Industrial Relations

What is Industrial Relations? The term industrial relations refer to industry and relations. “Industry” means “any productive activity in which an individual is engaged” and…

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Advantages of MIS

The advantages of MIS to businesses, governments, scientists, universities, students, non-profit organisation and all other entities are diversified. Some of the most often realised benefits…

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Capital Rationing

What is Capital Rationing? Capital rationing is a process of selecting the mix of acceptable projects that provides the highest overall Net Present Value (NPV)…

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Capital Budgeting

What is Capital Budgeting? Capital budgeting (or investment appraisal) is the planning process used to determine whether an organization's long term investments such as new…

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Corporate Finance

What is Corporate Finance? Corporate finance is concerned with the planning and controlling of the firm's financial resources. It is also referred as financial management…

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Trade Union

What is Trade Union? The trade union is an association, either of employees or employers or of independent workers. It is a relatively permanent combination…

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Market Intelligence System

What Market Intelligence System? Market Intelligence System one that systematically gathers and processes critical business information, transforming it into actionable management intelligence for marketing decisions…

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Direct Marketing

Direct marketing is a form of advertising that allows businesses and other organizations to communicate directly to the prospects or customers through a variety of media.

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SWOT Analysis

What is SWOT Analysis? SWOT stands for strengths, weaknesses, opportunities and threats. SWOT analysis is a widely used framework to summaries a company’s situation or…

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What is Statistics?

What is Statistics? Statistics may be defined as the collection, presentation, analysis and interpretation of numerical data. Statistics is a set of decision-making techniques which…

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Types of Working Capital

The working capital in a certain enterprise may be classified into the following types. Initial working capitalRegular working capitalFluctuating working capitalReserve margin working capitalPermanent and…

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Fund Flow Statement

What is Fund Flow Statement? The funds-flow-statement is a report on financial operations changes, flow or movements during the period. It is a statement which…

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Audit Report

These reports form the medium of communication of the auditor's views to the members of the company. Contents of Audit Report The basic contents of…

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Valuation of Assets

Valuation is not merely the determination of values of the assets as appearing in the balance sheet but it also the critical examination of these…

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Auditor

What is Auditor? An auditor is a person or a firm appointed by a company to execute an audit. To act as an auditor, a…

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Fraud

What is Fraud? According to SA 240 "The fraud refers to intentional misrepresentations regarding financial information by one or more individuals among management, employees or…

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Ratio Analysis

What is Ratio Analysis? Ratio analysis refers to the study of various financial ratios to evaluate the performance of the firm. The utility of ratio…

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Internal Audit

What is Internal Audit? Internal audit is the review of the various operations of the company & of its records by staff specially appointed for…

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Audit Working Papers

What is Working Papers? SA 230 on "Documentation" refers to working papers prepared or obtained by the auditor & retained by him in connection with…

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Internal Control

What is Internal Control? The plan of organization and all the methods & procedures adopted by the management of an entity to assist in achieving…

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Vouching

What is Vouching? Vouching means inspection by an auditor of documentary evidence supporting & substantiating transactions. Vouching is the process of checking documentary evidence that…

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Leavening Agent

What is Leavening Agent Leavening agents are the agents that increase the surface area of the dough or batter by creating gas bubbles in the…

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Types of Audit

There are various types of audit. Auditor may choose any audit procedure for conducting audit of financial statements. Audit procedure may vary from enterprise to…

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Sampling Method

In sampling technique, instead of observing and studying each and every unit of universe, only a part of it is studied, assuming that it best represents the entire population.

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What is Research?

What is Research? Research means finding out things. Research requires systematic efforts to acquire new knowledge. Social sciences Encyclopedia defines research as the manipulation of…

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What is Income Tax

What is Income Tax? Income Tax is tax on income. According to the Constitution of India, income tax is a central subject. Income Tax on…

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Leadership Development

Leadership development is the process implemented to impart knowledge, skills, attitudes and visions to managerial personnel discharging roles of leaders to support them and manage the work successfully and professionally.

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Coaching

Coaching means to improve performance often short term in a specific skills area. The goals are basically set by the coach; let it be intermediate goals or sub-goals to achieve. Direct feedback is present in coaching.

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360 Degree Feedback

360 Degree Feedback Performance-appraisal data collected from ‘all around’ an employee, his or her peers, subordinates, supervisors, and sometimes, from internal and external customers. This…

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Employee Orientation

What is Employee Orientation? Employee Orientation is an initial process that provides easy access to basic information, programs and services, gives clarification and allows new…

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Brand Building Process

Brand building process refers to enhancing a brand’s equity directly through advertising campaigns and indirectly through promotions. A well-planned brand building process follows many sequential steps, which are contextual, and thus cannot be generalized for all brands.

