General Economics

National Income : Basic Concepts
                                                              












1. Gross Domestic Product (GDP):

Human Resource Management

 Theory X & Theory Y

 Douglas McGregor created in 1960 . He avoided the descriptive words and the title theory X and theory Y. He has not implied that the workers, one or On the contrary, he sees both theories as two extremes - with a whole series of possible behaviors between. Theory X: (authoritarian management style) management created in theory - hypotheses X, signatures based on the carrot approach, which restrict through discipline and penetrate and create the stick.

Management Accounting

Responsibility accounting
Accountability accounting involves accounting and budgeting an internal company. The aim is to plan and control the responsibility of a company to visit centers such as departments and decentralized divisions.

Accounting is the preparation of the annual and monthly budgets for each account center. The reported reports represent the actual amounts for each budget item and the difference between the budget and the actual quantities. In the sense that the actual transactions of the company are classified by a responsible center, which creates a monthly report.

The liability account allows the company to have a manager's responsibility center to maintain the manager's performance in the monthly comments.

What is mutual fund ?

 Mutual fund

  Mutual fund which it manage professionally .


WHO MANAGES INVESTOR’S MONEY?
  The Asset Management Company (the Third tier) who manage (IM). The Asset management Company (AMC) which it is by appoint Trustees , to manage investor’s money. The AMC which it  fee charged  for the services provided and the investors fee is borne as it is deducted from the money collected from them. The AMC’s Board of Directors which they required  50% of Directors They are independent directors.

Security Analysis and Portfolio Management (SAPM).

 What is an IPO?
The IPO which it is as shares to the general public (initial public offering is the first issuance of a company's).It is called as primary market. The IPO shares which they are allowed in the stock market where they can be bought and sold. It is called secondary market. In other words, The IPO which it  is defined as an exercise the unlisted company makes either a fresh issue of securities or an offer for sale of its existing securities or both for the first time to the public. The shares which is allocated to the public is which do not constitute 100% by company's shares. some of the percentage is given to the public. Eventhough the company owner or the board of directors which they hold the majority of the shares.

Decision Making by PETER DRUCKER (modern management) MBA

 1. What is Decision Making?
 
Decision-making is an essential aspect of modern management. It is a primary function of management. A manager's major job is sound/rational decision-making. He takes hundreds of decisions consciously and subconsciously. Decision-making is the key part of manager's activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives to achieve a desired result." It represents a well-balanced judgment and a commitment to action.
It is rightly said that the first important function of management is to take decisions on problems and situations. Decision-making pervades all managerial actions. It is a continuous process. Decision-making is an indispensable component of the management process itself.

PETER DRUCKER

 Means and ends are linked together through decision-making. To decide means to come to some definite conclusion for follow-up action. Decision is a choice from among a set of alternatives. The word 'decision' is derived from the Latin words de ciso which means 'a cutting away or a cutting off or in a practical sense' to come to a conclusion. Decisions are made to achieve goals through suitable follow-up actions. Decision-making is a process by which a decision (course of action) is taken. Decision-making lies embedded in the process of management.According to Peter Drucker, "Whatever a manager does, he does through decision-making". A manager has to take a decision before acting or before preparing a plan for execution. Moreover, his ability is very often judged by the quality of decisions he takes. Thus, management is always a decision-making process. It is a part of every managerial function. This is because action is not possible unless a firm decision is taken about a business problem or situation.

About George Elton Mayo (Life time)

George Elton Mayo

George Elton Mayo, social theorist and industrial psychologist, was born on December 26, 1880 in Adelaide, Australia. In 1897 entered the University of Adelaide and finally to the University of Edinburgh where it tried three times to study medicine, discovered that it was not really his thing; So in 1907 he returned to the University of Adelaide where he studied philosophy and psychology. He graduated with was appointed professor in mental and moral philosophy at the University of Queensland. On April 18, 1913 in Brisbane he had married Dorothea McConnel.

The Harvard School appointed him associate professor in 1926 and professor of industrial research in 1929. There he joined research and designed on the personal and social factors that determine the production of work at the Western Electric Co.'s Chicago plant, These famous Hawthorne experiments were pioneering studies in modern social research. May was one of the most influential, though controversial, social scientists of his time.

Neo- Classical Theory ( Evolution of Management )

George Elton Mayo

George Elton Mayo, social theorist and industrial psychologist, was born on December 26, 1880 in Adelaide, Australia. In 1897 entered the University of Adelaide and finally to the University of Edinburgh where it tried three times to study medicine, discovered that it was not really his thing; So in 1907 he returned to the University of Adelaide where he studied philosophy and psychology. He graduated with was appointed professor in mental and moral philosophy at the University of Queensland. On April 18, 1913 in Brisbane he had married Dorothea McConnel.

