myz-vgb.ru A Business Encyclopedia

Management by Objectives (MBO)

Definition: Management by Objectives (MBO) or otherwise called as Management by Results (MBR) is management philosophy which was first propounded by Peter F. Drucker in the year 1954, in his book “Practice of Management”. Management by objectives is a planning and controlling system, in which the superior and subordinates work together in order to define…

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Money Laundering

Definition: Money laundering can be understood as an act of concealing the identity or source of money obtained illegally, to make them appear to have obtained out of legal sources. Simply put, money laundering is the process of disguising the origin, i.e. the source from which money is received due to criminal activity, changing its…

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Economics

Definition: Economics is that branch of social science which is concerned with the study of how individuals, households, firms, industries and government take decision relating to the allocation of limited resources to productive uses, so as to derive maximum gain or satisfaction. Simply put, it is all about the choices we make concerning the use…

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Management

Definition: Management can be defined as the process of administering and controlling the affairs of the organization, irrespective of its nature, type, structure and size. It is an act of creating and maintaining such a business environment wherein the members of the organization can work together, and achieve business objectives efficiently and effectively. Management acts…

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Accounting

Definition: Accounting is a process, which systematically and comprehensively records business events and transactions, and translate it into the financial information of the business entity to assist  the stakeholders in the decision-making process. In this process, the transactions are identified, recorded, arranged, summarized, simplified properly and then communicated to the interested parties. Generally Accepted Accounting…

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Insurance

Definition: Insurance refers to a contractual arrangement in which one party, i.e. insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. the insured, by paying a definite amount, in exchange for an adequate consideration called as premium. It is often represented by an insurance policy, wherein the…

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Commercial Bank

Definition: Commercial Bank can be described as a financial institution, that offers basic investment products like a savings account, current account, etc to the individuals and corporates. Along with that, it provides a range of financial services to the general public such as accepting deposits, granting loans and advances to the customers. It is a…

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Central Bank

Definition: Central Bank is the apex financial institution of the country, that administers the operations of the banking system. The bank manages and controls the expansion and contraction of the supply of money in the economy. A central bank has no direct interaction with the general public. Indeed, it functions as a banker to the…

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Internal Control

Definition: Internal Control can be defined as a system designed, introduced and maintained by the company’s management and top-level executives, to provide a substantial degree of assurance in achieving business objective, while complying with the policies and laws, safeguarding the assets, maintaining efficiency and effectiveness in regular operations and reliability of financial statements. Objectives of…

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Strategic Cost Management (SCM)

Definition: Strategic Cost Management or otherwise called as SCM is the cost management technique that aims at reducing costs while strengthening the position of the business. It is a process of combining the decision-making structure with the cost information, in order to reinforce the business strategy as a whole. It measures and manages costs to…

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