangible inputs into goods or services. Raw materials, land, labour and capital are the tangible inputs, whereas ideas, information and knowledge are the intangible inputs.
Demand forecasting can be effective if the predicted demand is equal to the actual demand. The effectiveness of demand forecasting depends on the selection of an appropriate forecasting technique.
Demand forecasting is a process of predicting the demand for an organisation’s products or services in a specified time period in the future. Methods of demand forecasting are broadly categorised into two types.
Tutorial Topic: What is demand forecasting, concept, definition, components, Importance, steps, limitations, techniques, criteria and factors Influencing demand forecasting. Every business involves certain risks and…
Tutorial Topic: What Is the Indifference Curve, definition, properties, assumptions, significance and criticism. What Is the Indifference Curve? Definition: An indifference curve can be defined…
Tutorial Topic: Law of diminishing marginal utility, definition, example, assumptions, exceptions, importance of law of diminishing marginal utility. What is Law of Diminishing Marginal Utility?…
Consumer demand analysis is a process of assessing consumer behaviour based on the satisfaction of wants and needs generated by a consumer from the consumption of various goods. The satisfaction that consumers gain out of the consumption of a commodity or service is called utility.
The level of satisfaction derived by a consumer after consuming a good or service is called utility. In economics, utility can be defined as a measure of consumer satisfaction received on the consumption of a good or service.
Movement in the supply curve is when the commodity experience change in both the quantity supply and price. The shift in the supply curve is when, the price of the commodity remains constant, but there is a change in quantity supply due to some other factors.
In economics, supply curve is a graphical representation of supply schedule is called supply curve. Supply curve can be of two types, individual supply curve and market supply curve.
In economics, a Supply schedule is defined as a tabular representation of the law of supply. It represents the quantities of a product supplied by a supplier at different prices and time periods, keeping all other factors constant. There can be two types of supply schedules.
The law of supply states that the relationship between price and supply of a product. According to the law of supply, the quantity supplied increases with a rise in the price of a product and vice versa while other factors are constant.
Supply does not remain constant all the time in the market. There are many factors that influence the supply of a product. Generally, the supply of a product depends on its price and cost of production. Thus, it can be said that supply is the function of price and cost of production. These factors that influence the supply are called the determinants of supply.
Tutorial Topic: What is supply? definition, type, example, determinants of supply. A market is a place where buyers and sellers are engaged in exchanging products…
Movement in the demand curve is when the commodity experience change in both the quantity demanded and price. The shift in the demand curve is when, the price of the commodity remains constant, but there is a change in quantity demanded due to some other factors.
Tutorial Topic: What is demand curve, definition, example, types: Individual & market demand curve and why the demand curve slopes downward? - Answered What is…
Demand function represents the relationship between the quantity demanded for a commodity (dependent variable) and the price of the commodity (independent variable). There are mainly two types of demand functions: Linear and Non Linear function.
In economics, a demand schedule is a tabular representation of different quantities of commodities that consumers are willing to purchase at a specific price and time while other factors are constant. The demand schedule is of two types: Individual Demand Schedule and Market Demand Schedule.
The law of demand is given as, “If the price of a product falls, its quantity demanded increases and if the price of the commodity rises, its quantity demanded falls, other things remaining constant.”
Determinants of demand are the factors that influence the decision of consumers to purchase a product or service. What drives demand? In economics, there are 10 determinants of demand for individual and market.
Demand refers to the willingness or effective desire of individuals to buy a product supported by their purchasing power. Demand is generally classified based on various factors.
In economics, Demand is a relationship between various possible prices of a product and the quantities purchased by the buyer at each price. In this relationship, price is an independent variable and the quantity demanded is the dependent variable.
Inflation can be defined as the persistent increase in the price level of goods and services in an economy over a period of time. If the rise in prices exceeds the rise in output, the situation is called inflationary situation.
The Business Cycle, also known as the economic cycle or trade cycle, is the fluctuations in economic activities or rise and fall movement of gross domestic product (GDP) around its long-term growth trend. Business Cycle can also help you make better financial decisions.
