GPSC Prelims and Mains Notes, GPSC Test Series
FUNCTIONS OF MANAGEMENT : COORDINATION AND CONTROL COORDINATION “The Harmonization of activities of different work groups and departments.” Coordination is the orderly arrangement of individual and group efforts to provide unity of action in the pursuit of a common goal. All these departments must function in an integrated manner so that … Read more Function of Management-Coordination and Control
MARKETING MIX Marketing involves a number of activities. To begin with, an organisation may decide on its target group of customers to be served. Once the target group is decided, the product is to be placed in the market by providing the appropriate product, price, distribution and promotional efforts. These are to be combined or … Read more Marketing Mix – Product, Price, Place and Promotion
WEALTH MAXIMIZATION Concept: Wealth maximization is the concept of increasing the value of a business in order to increase the value of the shares held by stockholders. The concept requires a company’s management team to continually search for the highest possible returns on funds invested in the business, while mitigating any … Read more Objective concept of maximization of wealth
SOURCE OF FINANCE Sources of finance are the most explored area especially for the entrepreneurs about to start a new business. It is perhaps the toughest part of all the efforts. There are various sources of finance classified based on time period, ownership and control, and source of generation of finance. The … Read more Sources of Finance – Short and Long term
CAPITAL STRUCTURE The financial requirement of a firm can be met through ownership capital and/or borrowed capital. The ownership capital refers to the amount of capital contributed by the owners. In case of a company, it refers to the amount of funds raised by issuing shares. The main characteristic of the ownership capital is that … Read more Capital Structure
COST OF CAPITAL The primary meaning of cost of capital is simply the cost an entity must pay to raise funds. The term can refer, for instance, to the financing cost (interest rate) a company pays when securing a loan. In other words, Cost of capital refers to the opportunity cost of making a specific investment. It is the rate … Read more Cost of Capital
Basics of recruitment, selection, induction, training & development Recruitment (hiring) refers to the overall process of attracting, shortlisting, selecting and appointing suitable candidates for jobs (either permanent or temporary) within an organization. Recruitment can also refer to processes involved in choosing individuals for unpaid roles. Managers, human resource generalists and recruitment specialists may be tasked … Read more Basics of recruitment, selection, induction, training & development
RESPONSIBILITY ACCOUNTING Responsibility accounting is a management control system based on the principles of delegating and locating responsibility. The authority is delegated on responsibility centre and accounting for the responsibility centre. Responsibility accounting is a system under which managers are given decisions making authority and responsibility for each activity occurring within a specific area of … Read more RESPONSIBILITY & SOCIAL ACCOUNTING
AUDITING Auditing is the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements. An audit can apply to an entire organization or might be specific to a function, process, or production step. Meaning of Auditing: Auditing is an examination of the books of accounts and … Read more Meaning & Objectives of Auditing
SOCIAL AUDIT “Social auditing is defined as a systematic attempt to identify, analyse, measure (if possible), evaluate, and monitor the effect of an organisation’s operations on society (that is, specific social groups) and on the public well-being.” Social audit as a term was used as far back as the 1950s. In a nutshell, it refers … Read more Social, Performance and Efficiency Audit