Tuesday, May 28, 2013

The 76th Banking Diploma Examination December 2012 (DAIBB) Result

The 76th Banking Diploma Examination December 2012 (DAIBB) Result



Institute of Bankers, Bangladesh (IBB) has published its 76th Banking Diploma Examination December 2012 (DAIBB) Result. If you are a candidate of 76th Banking Diploma Examination, you can find out your result by bank wise browsing.
The 76th Banking Diploma Examination December 2012 (DAIBB)Result
AB Bank Limited
Agrani Bank Limited
Al-Arafah Islami Bank Limited
Ansar-VDP Unnayan Bank
Bangladesh Bank
Bangladesh Commerce Bank Limited
Bangladesh Development Bank Limited
Bangladesh Krishi Bank
Bank Asia Limited
BASIC Bank Limited
BRAC Bank Limited
Commercial Bank of Ceylon PLC
Dhaka Bank Limited
Dutch-Bangla Bank Limited
Eastern Bank Limited
EXIM Bank of Bangladesh Limited
First Security Islami Bank Limited
IFIC Bank Limited
Investment Corporation of Bangladesh
Islami Bank Bangladesh Limited
Islamic Finance and Investment Limited
Jamuna Bank Limited
Janata Bank Limited
Karmasangstha Bank
Mercantile Bank Limited
Mutual Trust Bank Limited
National Bank Limited
National Credit & Commerce Bank Limited
ONE Bank Limited
Prime Bank Limited
Pubali Bank Limited
Rajshahi Krishi Unnayan Bank
Rupali Bank Limited
Shahjalal Islami Bank Limited
Social Islami Bank Limited
Sonali Bank Limited
Southeast Bank Limited
Standard Bank Limited
State Bank of India
The City Bank Limited
The Hongkong and Shanghai Banking Corporation Limited
The Premier Bank Limited
Trust Bank Limited
United Commercial Bank Limited
Uttara Bank Limited

Monday, May 27, 2013

The 76th Banking Diploma Examination December 2012 (JAIBB)Result

Institute of Bankers, Bangladesh (IBB) has published its 76th Banking Diploma Examination December 2012 (DAIBB) Result. If you are a candidate of 76th Banking Diploma Examination, you can find out your result by bank wise browsing.

The 76th Banking Diploma Examination December 2012 (JAIBB)Result

AB Bank Limited
Agrani Bank Limited
Al-Arafah Islami Bank Limited
Ansar VDP Unnayan Bank
Bangladesh Bank
Bangladesh Commerce Bank Limited
Bangladesh Development Bank Limited
Bangladesh House Building Finance Corporation
Bangladesh Krishi Bank
Bank Alfalah Limited
Bank Asia Limited
BASIC Bank Limited
BRAC Bank Limited
Citibank N.A
Commercial Bank of Ceylon Limited
Dhaka Bank Limited
Dutch-Bangla Bank Limited
Eastern Bank Limited
EXIM Bank of Bangladesh Limited
First Security Islami Bank Limited
Habib Bank Limited
ICB Islamic Bank Limited
IDLC Finance Limited
IFIC Bank Limited
Investment Corporation of Bangladesh
Islami Bank Bangladesh Limited
Islamic Finance and Investment Limited
Jamuna Bank Limited
Janata Bank Limited
Karmasangsthan Bank
Mercantile Bank Limited
Mutual Trust Bank Limited
National Bank Limited
National Bank of Pakistan
National Credit & Commerce Bank Limited
ONE Bank Limited
Prime Bank Limited
Pubali Bank Limited
Rajshahi Krishi Unnayan Bank
Rupali Bank Limited
Shahjalal Islami Bank Limited
Social Islami Bank Limited
Sonali Bank Limited
Southeast Bank Limited
Standard Bank Limited
Standard Chartered Bank
State Bank of India
The City Bank Limited
The Hongkong and Shanghai Banking Corporation Limited
The Premier Bank Limited
Trust Bank Limited
United Commercial Bank Limited
Uttara Bank Limited

Sunday, May 26, 2013

Meanings of Loan Syndication

 Meanings of Loan Syndication



Loan Syndication is a practice in which several banks each lend an amount of money to a borrower at the same time and for the same purpose. The banks participating in the loan syndication cooperate with each other for the duration of the project, even if they are otherwise competitors. Bank syndicates usually only lend large amounts of money that the individual banks could not afford easily. Loan syndication is a temporary arrangement between the banks.

In other word, Syndicated loan is a loan provided by a group of lenders, usually commercial or investment banks.  Syndicated loan deals are typically structured and administered by a lead arranger that initially underwrites the transaction and guarantees the total commitment, and later subscribes a given amount of the commitment to other banks in the syndicate.

Saturday, May 25, 2013

What is Management by Objective ?

 What is Management by Objective ?



Management by Objectives is a process whereby superior and subordinate managers of an Organisation jointly define its common goals, define each individual's major areas of responsibility in terms Of results expected of him and use these measures as guides for operating the unit and assessing the contribution of each of its members.

The process of setting objectives in the organization to give a sense of direction to the employees is called as Management by Objectives.

It refers to the process of setting goals for the employees so that they know what they are supposed to do at the workplace.

Management by Objectives defines roles and responsibilities for the employees and helps them chalk out their future course of action in the organization.

Management by objectives guides the employees to deliver their level best and achieve the targets within the stipulated time frame.

 Advantages of Management By Objectives MBO

There are many advantages of Management by Objectives. These are-

    Develops result-oriented philosophy: MBO is a result-oriented philosophy. It does not favor management by crisis. Managers are expected to develop specific individual and group goals, develop appropriate action plans, properly allocate resources and establish control standards. It provides opportunities and motivation to staff to develop and make positive contribution in achieving the goals of an Organisation.
    Formulation of dearer goals: Goal-setting is typically an annual feature. MBO produces goals that identify desired/expected results. Goals are made verifiable and measurable which encourage high level of performance. They highlight problem areas and are limited in number. The meeting is of minds between the superior and the subordinates. Participation encourages commitment. This facilitates rapid progress of an Organisation. In brief, formulation of realistic objectives is me benefit of M[BO.
    Facilitates objective appraisal: NIBO provides a basis for evaluating a person's performance since goals are jointly set by superior and subordinates. The individual is given adequate freedom to appraise his own activities. Individuals are trained to exercise discipline and self control. Management by self-control replaces management by domination in the MBO process. Appraisal becomes more objective and impartial.
    Raises employee morale: Participative decision-making and two-way communication encourage the subordinate to communicate freely and honestly. Participation, clearer goals and improved communication will go a long way in improving morale of employees.
    Facilitates effective planning: MBO programmes sharpen the planning process in an Organisation. It compels managers to think of planning by results. Developing action plans, providing resources for goal attainment and discussing and removing obstacles demand careful planning. In brief, MBO provides better management and better results.
    Acts as motivational force: MBO gives an individual or group, opportunity to use imagination and creativity to accomplish the mission. Managers devote time for planning results. Both appraiser and appraise are committed to the same objective. Since MBO aims at providing clear targets and their order of priority, employees are motivated.
    Facilitates effective control: Continuous monitoring is an essential feature of MBO. This is useful for achieving better results. Actual performance can be measured against the standards laid down for measurement of performance and deviations are corrected in time. A clear set of verifiable goals provides an outstanding guarantee for exercising better control.
    Facilitates personal leadership: MBO helps individual manager to develop personal leadership and skills useful for efficient management of activities of a business unit. Such a manager enjoys better chances to climb promotional ladder than a non-MBO type.

