BUSINESS ESSENTIALS

Definition: Logistics is the management of flow and movement of people, products, and information. It encompasses a wide range of activities, including transportation, warehousing, inventory management, and order fulfillment. Key Functions: Planning: Defining the scope, objectives, and resources required for logistics operations. Execution: Implementing and managing transportation, warehousing, and other logistics services. Control: Monitoring and […]

Definition: Absenteeism is the phenomenon of an employee’s absence from work due to various factors, including illness, personal leave, or other legitimate reasons. It is a common human resource management (HRM) issue that can have a significant impact on organizations. Causes of Absenteeism: Illness: Viral infections, chronic illnesses, and injuries can cause employees to absent […]

Definition: Overhead is a type of indirect cost that is not directly related to the production or sale of a product, but is necessary for the company’s operations. These costs include items such as rent, depreciation, interest expense, and depreciation. Examples of Overhead Costs: Rent Depreciation Interest expense Utilities Insurance Depreciation of equipment Employee salaries […]

Code of Ethics for Professionals Preamble: The purpose of this Code of Ethics is to guide professionals in maintaining the highest ethical standards and ensuring the public’s confidence in the profession. It applies to all members and affiliates of the [Professional Organization]. Core Principles: 1. Integrity:– Maintaining honesty and integrity in all professional dealings.- Abstaining […]

Value Chain The value chain is a framework that describes the sequence of activities that a company undertakes in creating, delivering, and exchanging a product or service. It includes all the activities involved in the process from raw material procurement to final customer delivery. Key Activities in the Value Chain: 1. Procurement: Acquiring raw materials, […]

Parity is a fundamental concept in mathematics and computer science that refers to the property of a number or function being divisible by two. Definition: Parity: A number’s parity refers to its remainder when divided by two. Even: If the remainder is 0, the number is even. Odd: If the remainder is 1, the number […]

Economies of scale are the benefits enjoyed by a company when it produces a large quantity of goods or services at a lower cost per unit than it would cost to produce a smaller quantity. These benefits arise from the ability of a company to spread its fixed costs (such as rent, depreciation, and interest) […]

Autocratic Leadership Autocratic leadership is a style of leadership in which the leader makes all decisions and expects subordinates to follow them without question. The leader is highly centralized and does not delegate decision-making authority to others. Key Characteristics of Autocratic Leadership: Centralized decision-making: The leader makes all decisions, and subordinates are not involved in […]

Lead Time Lead time is the time interval between the order placement and the delivery of a product or service. It is a key concept in inventory management and supply chain planning. Factors Affecting Lead Time: Product complexity: Products with complex components or assembly processes have longer lead times. Supplier lead time: The lead time […]

A franchisee is an individual or company that licenses the rights to operate a franchised business from a franchisor. In other words, a franchisee is the owner of a franchise, which is a business that is licensed from another business. Here are the key points about franchisee: License: Franchisee obtains a license from franchisor to […]