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Soft Skills

Soft skills is a term often associated with a person's Emotional Intelligence Quotient, the cluster of personality traits, social graces, communication, language, personal habits, friendliness, managing people, leadership, etc. that characterize relationships with other people.

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Sales Territories

A sales territory represents a group of customers or markets or geographical areas. Sales territories are geographical area that can be covered conveniently and canonically by a sales person.

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Sales Quotas

sales quota is a quantitative goal assigned to a sales unit relating to a particular period of time. A sales unit may be a territory, a branch office, a region, a distributor or a person.

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Sales Analysis

It is a detailed examination of sales volume by territory, sales person, customer, product line, etc. It works on the principle that the trends of the total sales volume conceal rather than reveal the market reality. Researchers reveal that in most organizations a large percentage of customer order territories bring in a small percentage of total sales.

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Sales Control

Sales control function assists the manager in ascertaining which level of sales has been achieved, why there has been a variance, and which remedial action can be taken to achieve the target results

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Sales Budget

Sales managers must be aware of the types of expenses that are incurred both before and after the sale as well as the sales revenues generated. Budgeting becomes a key task of sales management. It is also known as a blueprint for making profitable sales.

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100+ Best Udemy Courses & Certification [2020]

11+ e-learning experts and educator have compiled this list of Best Udemy Courses, Certificates, Tutorial, Training and Classes available online for 2020. This list consists of best-seller courses available on Udemy. This compilation has helped over 3500+ students and employee already and is updated every 15 days.

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How Recession Started?

How recession started? According to the assumptions and reports of honorable IMF chief economist and ex- RBI governor Mr. Raghu Ram Rajan. US and China…

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Assessment Centre

Assessment centres are a series of exercises commonly used by employers to test skills not readily assessable from an interview alone. Assessment centre is a method used particularly in military or management.

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Assessment Centre
Assessment Centre

Performance Monitoring

What is Performance Monitoring? Performance monitoring may be defined as the process of appraising an environment of continuous learning and development. It will be done…

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Competency Mapping

Competency Mapping is defined as the process of identifying the key competencies, which have the ability to do something efficiently & achieve the goals of the organization & make the organization successful.

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Public Speaking

Public speaking is a talk given to a large gathering. It is given on various occasions. Its aim is usually to encourage, appreciate, congratulate or entertain; it is usually followed by applause from the audience.

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Competency Models

Competency Models Performance monitoring may be defined as the process of appraising an environment of continuous learning and development, maintaining the employee’s performance, enhancing individual…

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Written Communication

In written communication, a message can be transmitted via email, letter, report, memo, etc. The message, in written communication, is influenced by the vocabulary and grammar used, writing style, precision and clarity of the language used.

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Performance Management System

What is Performance Management System? Performance Management System: It is a process used to communicate organizational goals and objectives, reinforce, individual accountability this goals, and…

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Plant Layout

What is Plant Layout? Plant layout is the overall arrangement of the production process, store-room, stock-room, tool-room, material handling equipment, aisles, racks and sub-stores, employee…

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Operation Management

What is Operation Management? Operations Management is best understood using systematic approach. It involves understanding the nature of issues and problems to be studied, establishing…

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International Human Resource Management

International businesses are required to recruit, train, motivate, nurture and retain apart from effectively utilizing their services at all levels of functioning be its corporate office, at the foreign production units plants, therefore, the process of procuring, allocating and effectively utilizing human resources in international business is called International Human Resource Management.

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Maintenance of ERP

Maintenance of ERP ERP support displayed a key definition. In the first place, we offered definitions for customary business frameworks support. We characterized the upkeep…

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Business Process Management

What is Business Process Management? Business Process Management (BPM): Business process management (BPM) is a systematic approach to making an organization’s workflow more effective, more…

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Benefits of ERP

Benefits of ERP ERP is a class of business organization programming routinely a suite of facilitated applications that affiliation can use to assemble, store, direct…

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ERP Implementation

Integration of Process Using ERP As discussed earlier the ERP system integrates all the departments of organization with a single database which leads to various…

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Performance Management

Performance management is a system designed to identify the ways to achieve organizational goals through constant assessment and feedback leading to improvement of employee performance.

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Cheque

What is Cheque? A cheque is a bill of exchange, drawn on a specified banker and it includes ‘the electronic image of truncated cheque’ and…

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Discharge of Contract

What is Discharge of Contract? Discharge of Contract: A contract is discharged when the rights and obligations created by it are extinguished (i.e. comes to…

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Essential Elements of a Valid Contract

13 Essential Elements of a Valid Contract 13 Essential Elements of a Valid Contract are discussed below: Offer and AcceptanceCapacity of the partiesConsiderationConsentFree ConsentCoercionUndue InfluenceFraudMisrepresentationMistakeUnlawful…

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Bill of Exchange

What is Bill of Exchange? A bill of exchange is defined as an instrument in writing containing an unconditional order, signed by the maker, directing…

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Promissory Note

What is Promissory Note? Section 4 of the Act defines, “A promissory note is an instrument in writing (note being a bank-note or a currency…

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Crossing of Cheque

What is Crossing of Cheque? The crossing of Cheque means that the specific cheque can only be deposited straightway into a bank account and cannot…

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What is Sales Management?