 Limitations of Management by Objectives (MBO)


There are several limitations to the assumptive base underlying the impact of managing by objectives, including:

1.   It over-emphasizes the setting of goals over the working of a plan as a driver of outcomes.

2.  It underemphasizes the importance of the environment or context in which the goals are set. That context includes everything from the availability and quality of resources, to relative buy-in by leadership and stake-holders. As an example of the influence of management buy-in as a contextual influencer, in a 1991 comprehensive review of thirty years of research on the impact of Management by Objectives, Robert Rodgers and John Hunter concluded that companies whose CEOs demonstrated high commitment to MBO showed, on average, a 56% gain in productivity. Companies with CEOs who showed low commitment only saw a 6% gain in productivity.

3.  Companies evaluated their employees by comparing them with the "ideal" employee. Trait appraisal only looks at what employees should be, not at what they should do.

When this approach is not properly set, agreed and managed by organizations, self-centered employees might be prone to distort results, falsely representing achievement of targets that were set in a short-term, narrow fashion. In this case, managing by objectives would be counterproductive.
The use of MBO must be carefully aligned with the culture of the organization. While MBO is not as fashionable as it was before, it still has its place in management today. The key difference is that rather than 'set' objectives from a cascade process, objectives are discussed and agreed upon. Employees are often involved in this process, which can be advantageous.

A saying around MBO – "What gets measured gets done", ‘Why measure performance? Different purposes require different measures’ – is perhaps the most famous aphorism of performance measurement; therefore, to avoid potential problems SMART and SMARTER objectives need to be agreed upon in the true sense rather than set.

 Disadvantages of Management by Objectives


There are many Disadvantages of Management by Objectives. These are-

(1). Low morale and high stress levels. If objectives are imposed on employees rather than agreed it can reduce morale and if targets are overambitious it can cause high levels of stress for employees.

(2). Increased bureaucracy. The process of determining and agreeing targets can be very bureaucratic and time consuming due to the number of meetings and discussions needed.

(3). Long term implications. In certain businesses, depending on its corporate culture, management by objectives can lead to short-termism which can lead to the long term detriment of the business. This is especially true in industries or businesses where salaries and benefits are determined the amount of sales made and how they compare to others. This can lead targets to become more focused on quantity rather than quality, appropriateness and ethics.

(4). Unsuitable or unrealistic targets. As circumstances change, targets can quickly become outdated or unrealistic. If the business does not evaluate and change its targets to reflect changes in circumstances, it would most likely reduce the flexibility of a business’s response. There is also no guarantee that targets set will be met which may lead to more time being spent in setting targets rather than achieving them.

In conclusion, despite the apparent advantages of management by objectives its use has declined and is rejected fiercely by many businesses. This is due to the constraint it puts on management thinking. It can cause managers to miss business opportunities due to them being too focused on their targets which are a major problem in business environments that change rapidly and where the business needs to respond quickly to changes. Management by objectives can also lead to a reduction in innovation or creativity in the business when responding to different situations. However, for large businesses that operate in stable markets, management by objectives is still considered to be suitable.

 Features/ Characteristics of the MBO process


Behind the principle of Management by Objectives (MBO) is for employees to have a clear understanding of the roles and responsibilities expected of them. Then they can understand how their activities relate to the achievement of the organization's goal. Also places importance on fulfilling the personal goals of each employee.

Some of the important features of MBO are:

    Motivation – Involving employees in the whole process of goal setting and increasing employee empowerment. This increases employee job satisfaction and commitment.
    Better communication and coordination – Frequent reviews and interactions between superiors and subordinates help to maintain harmonious relationships within the organization and also to solve many problems.
    Clarity of goals
    Subordinates tend to have a higher commitment to objectives they set for themselves than those imposed on them by another person.
    Managers can ensure that objectives of the subordinates are linked to the organization's objectives.



Friday, May 24, 2013

Whats are the characteristics of perfectly competitive market?

 Whats are the characteristics of perfectly competitive market?




A perfectly competitive market is a hypothetical market where competition is at its greatest possible level.  Neo-classical economists argued that perfect competition would produce the best possible outcomes for consumers, and society.

Key characteristics of perfectly competitive market

Perfectly competitive markets exhibit the following characteristics:

1.       There is perfect knowledge, with no information failure or time lags.  Knowledge is freely available to all participants, which means that risk-taking is minimal and the role of the entrepreneur is limited.

2.      There are no barriers to entry into or exit out of the market.

3.      Firms produce homogeneous, identical, units of output that are not branded.

4.      Each unit of input, such as units of labour, are also homogeneous.

5.      No single firm can influence the market price, or market conditions. The single firm is said to be a price taker, taking its price from the whole industry.

6.      There are a very large numbers of firms in the market.

7.      There is no need for government regulation, except to make markets more competitive.

8.      There are assumed to be no externalities, that is no external costs or benefits.

9.      Firms can only make normal profits in the long run, but they can make abnormal profits in the short run.



 Define perfect Competitive market

A perfect market is one where there is perfect competition. This is a model market. It implies absence of rivalry.

According to Boulding, “the competitive market may be defend as a large number of buyers and sellers all engaged in the purchase and sale of identically similar commodity, who are in close contact with one another and who buy and sell freely among themselves”.