Laws of Economics Definition Marshall gave laws of economics definition as“Laws of Economics or statements of economic tendencies, are those social laws, which relate to…
Economics is divided into two branches, namely: microeconomics and macroeconomics. Microeconomics deals with the economic problems of a single industry or organisation, while macroeconomics deals with the problems of an economy as a whole.
Business Economics is playing an important role in our daily economic life and business practices. Organisations face many problems on a day to day basis. For example, organisations are always concerned with producing maximum output in the most economical way.
Earlier, the scope of economics was limited to the utilisation of scarce resources to meet the needs and wants of people and society. Over the years, the scope of economics has been broadened to many areas.
Similar to the economics definition, there are a number of controversial issues related to its nature of economics. Some economists consider economics as a science, or economics as a social science while others have a believe economics as an art.
Economics is the science that deals with production, exchange and consumption of various commodities in economic systems. It shows how scarce resources can be used to increase wealth and human welfare.
Expectancy theory is a motivation theory first proposed by Victor Vroom of the Yale School of Management in 1964. Vroom's Expectancy Theory separates effort, performance and outcomes. Vroom’s Expectancy Theory has assumed four assumptions. Expectancy, Instrumentality and Valence.
Theories of learning have been developed as models of learning which explain the learning process by which employees acquire a pattern of behavior. Four Theories of Learning are: Classical conditioning theory, Operant conditioning theory, Cognitive learning theory, Social learning theory.
The word personality is derived from a Greek word “persona” which means “to speak through.” Personality is the combination of characteristics or qualities that forms a person’s unique identity. It signifies the role which a person plays in public. Every individual has a unique, personal and major determinant of his behavior that defines his/her personality.
OD interventions are the building blocks which are the planned activities designed to improve the organisation’s functioning through the participation of the organisational members. OD innervations include team development, laboratory training, managerial grid training, brainstorming and intergroup team building.
Planned change or developmental change is undertaken to improve the current way of operating. It is a calculated change, initiated to achieve a certain desirable output/performance and to make the organization more responsive to internal and external demands.
The Boston Consulting Group (BCG) Matrix is a simple corporate planning tool, to assess a company’s position in terms of its product range. The Boston Consulting Group (BCG) Matrix is a portfolio management tool created in 1970 by Bruce Henderson. It is also referred to as the BCG growth-share matrix.
The value chain model is also known as Porter’s Value Chain model. Analysis is a business management tool that was developed by Michael Porter and described in his popular book Competitive Advantage: Creating and Sustaining Superior Performance in 1985.
Strategic management process is a method by which managers conceive of and implement a strategy that can lead to sustainable competitive advantage. It is the process of managing, planning, and analyzing in order to reach all organizational goals.
Strategic management can be described as the identification of the purpose of the organisation and the plans and actions to achieve that purpose. It is that set of managerial decisions and actions that determine the long-term performance of a business enterprise.
Brand equity is the value of the brand in the marketplace. We can say, the total accumulated value or worth of a brand. Financial accountants define brand equity as the total value of a brand as a separable asset and often called brand valuation or brand value.
Brand Management is the function of marketing techniques to a specific product, product line, or brand. It seeks to increase the product’s perceived value to the customer and thereby increase brand franchise and brand equity. The process of maintaining, improving, and upholding a brand so that the name is associated with positive results.
New product development process plays a crucial role in deciding the future of the organisation. Every product has a life of its own and it becomes obsolete after a certain period of time. It is essential to develop new products or alter or improve the existing ones to meet the oft-changing customer needs.
Demand forecasting is an attempt to estimate the future level of demand on the basis of past as well as present knowledge and experience, to avoid both under production and overproduction. Without forecasting, forward planning will be directionless and meaningless.
The buying behaviour of organizations that buy goods and services for use in the production of other products and services that are sold, rented or supplied to others. Organisational buying is also called institutional buying and when the products are used in their own production process, the buying process is called industrial buying.
