BUSINESS ESSENTIALS

Modus Operandi (M.O.) Modus operandi (M.O.) refers to the specific methods, techniques, and procedures employed by an individual or group when committing a crime. It includes the tools, weapons, equipment, clothing, and other items used in the criminal act. Elements of M.O.: Target Selection: The specific criteria used to identify and select targets. Means of […]

Front Office The front office is the first point of contact for customers with a company. It is typically the area where customers interact with the company’s employees, make inquiries, and pay bills. Key Functions of the Front Office: Customer Service: Providing prompt and efficient customer service to address inquiries, complaints, and requests. Information Gathering: […]

Business Ethics Business ethics refers to the moral principles and values that guide business behavior. These principles encompass a wide range of topics, including: Key Principles: Honesty: Maintaining truthfulness, accuracy, and transparency in all business transactions. Fairness: Treating employees, customers, partners, and stakeholders justly and fairly. Respect: Showing consideration and respect for others, even in […]

3D printing, also known as additive manufacturing, is a process of creating a three-dimensional object from a digital model by depositing layers of material in a sequential order. It is a rapid prototyping, manufacturing, and artistic technique that uses a variety of materials and technologies. Key Principles: Digital model: A 3D model is created using […]

Virtual Reality (VR) is a technology that creates a simulated environment through the use of computer graphics, sensors, and software. It immerses users in a virtual world, providing an interactive and multifaceted experience. Key Components of VR: Headset: A worn headset that displays the virtual environment. Controllers: Handheld devices used to interact with the virtual […]

Strategic Management Strategic management is the process of developing and executing long-term plans to create and sustain a competitive advantage in the marketplace. It involves identifying opportunities, assessing the organization’s strengths and weaknesses, and making informed decisions about how to allocate resources. Key Components of Strategic Management: 1. Situational Analysis:– Conducting a thorough analysis of […]

Core Competencies Core competencies are the key strengths and capabilities that a company can leverage to compete effectively in its industry. These are the areas where a company has a distinct advantage over its competitors and where it can consistently deliver superior value. Key Elements of Core Competencies: 1. Capabilities:– Specific skills, technologies, processes, and […]

Definition: A transaction is a sequence of steps that result in a change in the state of a system. It is a single unit of work that is performed in a specific order. Key Characteristics of Transactions: 1. Atomicity: A transaction is either completed successfully or rolled back to its initial state if there is […]

Procurement Procurement is the process of identifying, evaluating, and contracting with suppliers to meet an organization’s needs for goods, services, and technology. It is a critical function within organizations as it ensures that they have the necessary resources to operate effectively and compete in the market. Key Activities in Procurement: Need Identification: Determining the specific […]

Related-Party Transactions Related-party transactions are accounting entries involving parties related to the reporting company, such as subsidiaries, joint ventures, or key management personnel. These transactions are required to be disclosed in the company’s financial statements to ensure transparency and consistency. Types of Related-Party Transactions: Subsidiaries: Controlled companies that are treated as part of the reporting […]