Thursday, May 23, 2013

75th Banking Diploma Examination, MAY 2012 DAIBB Results

75th Banking Diploma Examination, MAY 2012 DAIBB Results

 

THE INSTITUTE OF BANKERS, BANGLADESH (IBB)
 
Results of 75th Banking Diploma Examination, MAY  2012
 
Roll Nos of Successful Candidates 
DAIBB
  21305, 21310, 21328, 21334, 21353, 21381, 21390, 21438, 21442, 21443, 21444, 21445, 21457, 21468, 21469, 21473, 21475, 21480, 21482, 21517, 21523, 21524, 21529, 21541, 21562, 21571, 21583, 21584, 21587, 21597, 21609, 21610, 21620, 21621, 21627, 21630, 21631, 21633, 21660, 21662, 21672, 21697, 21698, 21719, 21746, 21749, 21752, 21763, 21765, 21779, 21783, 21788, 21792, 21805, 21806, 21807, 21837, 21843, 21855, 21861, 21865, 21877, 21881, 21882, 21897, 21913, 21919, 21924, 21925, 21930, 21933, 21941, 21948, 21951, 21964, 21969, 21983, 21998, 22019, 22025, 22035, 22062, 22078, 22082, 22092, 22101, 22102, 22117, 22124, 22125, 22129, 22141, 22161, 22164, 22168, 22169, 22183, 22186, 22205, 22208, 22217, 22222, 22223, 22231, 22257, 22263, 22269, 22276, 22277, 22281, 22282, 22286, 22287, 22292, 22295, 22300, 22304, 22313, 22318, 22319, 22331, 22339, 22342, 22355, 22358, 22366, 22378, 22384, 22406, 22413, 22416, 22426, 22428, 22459, 22476, 22489, 22521, 22532, 22538, 22543, 22562, 22563, 22566, 22592, 22596, 22597, 22605, 22610, 22638, 22686, 22714, 22747, 22767, 22769, 22790, 22800, 22803, 22826, 22886, 22893, 22900, 22910, 22936, 22981, 23028, 23047, 23070, 23074, 23094, 23112, 23123, 23125, 23129, 23155, 23170, 23206, 23211, 23238, 23255, 23284, 23309, 23310, 23318, 23329, 23377, 23380, 23390, 23392, 23393, 23403, 23404, 23405, 23406, 23433, 23435, 23443, 23451, 23452, 23457, 23464, 23492, 23494, 23515, 23522, 23524, 23525, 23526, 23534, 23548, 23549, 23552, 23560, 23563, 23587, 23589, 23590, 23591, 23594, 23607, 23609, 23613, 23621, 23622, 23623, 23624, 23628, 23630, 23632, 23635, 23636, 23638, 23646, 23655, 23663, 23664, 23665, 23673, 23675, 23676, 23682, 23685, 23691, 23703, 23704, 23717, 23718, 23722, 23728, 23729, 23734, 23765, 23783, 23793, 23798, 23799, 23813, 23817, 23820, 23822, 23823, 23825, 23833, 23835, 23836, 23856, 23870, 23871, 23885, 23894, 23909, 23910, 23913, 23916, 23917, 23921, 23922, 23929, 23932, 23933, 23935, 23936, 23939, 23944, 23964, 23967, 23977, 23991, 24004, 24011, 24014, 24028, 24030, 24035, 24042, 24045, 24062, 24067, 24076, 24077, 24081, 24082, 24090, 24106, 24126, 24127, 24129, 24133, 24140, 24146, 24148, 24161, 24166, 24174, 24178, 24180, 24188, 24190, 24192, 24205, 24220, 24225, 24230, 24235, 24236, 24237, 24254, 24260, 24262, 24264, 24269, 24270, 24273, 24276, 24283, 24293, 24308, 24309, 24315, 24322, 24335, 24340, 24343, 24349, 24350, 24353, 24355, 24356, 24362, 24364, 24369, 24371, 24372, 24396, 24420, 24422, 24427, 24452, 24453, 24454, 24455, 24458, 24462, 24463, 24465, 24466, 24475, 24480, 24484, 24487, 24489, 24496, 24505, 24506, 24517, 24521, 24523, 24527, 24528, 24532, 24533, 24535, 24541, 24543, 24554, 24558, 24560, 24562, 24564, 24568, 24571, 24576, 24584, 24586, 24592, 24593, 24595, 24601, 24602, 24606, 24610, 24612, 24616, 24619, 24625, 24626, 24627 24634, 24635, 24639, 24646, 24651, 24652, 24653, 24654, 24656, 24659, 24668, 24669, 24677, 24683, 24684, 24687, 24694, 24697, 24699, 24701, 24702, 24707, 24708, 24710, 24720, 24721, 24727, 24744, 24746, 24765, 24779, 24783, 24793, 24794, 24796, 24797, 24798, 24799, 24809, 24811, 24832, 24842, 24858, 24873, 24877, 24883, 24884, 24885, 24886, 24887, 24889, 24893, 24895, 24907, 24908, 24917, 24937, 24938, 24939, 24940, 24959, 24968, 25000, 25006, 25011, 25012, 25015, 25017 = 474

Wednesday, May 22, 2013

75th Banking Diploma Examination, MAY 2012 JAIBB Result

THE INSTITUTE OF BANKERS, BANGLADESH (IBB)
 