Sales management refers to the administration of the personal selling component of a company's marketing program. It includes the planning, implementation, and control of sales programs, as well as recruiting, training, motivating, and evaluating members of the sales force.

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Capital Structure

Capital structure refers the way a corporation finances its assets by using a combination of equity, debt, or hybrid securities. A firm's capital structure is…

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Retained earnings

It is regarded as the most dependable source of longterm finance. Retained earnings are an easy source of internal financing to use because they are…

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Term Loans

Term loans are provided to the industrial sector by commercial banks, development financial institutions, state level financial institutions and investment institutions. Terms loans are secured…

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Venture Capital

Venture capital: The term 'venture capital' represents financial investment in a highly risky project with the objective of earning a high rate of return. Venture…

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Debentures

What is Debentures? Definition: Debentures are a fixed-interest, fixed term investment. They are offered by finance and industrial companies which are referred to as issuers.…

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Preference Share

What is Preference Share? Preference shares as those shares which carry preferential rights as the payment of dividend at a fixed rate and as to…

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Equity Capital

Equity capital is funds paid into a business by investors in exchange for common or preferred stock. This represents the core funding of a business, to which debt funding may be added.

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What is Audit?

An audit is an independent examination of financial information of any entity, whether profit-oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.

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HR Audit

HR Audit is like an annual health check-up, it plays a vital role in encouraging the sense of confidence in the Management and the HR functions of an organization. It is a comprehensive evaluation of existing HRD strategies, systems, styles, skills and culture and their appropriateness to achieve the short term and long term goals of the organization.

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Indian Contract Act 1872

The Indian Contract Act mostly deals with the general principles and rules governing contracts. The Act is divisible into two parts. The first part (Section 1- 75) deals with the general principles of the law of contract and second part (Sections 124-238) deals with certain special kinds of contracts

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What is Business Law?

Business Law is also known as Commercial law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. It is often considered to be a branch of civil law and deals with issues of both private law and public law.

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Rat and Poison Puzzle 1 | Puzzle Interview

Rat and Poison Puzzle 1: You have 1000 wine bottles, one of which is poisoned. You want to determine which bottle is poisoned by feeding the wine to the rats. The poisoned wine takes one hour to work. How many rats are necessary to find the poisoned bottle in one hour?

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Oral Communication

In oral communication, spoken words are used. It includes face-to-face conversations, speech, telephonic conversation, video, radio, television, voice over internet. In oral communication, communication is influenced by pitch, volume, speed and clarity of speaking. Oral communication means spoken communication or communication through speech.

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7 C of Communication

7 C of Communication are Completeness, Conciseness, Consideration, Clarity, Concreteness, Courtesy, Correctness. The 7 C’s of Communication is a checklist that helps to improve the professional communication skills and increases the chance that the message will be understood in exactly the same way as it was intended.

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Public Relations

Public relations is a unique management function which helps organizations to establish and maintain mutual lines of communications, understanding, acceptance, and cooperation with their public(s). Public relations are a strategic communication process that builds mutually beneficial relationships between organizations and their publics.

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Price Ceiling and Price Floor

A price ceiling can be defined as the price that has been set by the government below the equilibrium price and cannot be soared up above that. A price floor is said to exist when the price is set above the equilibrium price and is not allowed to fall.

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Elasticity of Supply

According to Prof. Thomas, “The supply of a commodity is said to be elastic when as a result of a change in price, the supply changes sufficiently as a quick response. Contrarily, if there is no change or negligible change in supply or supply pays no response, it is elastic.”

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Income Elasticity of Demand

An increase in the income of consumers increases the demand for the product even if the price remains constant. The responsiveness of quantity demanded with respect to the income of consumers is called the income elasticity of demand.

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Types of Price Elasticity of Demand

The extent of responsiveness of demand with change in the price does not remain the same under every situation. The demand for a product can be elastic or inelastic, depending on the rate of change in the demand with respect to change in price of a product.

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Price Elasticity of Demand

Price elasticity of demand is a measure of a change in the quantity demanded of a product due to change in the price of the product in the market. It can also be defined as the ratio of the percentage change in quantity demanded to the percentage change in price.