Consumer behaviour refers to the actions of consumers in the market place and the underlying motives for those actions. Marketers expect that by understanding what causes consumers to buy particular goods and services they will be able to determine which products are needed in the market place, which is obsolete, and how best to present the goods to the consumers.
Marketing Concept is the philosophy that an organization should analyze the needs of their consumers and then make decisions to satisfy those needs, better than the competition. There are five different marketing concepts: Production, Product, Selling, Marketing, Social Marketing Concept.
Market Segmentation is the sub-dividing of a market into homogeneous subsets of customers, where any subset may conceivably be selected on a market target to be reached with a distinct marketing mix. Types of market segmentation are geographic, demographic, psychographic and behavioural segmentation.
A CASE (Computer Aided Software Engineering) tools mean any tool used to automate some activity associated with software development. Some of these CASE tools assist in phase-related tasks such as specification, structured analysis, design, coding, testing etc.
Risk management aims at reducing the chances of a risk becoming real as well as reducing the impact of risk that becomes real. Three activities in risk management are risk identification, risk assessment, risk mitigation.
COCOMO (Constructive Cost Estimation Model) model was proposed by Boehm (1981). According to Boehm, software cost estimation should be done through three stages: Basic COCOMO, Intermediate COCOMO, and Complete COCOMO.
Software maintenance is the process of modifying a software system or component after delivery to correct faults, improve performances or other attributes, or adapt to a changed environment.
An entrepreneur is one who always searches for change, responds to it and exploits it as an opportunity. Innovation is the basic tool of entrepreneurs, the means by which they exploit change as an opportunity for different business of service.
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business along with any of its risk in order to make a profit. The people who create these businesses are called entrepreneurs.
A good software design implies clean decomposition of the problem into modules and the neat arrangement of these modules in a hierarchy. The primary characteristics of neat module decomposition are low coupling and high cohesion. Cohesion is a measure of functional strength of a module.
Software design deals with transforming the client requirements, as described in the SRS document, into a form (set of documents) that is suitable for implementation in a programming language.
At a technical level, software engineering begins with a series of modeling tasks that lead to a complete specification of requirements and a comprehensive design representation for the software to be built. The first technical representation of a system which is the analysis model, actually a set of models. There have been many methods proposed for analysis modeling.
A software requirement specification (SRS) is a comprehensive information/description of a product/system to be developed with its functional and non-functional requirements. The software requirement specification (SRS) is developed based on the agreement between customer and supplier.
The requirements elicitation and specification phase starts when the feasibility study phase is completed and the project is found to be technically and feasible. The goal of the requirements analysis and specification phase is to understand client requirements and to systematically organize these requirements in a specification document.
Evolutionary model is also referred to as the successive versions model and sometimes as the incremental model. In Evolutionary model, the software requirement is first broken down into several modules (or functional units) that can be incrementally constructed and delivered.
The spiral model is a software process model that couples the iterative nature of prototyping with the controlled and systematic aspects of the linear sequential model. Barry Boehm mentioned the Spiral model in this paper (1986).
A prototype model is a toy/demo implementation of the actual product or system. A prototype model usually exhibits limited functional capabilities, low reliability, and inefficient performance as compared to the actual software.
In Iterative waterfall model, the feedback paths are provided from every phase to its preceding phase. In practice, it is not possible to strictly follow the classical waterfall model for software development work. In this context, we can view the iterative waterfall model as making necessary changes to the classical waterfall model so that it becomes applicable to practical software development projects.
The classical Waterfall Model was the first Process Model. It is also known as a linear-sequential life cycle model. It is very simple to understand and use. Classical waterfall model is the earliest, best known and most commonly used methodology.
A software development life cycle (SDLC) is a series of identifiable stages that a software product undergoes during its lifetime. A software development life cycle model (also called process model) is a descriptive and diagrammatic representation of the software life cycle.
This Tutorial Introduction to Software Engineering covers what is software engineering, software engineering definition, what is software, characteristics of Software, difference between software and program, types of software,…
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A computer network is a set of devices (often referred to as nodes) connected by communication links. A node can be a computer, printer, or any other device capable of sending or receiving data from the other node/device through the network.