Results of 75th Banking Diploma Examination, MAY  2012
 
Roll Nos of Successful Candidates 
JAIBB
 6, 8, 27, 29, 30, 36, 53, 54, 60, 70, 73, 88, 91, 93, 106, 108, 113, 115, 117, 119, 120, 123, 125, 126, 127, 129, 148, 155, 164, 176, 180, 181, 187, 198, 212, 218, 227, 238, 316, 329, 351, 354, 358, 360, 370, 381, 389, 393, 408, 417, 428, 432, 443, 447, 452, 459, 460, 466, 467, 468, 478, 480, 481, 484, 488, 497, 499, 501, 530, 532, 535, 542, 544, 569, 570, 572, 574, 576, 578, 597, 598, 618, 627, 635, 643, 653, 655, 686, 689, 710, 715, 716, 726, 729, 736, 745, 750, 752, 753, 758, 763, 800, 802, 804, 810, 813, 814, 828, 847, 849, 851, 855, 860, 865, 871, 888, 892, 894, 895, 917, 923, 926, 927, 934, 939, 945, 949, 951, 954, 959, 964, 971, 987, 991, 999, 1008, 1028, 1029, 1035, 1036, 1046, 1063, 1076, 1077, 1086, 1134, 1142, 1151, 1152, 1155, 1195, 1200, 1217, 1222, 1223, 1227, 1231, 1235, 1264, 1279, 1287, 1314, 1318, 1322, 1328, 1334, 1344, 1369, 1409, 1410, 1411, 1414, 1439, 1461, 1468, 1492, 1503, 1522, 1543, 1651, 1653, 1655, 1667, 1678, 1680, 1689, 1708, 1722, 1725, 1735, 1742, 1745, 1748, 1754, 1762, 1772, 1773, 1775, 1788, 1857, 1895, 2004, 2008, 2038, 2045, 2049, 2062, 2086, 2106, 2111, 2118, 2130, 2138, 2145, 2163, 2164, 2166, 2212, 2214, 2222, 2229, 2278, 2294, 2295, 2299, 2300, 2324, 2325, 2433, 2376, 2381, 2382, 2395, 2400, 2404, 2422, 2425, 2447, 2458, 2468, 2492, 2531, 2544, 2573, 2577, 2603, 2624, 2651, 2681, 2685, 2688, 2690, 2691, 2693, 2696, 2701, 2710, 2718, 2722, 2732, 2733, 2755, 2765, 2781, 2801, 2822, 2861, 2862, 2866, 2874, 2887, 2901, 2915, 2920, 2921, 2938, 2965, 2967, 2968, 2969, 2970, 2976, 2977, 2989, 2997, 3012, 3020, 3079, 3098, 3117, 3121, 3128, 3131, 3136, 3137, 3145, 3146, 3150, 3152, 3172, 3180, 3184, 3185, 3189, 3190, 3196, 3200, 3201, 3202, 3212, 3231, 3235, 3241, 3243, 3248, 3269, 3298, 3301, 3322, 3324, 3350, 3356, 3370, 3388, 3392, 3393, 3399, 3400, 3415, 3428, 3461, 3473, 3524, 3530, 3531, 3579, 3587, 3605, 3612, 3622, 3654, 3662, 3682, 3687, 3692, 3707, 3715, 3727, 3728, 3734, 3746, 3754, 3756, 3771, 3778, 3794, 3850, 3859, 3885, 3932, 3946, 3947, 3955, 3969, 4007, 4014, 4040, 4138, 4156, 4159, 4164, 4200, 4204, 4264, 4290, 4291, 4315, 4335, 4342, 4351, 4376, 4385, 4390, 4398, 4400, 4505, 4508, 4633, 4634, 4709, 4730, 4785, 4803, 4818, 4836, 4839, 4898, 4906, 4915, 4934, 4938, 4946, 4980, 4991, 5101, 5104, 5109, 5119, 5124, 5128, 5130, 5131, 5132, 5144, 5149, 5150, 5159, 5164, 5165, 5169, 5170, 5178, 5186, 5195, 5219, 5347, 5354, 5355, 5356, 5363, 5365, 5366, 5367, 5368, 5406, 5413, 5435, 5451, 5453, 5470, 5474, 5493, 5508, 5509, 5518, 5540, 5541, 5543, 5544, 5545, 5549, 5551, 5563, 5574, 5575, 5603, 5609, 5615, 5618, 5649, 5716, 5764, 5765, 5768, 5772, 5780, 5805, 5807, 5822, 5834, 5836, 5845, 5846, 5848, 5851, 5863, 5875, 5877, 5878, 5882, 5894, 5902, 5925, 5930, 5933, 5936, 5958, 5969, 5995, 6080, 6326, 6330, 6351, 6354, 6356, 6370, 6373, 6384, 6430, 6432, 6433, 6466, 6524, 6529, 6551, 6553, 6576, 6578, 6579, 6674, 6713, 6718, 6719, 6753, 6756, 6780, 6793, 6794, 6884, 6903, 6917, 6921, 6950, 6970, 6979, 6981, 7000, 7008, 7011, 7021, 7022, 7024, 7029, 7044, 7046, 7054, 7061, 7084, 7090, 7099, 7104, 7109, 7111, 7114, 7117, 7146, 7175, 7183, 7197, 7229, 7230, 7235, 7236, 7238, 7258, 7276, 7320, 7348, 7349, 7352, 7391, 7407, 7425, 7447, 7456, 7463, 7467, 7487, 7489, 7536, 7772, 7906, 7936, 7937, 7966, 7967, 7970, 7971, 7975, 7983, 7985, 7994, 7999, 8015, 8051, 8074, 8102, 8123, 8129, 8146, 8147, 8151, 8152, 8159, 8165, 8168, 8170, 8180, 8181, 8187, 8400, 8407, 8423, 8431, 8433, 8436, 8449, 8455, 8461, 8468, 8486, 8503, 8511, 8516, 8517, 8520, 8526, 8530, 8535, 8542, 8555, 8561, 8564, 8565, 8578, 8581, 8583, 8586, 8587, 8588, 8593, 8594, 8595, 8596, 8599, 8601, 8602, 8613, 8616, 8620, 8621, 8629, 8643, 8646, 8647, 8649, 8650, 8651, 8660, 8674, 8681, 8683, 8697, 8704, 8712, 8754, 8755, 8757, 8762, 8763, 8765, 8767, 8772, 8802, 8808, 8809, 8812, 8813, 8844, 8845, 8857, 8861, 8865, 8867, 8873, 8877, 8879, 8880, 8881, 8882, 8894, 8899, 8900, 8903, 8915, 8922, 8928, 8930, 8935, 8946, 8964, 8965, 8968, 8974, 8999, 9001, 9008, 9011, 9012, 9017, 9018, 9023, 9024, 9026, 9037, 9040, 9049, 9057, 9060, 9153, 9243, 9453, 9455, 9492, 9499, 9512, 9518, 9528, 9531, 9532, 9534, 9535, 9626, 9641, 9642, 9650, 9655, 9675, 9678, 9681, 9687, 9700, 9733, 9739, 9753, 9756, 9771, 9796, 9804, 10132, 10193, 10218, 10234, 10251, 10259, 10260, 10279, 10302, 10318, 10319, 10320, 10321, 10325, 10332, 10395, 10400, 10500, 10538, 10586, 10591, 10731, 10745, 10746, 11002, 11141, 11143, 11144, 11305, 11315, 11325, 11327, 11339, 11347, 11349, 11372, 11376, 11390, 11409, 11414, 11442, 11455, 11461, 11466, 11468, 11473, 11478, 11489, 11504, 11508, 11520, 11525, 11535, 11536, 11539, 11541, 11546, 11561, 11564, 11565, 11569, 11583, 11619, 11638, 11667, 11668, 11694, 11700, 11719, 11723, 11724, 11725, 11750, 11752, 11753, 11766, 11782, 11784, 11789, 11803, 11804, 11811, 11837, 11861, 11867, 11868, 11871, 11872, 11877, 11881, 11887, 11896, 11903, 11923, 11943, 11965, 11977, 11996, 11997, 12027, 12030, 12031, 12034, 12036, 12044, 12056, 12059, 12061, 12087, 12099, 12108, 12112, 12123, 12135, 12153, 12197, 12204, 12206, 12212, 12220, 12257, 12258, 12264, 12270, 12273, 12349, 12371, 12372, 12374, 12378, 12389, 12396, 12455, 12484, 12492, 12509, 12516, 12520, 12522, 12553, 12555, 12563, 12589, 12621, 12632, 12634, 12647, 12673, 12674, 12675, 12680, 13066, 13069, 13097, 13103, 13120, 13123, 13136, 13137, 13490, 13758, 13759, 13763, 13807, 13808, 13823, 13851, 13853, 13854, 13859, 13880, 13881, 13886, 13887, 13891, 13926, 13933, 13937, 13966, 13972, 13997, 14000, 14003, 14004, 14015, 14027, 14031, 14038, 14039, 14040, 14041, 14043, 14044, 14059, 14078, 14093, 14107, 14114, 14115, 14121, 14124, 14125, 14135, 14137, 14140, 14142, 14151, 14154, 14159, 14162, 14168, 14171, 14177, 14178, 14180, 14194, 14229, 14268, 14279, 14310, 14326, 14327, 14330, 14331, 14333, 14334, 14345, 14347, 14365, 14366, 14370, 14372, 14392, 14393, 14401, 14422, 14431, 14433, 14440, 14459, 14461, 14464, 14466, 14493, 14641, 14827, 14922, 14970, 14988, 15006, 15014, 15148, 15176, 15186, 15243, 15254, 15256, 15265, 15272, 15300, 15306, 15320, 15323, 15349, 15350, 15361, 15362, 15363, 15384, 15387, 15398, 15400, 15414, 15416, 15424, 15439, 15444, 15448, 15449, 15471, 15475, 15477, 15480, 15522, 15526, 15553, 15554, 15557, 15587, 15601, 15602, 15623, 15626, 15633, 15649, 15678, 15682, 15687, 15689, 15701, 15706, 15711, 15713, 15716, 15724, 15725, 15728, 15733, 15738, 15741, 15743, 15749, 15751, 15754, 15768, 15772, 15789, 15793, 15797, 15804, 15805, 15816, 15818, 15824, 15828, 15831, 15844, 15846, 15848, 15849, 15857, 15859, 15861, 15862, 15864, 15866, 15867, 15868, 15874, 15905, 15928, 15936, 15937, 15938, 15944, 15967, 15969, 15974, 15978, 16017, 16025, 16026, 16055, 16058, 16069,16121, 16198, 16199, 16211, 16214, 16217, 16219, 16236, 16306, 16309, 16310, 16315, 16316, 16318, 16331, 16332, 16335, 16347, 16357, 16369, 16392, 16405, 16486, 16505, 16529, 16536, 16561, 16590, 16582, 16613, 16615, 16616, 16619, 16621, 16629, 16654, 16659, 16777, 16884, 16886, 16887, 16899, 16900, 16919, 17036, 17113, 17116, 17221, 17248, 17442, 17446, 17477, 17573, 17607, 17635, 17766, 17906, 18241, 18303, 18311, 18335, 18369, 18375, 18484, 18564, 19016, 19397, 19801, 19825, 20161, 20163, 20165, 20275, 20286, 20340, 20355, 20364, 20369, 20496, 20655, 20860, 20865, 20879, 20882, 20913, 20914 = 1180