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Elasticity of Demand

In economics, the elasticity of demand is a degree of change in the quantity demanded of a product in response to its determinants, such as the price of the product, price of substitutes, and income of consumers. There are three types of elasticity of demand: 1. price, 2. Income, 3. Cross elasticity of demand

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Market Power

Market power define as the ability of an organisation to raise the market price of a good or service over marginal cost to achieve profits. It can also be defined as the degree of control an organisation has over the price and output of a product in the market.

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Types of Market Structures

Market structure can be defined as a group of industries characterised by number of buyers and sellers in the market, level and type of competition, degree of differentiation in products and entry and exit of organisations from the market.

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Market Failure

In economics, Market failure occurs when there is an imbalance in the quantity of a product demanded and supplied, which leads to an inefficient allocation of resources.

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What is Revenue?

Revenue is the total amount of money received by an organisation in return of the goods sold or services provided during a given time period.

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Long Run Cost

Long run cost refers to the time period in which all factors of production are variable. Long-run costs are incurred by a firm when production levels change over time.

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Short Run Cost

Short Run Cost refers to a certain period of time where at least one input is fixed while others are variable. In the short-run period, an organisation cannot change the fixed factors of production.

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Types of Production Functions

There are different types of production functions that can be classified according to the degree of substitution of one input by the other. 3 Types of Production Functions: Cobb Douglas, Leontief and constant elasticity substitution (CES) production function.

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Production Function

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 and the output that results from the use of these resources.

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Production Function
Production Function definition, meaning, uses, assumptions, limitations

Production Possibility Curve

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.

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Production in Economics

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.

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Criteria for Good Demand Forecasting

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. Each technique serves a specific purpose; thus an organisation should be careful while selecting a forecasting technique for a particular problem.

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Demand Forecasting

Demand forecasting is a process of predicting the demand for an organisation’s products or services in a specified time period in the future. Demand forecasting is helpful for both new as well as existing organisations in the market.

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Indifference Curve

An indifference curve can be defined as the locus of points each representing a different combination of two good, which yield the same level of utility and satisfaction to a consumer. Therefore, the consumer is indifferent to any combination of two commodities if he/she has to make a choice between them.

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Law of Diminishing Marginal Utility

The law of diminishing marginal utility states that as the quantity consumed of a commodity continues to increase, the utility obtained from each successive unit goes on diminishing, assuming that the consumption of all other commodities remains the same.

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Consumer Demand in Economics

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.

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Utility in Economics

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. The concept of utility is used in neo classical Economics to explain the operation of the law of demand.

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Supply Curve Shifts

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.

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Supply Curve

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.

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Supply Schedule

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 are Individual and Market supply schedule.

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Law of Supply

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. The other factors may include customer preferences, size of the market, size of population, etc.

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Determinants of Supply

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.

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What is Supply?

Supply is an economic principle can be defined as the quantity of a product that a seller is willing to offer in the market at a particular price within specific time. The supply of a product is influenced by various determinants, such as price, cost of production, government policies, and technology.

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Movement and Shift In Demand Curve

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.

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Demand Curve

In economics, a demand curve is a graphical presentation of the demand schedule. It is obtained by plotting a demand schedule. The demand schedule can be converted into a demand curve by graphically plotting the different combinations of price and quantity demanded of a product.

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Demand Function

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.

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Demand Schedule

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.

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Law of Demand

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.”

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Law of Demand
Law of Demand

Determinants of Demand

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.

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Types of Demand in Economics

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.

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Demand in Economics

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.

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Inflation in Economics

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.

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Business Cycle

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.

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Laws of Economics

Marshall gave laws of economics definition as Laws of Economics or statements of economic tendencies, are those social laws, which relate to branches of conduct in which the strength of the motives chiefly concerned can be measured by money price.

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What is Business Economics?

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.

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Scope of Economics

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.

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Nature of Economics

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.

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What is Economics?

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.

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Theories of Learning

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.

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Theories of Learning
Theories of Learning

What is Learning?

Learning is any relatively permanent change in behaviour that occurs as a result of experience. There are two primary elements in learning definition: The change must be relatively permanent and change must occur due to some kind of experience or practice.

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What is Learning?
Learning

What is Perception?

Perception is the process by which a person interpret and organize sensation to produce a meaningful experience of the world. It is a cognitive process by which people attend to incoming stimuli, organise and interpret such stimuli into behaviour.

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What is Perception?
What is Perception

Personality

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.

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What is Value Chain Analysis?

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.

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Demand Forecasting

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.

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Market Segmentation

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.

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CASE Tools | Software Engineering

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.

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Cohesion and Coupling | Software Engineering

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.

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Analysis Modeling | Software Engineering

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.

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Requirements Elicitation | Software Engineering

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.

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Evolutionary Model | Software Engineering

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.

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