BUSINESS ESSENTIALS

Standardization Standardization is a process of transforming data into a standardized form, typically by scaling it to a specific range or by removing mean and variance. It is a normalization technique that brings data from different sources or scales into a common format, making it easier to compare and analyze. Formula for Standardization: z = […]

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Sure, here’s the definition of “not for profit”: Not-for-profit organization is a legal entity that operates primarily to benefit a cause rather than to generate profit for its members or shareholders. Unlike for-profit organizations, which are primarily structured to generate profit, not-for-profit organizations are primarily structured to serve the public good or address social issues, […]

Free on board (FOB) is a shipping term that means that the seller is responsible for the goods until they are loaded onto a ship at the seller’s port. The buyer is responsible for the goods once they are loaded onto the ship.

A receipt is a document issued by a seller to a buyer indicating the sale of goods or services and detailing the items purchased, the quantities, prices, and total cost. Common components of a receipt: Company name: The name of the business that sold the goods or services. Address: The address of the company. Date: […]

Definition: The scope of a variable or function is the region of code in which the variable or function is defined. It determines the accessibility of the variable or function to different parts of the program. Variables: Local variables: Variables declared within a function are local to that function and are only accessible within its […]

Sure, baseline refers to a reference point or starting point for comparison. It is often used in clinical trials and experiments to provide a comparison for changes in measurements or outcomes over time. Here are some key points about baseline: Definition:– Baseline is the value of a variable at the beginning of an experiment or […]

Cold Calling Cold calling is a sales technique that involves initiating contact with a potential customer (often unsolicited) by telephone or email to promote a product or service. It’s a common sales strategy, typically used in B2B (business-to-business) sales. Key Components of Cold Calling: Prospecting: Identifying potential customers who meet your target criteria. Greeting: Making […]

Definition: An interest rate is a percentage of the principal amount that is charged as a fee for lending money. It is a cost of borrowing money and is typically expressed as an annual percentage. Types of Interest Rates: Simple interest: Interest calculated on the principal amount only, not on any accumulated interest. Compound interest: […]

Definition: Fringe benefits are additional employee benefits that are not related directly to salary, such as health insurance, paid time off, and retirement plans. They are often offered as part of a company’s total compensation package to attract and retain talent. Examples of Fringe Benefits: Health insurance: Covers medical, dental, and vision expenses. Paid time […]