Tuesday, May 21, 2013

Define Marketing

Define Marketing



In a short sense, Marketing is managing profitable customer relationships.
In a broad sense, Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Lastly we can say that marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers.
 
 

 Define Marketing mix. What are its elements?



Marketing mix is the combination of the elements of marketing and what roles each element plays in promoting products and services and delivering those products and services to customers.

Elements of the Marketing Mix
The elements of the marketing mix are also referred to as the 4 P's of marketing.
The 4 P's of the Marketing Mix
The original 4 P's of marketing (although they have been renamed a bit over the years) that were the elements of marketing mix is:

Product
The products or services offered to your customer: Their physical attributes, what they do, how they differ from your competitors and what benefits they provide.

Price
How price of product or service so that price remains competitive but allows making a good profit.

Place (Also referred to as Distribution)

Where business sells its products or services and how it gets those products or services to customers.

Promotion
The methods used to communicate the features and benefits of products or services to target customers.

The 5th P of Marketing
Recently some marketing theorists have added a 5th P of marketing to the elements of the marketing mix. It is people. Without people, no firm can think about marketing.
 
 

 Importance of Marketing in Banking Sector/ Financial Organization:


Marketing in banking sector should be considered under the service marketing framework. Bank marketing is not only include service selling of the bank but also gets personality and increasing image/ status for bank on its customers’ mind. For this reason, the traditional marketing is separate from the marketing of financial organization and Banks.

The Importance of Marketing in Banking Sector/ Financial Organization are mentioned below:


Large competition in financial service sector:

The competition became extreme for growing international banking perceptiveness and recently being unlimited new enterprises in this sector. Increase in liberalization of interest rates has intensified the competition.

Change in demographic structure:

Thinking and quality vary men to men. Differentiation of population in the number, quality and attribute, banks has to maintain a close relation and has to cope with the change. For this reasons, the importance of marketing in Banking Sector/ Financial Organization has emerge.

Bank’s wish to increase profit:
Banks increases their profits by creating new markets, to protect and develop their existing market shares. Since the banks wants to make high profit, they must involve with marketing to survive in their sector.
 
 

Monday, May 20, 2013

Advantages of Mobile Banking

 Advantages of Mobile Banking



The biggest advantage that mobile banking offers to banks is that it drastically cuts down the costs of providing service to the customers. For example an average teller or phone transaction costs about $2.36 each, whereas an electronic transaction costs only about $0.10 each. Additionally, this new channel gives the bank ability to cross-sell up-sell their other complex banking products and services such as vehicle loans, credit cards etc.

For service providers, Mobile banking offers the next surest way to achieve growth. Countries like Korea where mobile penetration is nearing saturation, mobile banking is helping service providers increase revenues from the now static subscriber base.

Service providers are increasingly using the complexity of their supported mobile banking services to attract new customers and retain old ones. A very effective way of improving customer service could be to inform customers better. Credit card fraud is one such area. A bank could, through the use of mobile technology, inform owners each time purchases above a certain value have been made on their card. This way the owner is always informed when their card is used, and how much money was taken for each transaction.

Similarly, the bank could remind customers of outstanding loan repayment dates, dates for the payment of monthly installments or simply tell them that a bill has been presented and is up for payment. The customers can then check their balance on the phone and authorize the required amounts for payment.

The customers can also request for additional information. They can automatically view deposits and withdrawals as they occur and also pre- schedule payments to be made or cheques to be issued. Similarly, one could also request for services like stop cheque or issue of a cheque book over one’s mobile phone.

There are number of reasons that should persuade banks in favor of mobile phones.
They are set to become a crucial part of the total banking services experience for the customers. Also, they have the potential to bring down costs for the bank itself.

Through mobile messaging and other such interfaces, banks provide value added services to the customer at marginal costs. Such messages also bear the virtue of being targeted and personal making the services offered more effective. They will also carry better results on account of better customer profiling.

