What is Supply Chain Management?Supply chain management is the administration of the flow of goods and services and incorporates all practices that change raw materials into final products. It requires the recasting of a business's supply-side undertakings to develop utility and gain a competitive superiority in the marketplace.By executing the supply chain, companies can cut surplus costs and deliver goods to the customer faster. Good supply chain management keeps companies out of the caption and away from costly recalls and legal action.Supply chain management is the controlling of the whole manufacturing flow of a good or service - establishing from ... Read More

Rational Consumer Choice − DefinitionRational consumer choice is part of microeconomics that expresses consumer behavior as a result of an individual’s own preference. It assumes that consumer choice is dependent upon the personal preferences of consumers. It is used to model the human decision-making process and is thereby used in political sciences and warfare apart from economics.In rational choice theory, the school that is based on rational consumption, agents are illustrated by their non-changing preferences over all conceivable global results. Agents are termed rational if their rationality is complete and ordered. By completeness, it is assumed that preferences are complete ... Read More

In microeconomics, consumer choice refers to the goods and services a consumer purchases. There are many factors that influence consumer choice in reality. However, economists believe that all of these factors fall into two broad categories. These two factors that determine or guide consumer choices are budget constraint and utility.Consumer Choice: DefinitionConsumer choice is the choice of a consumer to buy a product or not. Usually, consumption or the behavior to buy products increase with increasing income. Moreover, it also depends on the happiness the consumer derives out of the product he/she buys.In other words, a consumer will choose to ... Read More

What is Organizational Communication?Organizational communication is established as the passage and forms of communication in which organizations such as institutions, charitable, and executive capture, as well as both the central communications that take place within an organization, and outer-facing communications between an organization and its shareholder.Enhancing organizational communication can have a significant result on the effectiveness of an organization. Individuals with a bachelor’s and/or master’s in organizational communication can work in human wealth, workers training and management, public interrelation and public incidents, retailing, communications authority, media management, strategy and defense, and investigation and direction, among other areas.Major Functions of Organizational ... Read More

Organizational behavior is the study of human behavior and interaction within an organization and with other organizations. Organizational behavior is related to individuals, as well as group of people working together in teams. The concepts and principles of organizational behavior are mostly used to improve the efficiency of businesses.Types of Organizational BehaviorVarious types of organizational behavior are as follows −Autocratic ModelCustodial ModelSupportive ModelCollegial ModelSystem ModelAutocratic ModelAutocratic model is the model that is contingent upon strength, ability and legal authority. In an autocratic organization, the owners who manage the tasks in an organization have legal authority to manage the employees who ... Read More

What is Organizational Behavior?Organizational behavior is the study of human behavior and interaction within an organization and with other organizations. Organizational behavior is related to individuals, as well as group of people working together in teams. The concepts and principles of organizational behavior are mostly used to improve the efficiency of businesses.The study of organizational behavior includes areas of investigation dedicated toward improvement of job production, increase in job fulfilment, promotion of innovation, and inspiring leadership keeping the foundation of corporate human resources. Each of these has its own endorse actions, such as restructure groups, adapt compensation structures, or changing ... Read More

Numerous performance management solutions have been created to make the process easier and more effective. Key Performance Indicators (KPIs) and metrics enable organizations, business units, initiatives, and people to assess their performance concerning their strategic goals and objectives.Metrics and Key Performance Indicators (KPIS)The main benefit of any KPI is to allow rich data-driven performance dialogues and improved decision-making. A good KPI should necessarily act in such a way that it shows whether an organization is taking the right path toward its strategic goals or not.Listed below are a few of the most often used tools −Evaluations of PerformancePerformance assessments and ... Read More

Majority of the organizations are never satisfied with their performance management system, and hence, they constantly update their approaches to reach their goals in an effective manner.Performance management solutions may benefit organizations significantly by assisting them in aligning and tracking quantifiable objectives, creating continuing feedback loops for coaching, and increasing engagement via recognition. However, ineffective performance management initiatives may severely affect the company.Below are a few ways this can unfortunately happen -Employee DisengagementIneffective performance management schemes may rapidly erode employee engagement. When you have skilled personnel, it is up to managers to identify areas for improvement. Among the development options, ... Read More

Defining performance targets can be quite beneficial since it establishes the expectations for how well a person will work. It is significantly more beneficial to have written down and verifiable objectives. It is even better if the objectives are SMART, which stands for Specific, Measurable, Achievable, Realistic, and Time-bound. Many businesses use a formal method known as Management by Objectives (MBO) to create goals and objectives.Basically, these parameters help to ensure that our objectives are attainable within a certain time frame. The SMART approach eradicates generalities and guesswork, sets a transparent timeline, and makes it feasible for us to track ... Read More

What is Performance Appraisal?Performance Appraisal refers to a reasoned evaluation of an individual's performance against predetermined criteria. On the other hand, performance management refers to managing an organization's human resources. While performance appraisal is an annual activity, performance management is a continual process that does not end.Performance appraisal is described as a manager's evaluation of employees in which the management examines the employee's total contribution to the company. It is a systematic and logical evaluation undertaken yearly by the business to determine an employee's ability to execute a duty. It assists in identifying employees who do their duties well and ... Read More