Types of Budget In the realm of financial planning, budgets play an important role in managing resources effectively. A budget serves as a blueprint for allocating funds and helps organizations and people to achieve their financial goals. Understanding of various types of budget is essential for making informed decisions and optimizing financial outcomes. The budgets are […]
New Product Development describes all the phases and tasks in launching a new product or service in the market from the emergence of the idea to its commercialisation.
Table of Contents:- Meaning of Budget A budget is a financial plan summarising the economic experience of the past, stating the current plan and projecting it over a specified period in future. A budget is a quantitative expression of a plan of action relating to the forthcoming defined period. It represents a written operational plan of management
Management by Objectives (MBO) is a process of defining purposes within an organization so that management and employees agree to the objectives and understand what they are in the organisation.
advantage of MBO lies in its ability to create a results-oriented culture. When employees are actively involved in setting their objectives and understand the impact of their work on the organization’s success,
In the realm of decision making, various types of decisions exist. These decisions can be classified into different categories based on their nature and impact.