Yet another benefit is the anywhere/anytime characteristics of mobile services. A mobile is almost always with the customer. As such it can be used over a vast geographical area. The customer does not have to visit the bank ATM or a branch to avail of the bank’s services. Research indicates that the number of footfalls at a bank’s branch has fallen down drastically after the installation of ATMs. As such with mobile services, a bank will need to hire even less employees as people will no longer need to visit bank branches apart from certain occasions.

With Indian telecom operators working on offering services like money transaction over a mobile, it may soon be possible for a bank to offer phone based credit systems. This will make credit cards redundant and also aid in checking credit card fraud apart from offering enhanced customer convenience. The use of mobile technologies is thus a win-win proposition for both the banks and the bank’s customers.

The banks add to this personalized communication through the process of automation. For instance, if the customer asks for his account or card balance after conducting a transaction, the installed software can send him an automated reply informing of the same. These automated replies thus save the bank the need to hire additional employees for servicing customer needs.

Sunday, May 19, 2013

Define Marketing

Define Marketing



In a short sense, Marketing is managing profitable customer relationships.
In a broad sense, Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Lastly we can say that marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers.

Define Subsidiary Ledger

 Define Subsidiary Ledger



Subsidiary ledger is a Special or supporting ledger (such as cost ledger, purchases ledger, sales ledger) that provides more detailed information about individual accounts than a general ledger. Used by firms with larger number of customers (or creditors), these ledgers divide masses of financial data into more manageable parts. Total of all individual accounts in a subsidiary ledger equals the balance of the corresponding summary account (called control account) in the general ledger.

Saturday, May 18, 2013

Define an adjusting entry

 Define an adjusting entry



An adjusting entry is a non-standard entry an accountant staffer makes to correct an error, ensure that corporate books are in line with business legislation or accounting guidelines, or adapt operating practices to top leadership's stipulations. Under GAAP and IFRS, adjusting entries cover items as diverse as prepaid expenses, unearned revenues, error corrections and the cumulative effect of accounting changes. Prepaid expense is a good example to understand the concept of adjusting entry. A company typically pays premiums in advance -say, remittances cover 12 months, but doesn't receive coverage immediately. For example, the business remits $24,000 to an insurance company at the beginning of the year, and this amount covers 12 months. After one month, the prepaid insurance account will show 11 months' worth of coverage, or $22,000 ($24,000 divided by 12 times 11).

Friday, May 17, 2013

Who are the external users of Accounting?

 Who are the external users of Accounting?


Accounting information helps users to make better financial decisions. Users of financial information may be both internal and external to the organization.

External users of accounting information include the following:

    Creditor: for determining the credit worthiness of the organization. Terms of credit are set according to the assessment of their customers' financial health. Creditors include suppliers as well as lenders of finance such as banks.
    Tax Authourities: for determining the credibility of the tax returns filed on behalf of the company.
    Investors: for analyzing the feasibility of investing in the company. Investors want to make sure they can earn a reasonable return on their investment before they commit any financial resources to the company.
    Customers: for assessing the financial position of its supplier which is necessary for a stable source of supply in the long term.
    Regulatory Authorities: for ensuring that the company's disclosure of accounting information is in accordance with the rules and regulations set in order to protect the interests of the stakeholders who rely on such information in forming their decisions.


External users are communicated accounting information usually in the form of financial statements. The purpose of financial statements is to cater for the needs of such diverse users of accounting information in order to assist them in making sound financial decisions.

Thursday, May 16, 2013

Who are the internal users of Accounting?

 Who are the internal users of Accounting?



Accounting information helps users to make better financial decisions. Users of financial information may be both internal and external to the organization.
Internal users of accounting information include the following:

    Management: for analyzing the organization's performance and position and taking appropriate measures to improve the company results.
    Employees: for assessing company's profitability and its consequence on their future remuneration and job security.
    Owners: for analyzing the viability and profitability of their investment and determining any future course of action.

Accounting information is presented to internal users usually in the form of management accounts, budgets, forecasts and financial statements.

Wednesday, May 15, 2013

Define Accounting

 Define Accounting


Posted by Muhammad Jakirul Haque Talukder on |



Accounting is concerned with collecting, analysing and communicating financial information. The purpose is to help people who use this information to make more informed decisions. If the financial information that is communicated is not capable of improving the quality of decisions made, there would be no point in producing it. Sometimes the impression is given that the purpose of accounting is simply to prepare financial reports on a regular basis. While it is true that accountants undertake this kind of work, it does not represent an end in itself. The ultimate purpose of the accountant’s work is to give people better financial information on which to base their decisions.

This decision-making perspective of accounting fits in with the theme of this book and shapes the way in which we deal with each topic

Tuesday, May 14, 2013

Explain shortly the scientific management theory of taylor

 Explain shortly the scientific management theory of taylor


People have been managing work for hundreds of years, and we can trace formal management ideas to the 1700s. But the most significant developments in management theory emerged in the 20th century. We owe much of our understanding of managerial practices to the many theorists of this period, who tried to understand how best to conduct business.

Historical Perspective
Frederick Winslow Taylor started the Scientific Management movement, and he and his associates were the first people to study the work process scientifically. They studied how work was performed, and they looked at how this affected worker productivity. Taylor's philosophy focused on the belief that making people work as hard as they could was not as efficient as optimizing the way the work was done.

In 1909, Taylor published "The Principles of Scientific Management." In this, he proposed that by optimizing and simplifying jobs, productivity would increase. He also advanced the idea that workers and managers needed to cooperate with one another. This was very different from the way work was typically done in businesses beforehand. A factory manager at that time had very little contact with the workers, and he left them on their own to produce the necessary product. There was no standardization, and a worker's main motivation was often continued employment, so there was no incentive to work as quickly or as efficiently as possible.

Taylor believed that all workers were motivated by money, so he promoted the idea of "a fair day's pay for a fair day's work." In other words, if a worker didn't achieve enough in a day, he didn't deserve to be paid as much as another worker who was highly productive.
With a background in mechanical engineering, Taylor was very interested in efficiency. While advancing his career at a U.S. steel manufacturer, he designed workplace experiments to determine optimal performance levels. In one, he experimented with shovel design until he had a design that would allow workers to shovel for several hours straight. With bricklayers, he experimented with the various motions required and developed an efficient way to lay bricks. And he applied the scientific method to study the optimal way to do any type of workplace task. As such, he found that by calculating the time needed for the various elements of a task, he could develop the "best" way to complete that task.

These "time and motion" studies also led Taylor to conclude that certain people could work more efficiently than others. These were the people whom managers should seek to hire where possible. Therefore, selecting the right people for the job was another important part of workplace efficiency. Taking what he learned from these workplace experiments, Taylor developed four principles of scientific management. These principles are also known simply as "Taylorism".