The Harvard School appointed him associate professor in 1926 and professor of industrial research in 1929. There he joined research and designed on the personal and social factors that determine the production of work at the Western Electric Co.'s Chicago plant, These famous Hawthorne experiments were pioneering studies in modern social research. May was one of the most influential, though controversial, social scientists of his time.

Scientific Management by F.W. Taylor ( BIOGRAPHY )

                                                                     Biography

* Taylor was born in 1856 to a wealthy Quaker family in Germantown, Philadelphia, Pennsylvania.

Educated early by his mother, Taylor studied for two years in France and Germany and traveled Europe for 18 months. In 1872, he entered Phillips Exeter Academy in Exeter, New Hampshire.

Upon graduation, Taylor was accepted at Harvard Law. However, due to rapidly deteriorating eyesight, Taylor had to consider an alternative career. After the depression of 1873, Taylor became an industrial apprentice patternmaker, gaining shop-floor experience at a pump-manufacturing company, Enterprise Hydraulic Works, in Philadelphia. Taylor's career progressed in 1878 when he became a machine shop laborer at Midvale Steel Works. At Midvale, Taylor was promoted to gang-boss, foreman, research director, and finally chief engineer of the works. Taylor became a student of Stevens Institute of Technology, studying via correspondence and obtaining a degree in mechanical engineering in 1883. On May 3, 1884, he married Louise M. Spooner of Philadelphia.

Fayol’s fourteen Principles of management

 Administrative Management - Contribution of Henri Fayol

Henri Fayol was real father of modern Management. Henri Fayol is the French industrialist in 1841-1925. He was a mining engineer in.  Henri Fayol spent his entire working career in French industry; French cool and iron combine of commentary fourchambault. Henri Fayol developed a general theory of Business Administration.

Henri Fayol was concerned the principles of organization and the function of management. Fayol laid the foundation of management as a separate body of knowledge. He always insisted that if scientific forecasting and proper methods are used in management than company can get satisfactory results.  According to Fayol, management was not personal talent; it is a knowledge base skill.
  
 

INTRODUCTION TO EMPLOYEE ENGAGEMENT AND DEFINITIONS

Human resource executives in India continue to struggle with talent management issues, particularly retention. the quest to find the best way to retain employees has taken HR pundits through concepts such as employee review,  latest idea is "employee engagement " , a concept that, it is the degree to which employee is emotionally bonded to his organization and passionate about his work that really matters .

Employee engagement is an emergent property of relationship between an organization and its employees. An "engaged employee " is one who is fully absorbed by and enthusiastic about their work and so takes positive action to further the organization 's reputation and interests.

* According to David Macleod "This is about how we create the conditions in which employees offer more of their capability and potential ".

*According to Khan "The harnessing of organization members" their work roles; in engagement, people employ and express themselves physically , cognitively , and emotionally during role performance".

In the article Psychological conditions of personal engagement and disengagement at work (1990) Khan describes employee engagement as the combination of three conditions: psychological meaningfulness, psychological safety, and psychological availability. This article is the basis of the reflection on employee engagement. It is important to understand those principles in order to continue any discussion about employee engagement.


The psychological meaningfulness relates to employees’ need to feel valued about their work by others and by themselves. The creation of clear goals, with adequate level of challenge juxtaposed with creativity and autonomy help developed a feeling of meaningfulness.

The psychological safety relates to the relationship of the employee with his coworker and superiors. The employee has to feel supported by his coworker and superior in his everyday work. The dynamic of groups, the management style and the organizational norms have to be “predictable, consistent and nonthreatening” (Khan 1990).

The psychological availability relates to the availability of emotional and psychological energies to perform the work. Furthermore, the feeling of security and confidence “in own abilities and status, self-consciousness and ambivalence about fit with social system”. The outside life also can impact psychological availability. Employee with high psychological availability will not be distracted in their work.

Finally, engaged employee feel safe, available and have a sense of meaningfulness You may still wonder why you should care about Employee engagement? Here are some reasons:

    *  Engaged employees go for the extra mile when needed while non-engaged employees stop working as soon as their time is done.
    *  Engaged employees care about their organization and do their best to fulfill their requirements and sometimes surprise you.
    *  Engaged people are productive.

> It is important to note that employee engagement is a ideal state that is worth pursuing. All jobs and peoples are not made or design for engagement. The pursuit of an ideal allows to improve current conditions. In this sense Employee Engagement is a good concept. It forces to wonder and reflect on the impact of leadership, employee relationships and emotions on an organization productivity.

> Employee engagement can be measured, this will be the subject of a future post. Until then, have a good week.