SWIFT stands for Society for Worldwide Inter Bank Financial Telecommunications. SWIFT is a process of sending encrypted financial messages among its member banks and financial institutions. SWIFT is used by its member banks and financial institutions for ensuring security. The message of swift could not be stolen in order to gain illegal access to targeted …
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Jan 09
Why Global Financial Market is Important
Financial markets are continuously being developed throughout the world to improve the transfer of funds from surplus units to deficit units. In some countries, the financial markets are just starting to be developed. In others, such as the United States, the financial markets are being transformed to remove inefficiencies. Because the financial markets are much …
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Jan 05
Theory of Operations Management
As operations management deal with the improving manufacturing performance of a firm, it involves the responsibility of assuring that a firm’s operations are well-organized through the proper utilization of resources that the customers’ needs and demands can be fulfilled in an efficient manner. The primary purpose of operations management is to convert raw materials into …
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Jan 05
How Stakeholders Influence on Business Activities
A stakeholder is someone who has a direct or indirect stake in the business organization. As operations management deal with many different types of stakeholders, stakeholders either affect the business operations or they affected by it. There is a range of stakeholder who affected by operational management problem, can be listed below:- Stakeholders Influence on …
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Nov 26
International Accounting Standards
List of International Accounting Standards (IASs) IAS Number Name of IAS IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Statement of Cash Flows IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events After the Reporting Period IAS 11 Construction Contracts IAS 12 Income Taxes IAS 14 Segment Reporting …
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Nov 26
What are the General Sources of Secondary Information
The important sources of secondary information useful for market and demand analysis are given below: Census: A decennial publication of the Government, it provides inter alias, information on population, demographic characteristics, household size and composition and maps. Plan reports: plan report issued by the planning commission usually at the beginning, middle and end of the five years …
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Nov 26
Differences between Project Management and Operations Management
There are some distinct differences between project management and operations management. These differences are presented below Project management is a temporary activities or a process, whereas operations management is a ongoing activities or process. Project management is unique task in nature, on the other hand operations management is repetitive task in nature. Project management’s purpose …
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Nov 26
Rationale for the Goal of Shareholders Wealth Maximization
Maximization of profit is not as a goal as maximization of shareholders wealth, profit maximization has some limitations over wealth maximization. These limitations are as follows: Profit is absolute terms is not a proper guide to decision making. It should be expressed on a per share basis or related to investment It leaves considerations of …
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Nov 25
Employee Training Approach: On the Job and Off the Job Training
The most popular training and development methods used by organizations can be classified as on the job and off the job training. Both employee training methods are essential for an organization that ensures employee development through practical training as well as learning. On the Job Training: The most widely used training methods take place on …
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Nov 25
How Process Costing Differs with Job Order Costing
Job order costing and process costing are the two essential techniques of cost accounting. Job order costing is applied where production is executed under specific orders, based on customers’ requirement. Here each and every job is considered as a cost unit and to some extent the cost centre too. Process costing on the other end, …
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