Four Principles of Scientific Management
Taylor's four principles are as follows:
a.     Replace working by "rule of thumb," or simple habit and common sense, and instead use the scientific method to study work and determine the most efficient way to perform specific tasks.

b.    Rather than simply assign workers to just any job, match workers to their jobs based on capability and motivation, and train them to work at maximum efficiency.

c.     Monitor worker performance, and provide instructions and supervision to ensure that they're using the most efficient ways of working.

d.    Allocate the work between managers and workers so that the managers spend their time planning and training, allowing the workers to perform their tasks efficiently.

Critiques of Taylorism
Taylorism promotes the idea that there is "one right way" to do something. As such, it is at odds with current approaches such as MBO (Management By Objectives), Continuous Improvement initiatives, BPR (Business Process Engineering), and other tools like them. These promote individual responsibility, and seek to push decision making through all levels of the organization.

The idea here is that workers are given as much autonomy as practically possible, so that they can use the most appropriate approaches for the situation at hand. (Reflect here on your own experience – are you happier and more motivated when you're following tightly controlled procedures, or when you're working using your own judgment?) What's more, front line workers need to show this sort of flexibility in a rapidly-changing environment. Rigid, rules-driven organizations really struggle to adapt in these situations.

Teamwork is another area where pure Taylorism is in opposition to current practice. Essentially, Taylorism breaks tasks down into tiny steps, and focuses on how each person can do his or her specific series of steps best. Modern methodologies prefer to examine work systems more holistically in order to evaluate efficiency and maximize productivity. The extreme specialization that Taylorism promotes is contrary to modern ideals of how to provide a motivating and satisfying workplace.

Where Taylorism separates manual from mental work, modern productivity enhancement practices seek to incorporate worker's ideas, experience and knowledge into best practice. Scientific management in its pure form focuses too much on the mechanics, and fails to value the people side of work, whereby motivation and workplace satisfaction are key elements in an efficient and productive organization.

Monday, May 13, 2013

Shortly states the Management Principles developed by Henri Fayol

 Shortly states the Management Principles developed by Henri Fayol


Fayol's "14 Principles" was one of the earliest theories of management to be created, and remains one of the most comprehensive. He's considered to be among the most influential contributors to the modern concept of management, even though people don't refer to "The 14 Principles" often today.

DIVISION OF WORK:
Work should be divided among individuals and groups to ensure that effort and attention are focused on special portions of the task. Fayol presented work specialization as the best way to use the human resources of the organization.                                                                                                                  
AUTHORITY:
The concepts of Authority and responsibility are closely related. Authority was defined by Fayol as the right to give orders and the power to exact obedience. Responsibility involves being accountable, and is therefore naturally associated with authority. Whoever assumes authority also assumes responsibility.                                                             

DISCIPLINE:
A successful organization requires the common effort of workers. Penalties should be applied judiciously to encourage this common effort.                                                                             
UNITY OF COMMAND:
Workers should receive orders from only one manager.                                                                                             
UNITY OF DIRECTION:
The entire organization should be moving towards a common objective in a common direction.                                                                                                       

SUBORDINATION OF INDIVIDUAL INTERESTS TO THE GENERAL INTERESTS: The interests of one person should not take priority over the interests of the organization as a whole.                                                                                                                                       
REMUNERATION:
Many variables, such as cost of living, supply of qualified personnel, general business conditions, and success of the business, should be considered in determining a worker’s rate of pay.                                                                                                 

CENTRALIZATION:
Fayol defined centralization as lowering the importance of the subordinate role. Decentralization is increasing the importance. The degree to which centralization or decentralization should be adopted depends on the specific organization in which the manager is working.                                                                                                                 
SCALAR CHAIN:
Managers in hierarchies are part of a chain like authority scale. Each manager, from the first line supervisor to the president, possess certain amounts of authority. The President possesses the most authority; the first line supervisor the least. Lower level managers should always keep upper level managers informed of their work activities. The existence of a scalar chain and adherence to it are necessary if the organization is to be successful.                                                                                                   

ORDER:
For the sake of efficiency and coordination, all materials and people related to a specific kind of work should be treated as equally as possible.                                                                         
EQUITY:
All employees should be treated as equally as possible.                                                                                                                
STABILITY OF TENURE OF PERSONNEL:
Retaining productive employees should always be a high priority of management. Recruitment and Selection Costs, as well as increased product-reject rates are usually associated with hiring new workers.                                                                                                
INITIATIVE:
Management should take steps to encourage worker initiative, which is defined as new or additional work activity undertaken through self direction.                                                   
ESPIRIT DE CORPS:
Management should encourage harmony and general good feelings among employees.

Sunday, May 12, 2013

Briefly discuss the role and importance of Management

 Briefly discuss the role and importance of Management



Management is indispensable for the successful functioning of every organisation. It is all the more important in business enterprises. No business runs in itself, even on momentum. Every business needs repeated stimulus which can only be provided by management. According to Peter Drucker,“ management is a dynamic lifegiving element in an organisation, without it the resources of production remain mere resources and never become production”.

The importance of management has been highlighted clearly in the following points:

Achievement of group goals:
A human group consists of several persons, each specialising in doing a part of the total task. Each person may be working efficiently, but the group as a whole cannot realise its objectives unless there is mutual cooperation and coordination among the members of the group. Manage-ment creates team-work and coordination in the group. He reconciles the objectives of the group with those of its members so that each one of them is motivated to make his best contribu-tion towards the accomplishment of group goals. Managers provide inspiring leadership to keep the members of the group working hard.

Optimum utilisation of resources:
Managers forecast the need for materials, machinery, money and manpower. They ensure that the organisation has adequate resources and at the sametime does not have idle resources. They create and maintain an environment conducive to highest productivity. Managers make sure that workers know their jobs well and use the most efficient methods of work. They provide training and guidance to employees so that they can make the best use of the available resources.

Minimization of cost:
In the modern era of cut-throat competition no business can succeed unless it is able to supply the required goods and services at the lowest possible cost per unit. Management directs day-to-day operations in such a manner that all wastage and extravagance are avoided. By reducing costs and improving efficiency, managers enable an enterprise to be competent to face competitors and earn profits.

Survival and growth:
Modern business operates in a rapidly changing environment. An enterprise has to adapt itself to the changing demands of the market and society. Management keeps in touch with the existing business environment and draws its predictions about the trends in future. It takes steps in advance to meet the challenges of changing environment. Changes in business environment create risks as well as opportunities. Managers enable the enterprise to minimize the risks and maximize the benefits of opportunities. In this way, managers facilitate the continuity and prosperity of business.

Generation of employment:
By setting up and expanding business enterprises, managers create jobs for the people. People earn their livelihood by working in these organizations. Managers also create such an environment that people working in enterprise can get job satisfaction and happiness. In this way managers help to satisfy the economic and social needs of the employees.

Development of the nation:
Efficient management is equally important at the national level. Management is the most crucial factor in economic and social development. The development of a country largely depends on the quality of the management of its resources. Capital investment and import of technical know-how cannot lead to economic growth unless wealth producing resources are managed efficiently. By producing wealth, management increases the national income and the living standards of people. That is why management is regarded as a key to the economic growth of any country.

Saturday, May 11, 2013

Nature and Characteristics of Management

 Nature and Characteristics of Management



The salient features which highlight the nature of management are as follows:

Management is goal-oriented: Management is not an end in itself. It is a means to achieve certain goals. Management has no justification to exist without goals. Management goals are called group goals or organizational goals. The basic goal of management is to ensure efficiency and economy in the utilization of human, physical and financial resources. The success of management is measured by the extent to which the established goals one achieved. Thus, management is purposeful.

Management is universal: Management is an essential element of every organized activity irrespective of the size or type of activity. Wherever two or more persons are engaged in working for a common goal, management is necessary. All types of organizations, e.g., family, club, university, government, army, cricket team or business, require management. Thus, management is a pervasive activity. The fundamental principles of management are applicable in all areas of organized effort. Managers at all levels perform the same basic functions.

Management is an Integrative Force: The essence of management lies in the coordination of individual efforts in to a team. Management reconciles the individual goals with organizational goals. As unifying force, management creates a whole that is more than the sum of individual parts. It integrates human and other resources.

Management is a Social Process: Management is done by people, through people and for people. It is a social process because it is concerned with interpersonal relations. Human factor is the most important element in management. According to Appley, “Management is the development of people not the direction of things. A good manager is a leader not a boss. It is the pervasiveness of human element which gives management its special character as a social process”.

Management is multidisciplinary: Management has to deal with human behavior under dynamic conditions. Therefore, it depends upon wide knowledge derived from several disciplines like engineering, sociology, psychology, economics, anthropology, etc. The vast body of knowledge in management draws heavily upon other fields of study.

Management is a continuous Process: Management is a dynamic and an on-going process. The cycle of management continues to operate so long as there is organized action for the achievement of group goals.

Management is Intangible: Management is an unseen or invisible force. It cannot be seen but its presence can be felt everywhere in the form of results. However, the managers who perform the functions of management are very much tangible and visible.

Management is an Art as well as Science: It contains a systematic body of theoretical knowledge and it also involves the practical application of such knowledge. Management is also a discipline involving specialized training and an ethical code arising out of its social obligations.
On the basis of these characteristics, management may be defined as a continuous social process involving the coordination of human and material resources in order to accomplish desired objectives. It involves both the determination and the accomplishment of organizational goals.

Friday, May 10, 2013

Definition of Management

 Definition of Management



It is very difficult to give a precise definition of the term ‘management’. Different scholars from different disciplines view and interpret management from their own angles. The economists consider management as a resource like land, labor, capital and organization. The bureaucrats look upon it as a system of authority to achieve business goals. The sociologists consider managers as a part of the class elite in the society.

The definitions by some of the leading management thinkers and practitioners are given below:

Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way. —F.W. Taylor

To manage is to forecast and to plan, to organize to command, to coordinate and to control.       —Henry Fayol

Management is guiding human and physical resources into dynamic organizational units which attain their objectives to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering service. —American Management Association


Management is a multipurpose organ that manages a business and manages Managers and manages Workers and work. —Peter Drucker

Lastly we can say that, Management is a distinct process consisting of planning, organizing, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources.

Thursday, May 9, 2013

Definition of Leadership

 Definition of Leadership




In a short Leadership can be defined as a group of abilities, attributes and qualities that assist individuals in moving forward to achieve a shared vision.

According to Peter Drucker-"The only definition of a leader is someone who has followers."

According to John C Maxwell-"leadership is influence – nothing more, nothing less."

According to Robert Taylor-“Leadership is the ability to get a group of persons to achieve what they cannot do individually.”

Lastly we can say that- Leadership is the ability engage, inspire, and motivate others towards accomplishing shared visions and goals.

Wednesday, May 8, 2013

Objectives of Management Accounting

 Objectives of Management Accounting


Posted by Muhammad Jakirul Haque Talukder on |

A. The base objectives of management accounting are to assist the management in carrying out its duties efficiently. The objectives of Management Accounting are: -
• The computation of plans and budgets covering all aspects of the business. Example: production, selling, distribution, research and finance.
• The systematic allocation of responsibilities for implementation of plans and budgets.
• The organization for providing opportunities and facilities for performing responsibilities.
• The analysis of all transactions, financial and physical, to enable effective comparison to be made between the forecasts and actual performance.
• The presentations of up to date information, at frequent intervals, to management in the form of operating statements.
• The statistical interpretation of such statements in a manner which will be of utmost assistance to management in planning future policy and operation.

B. The fundamental objectives of management accounting is to enable the management to maximize profits or minimize losses. The evolution of management accounting has given an approach to the function of accounting. The main objectives of management accounting are as follows:

1. Planning and policy formulation:
Planning involves forecasting on the basis of available information, setting goals; framing polices determining the alternative courses of action and deciding on the program of activities. Management accounting can help greatly in this direction. It facilitates the preparation of statements in the light of past results and gives estimation for the future.

2. Interpretation process:
Management accounting is to present financial information to the management. Financial information is technical in nature. Therefore, it must be presented in such away that it is easily understood. It presents accounting information with the help of statistical devices like charts, diagrams, graphs, etc.8

3. Assists in Decision-making process:
With the help of various modern techniques management accounting makes decision-making process more scientific. Data relating to cost, price, profit and savings for each of the available alternatives are collected and analyzed and provides a base for taking sound decisions.

4. Controlling:
Management accounting is a useful for managerial control. Management accounting tools like standard costing and budgetary control are helpful in controlling performance. Cost control is affected through the use of standard costing and departmental control is made possible through the use of budgets. Performance of each and every individual is controlled with the help of management accounting.

5. Reporting:
Management accounting keeps the management fully informed about the latest position of the concern through reporting. It helps management to take proper and quick decisions. The performance of various departments is regularly reported to the top management.

6. Facilitates Organizing:
“Return on Capital Employed” is one of the tools of management accounting. Since management accounting stresses more on Responsibility Centers with a view to control costs and responsibilities, it also facilitates decentralization to a greater extent. Thus, it is helpful in setting up effective and efficiently organization framework.

7. Facilitates Coordination of Operations:
Management accounting provides tools for overall control and coordination of business operations. Budgets are important means of coordination.