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What are MRTP and BIFR? Monopolies and Restrictive Trade Practices (MRTP)The Monopolies and Restrictive Trade Practices (MRTP) Act 1969, brought into force from 1st June 1970, was a very controversial piece of legislation. 

This law was enacted with the sole aim of achieving the largest possible production with the least damage to people at large whilst securing maximum benefit. This Act was enacted to ensure that the operation of the economic system does not result in the concentration of economic power in hands of few, to provide for the control of monopolies, and to prohibit monopolistic and restrictive trade practices.

Memorandum of Association, Article of Association, and Partnership What is a Memorandum of Association?

The Memorandum of Association is the most important document because it defines the objectives of the company. No company can legally undertake activities that are not contained in its Memorandum of Association. As per section 2(56) of The Companies Act, 2013 “memorandum” means the memorandum of association of a company as originally framed or as altered from time to time in pursuance of any previous company law or of this Act. 

Top 5 Best Books for Financial Education

Financial education is the art of investing and managing money and today we will suggest you the Top 5 best books for financial education which you must read to understand the importance of financial education.

What is a business organization? Introduction

A business organization has a set of goals and objectives to be achieved. A business organization should be structured in the most effective and efficient way to fully utilize its resources which are capital, human resources, knowledge in products and services, and both external and internal information to achieve its strategic goals.

Forms of Business Organization

If one is planning to start a business or is interested in expanding an existing one, an important decision relates to the choice of the form of organization. Here are various forms of business organizations from which one can choose the right one – Sole Proprietorship A sole proprietorship is a popular form of business organization and is the most suitable form for small businesses, especially in their initial years of operation. Sole proprietorship refers to a form of business organization that is owned, managed, and controlled by an individual who is the recipient of all profits and bearer of all risks. This is evident from the term itself. The word “sole” implies “only” and “proprietor” refers to “owner”. Hence, a sole proprietor is the one who is the only owner of a business.

12 Best Ways to Keep Your Mind Calm

If you live a busy life, this article may help you step out of the momentum of the day and give tricks to calm your mind.

Here are the 12 tips which help you to keep your mind calm:-

1. Listen to Music

Listening to music literally calms the activity in your brain. Music is a good thing to try if you’re distracted by pain. Listen closely, not just as background. The more you notice, the less you’ll dwell on your other thoughts and your mind will be calm.

2. You can watch fish swimming

People with home aquariums say they feel calmer, more relaxed, and less stressed when they gaze at their fish. It isn’t just the water, although that alone helps. A study using a tank hundreds of times larger found that the more types of marine life that were added, the happier people got. Heart rates and blood pressures dropped, too in these cases.

3. You can consume healthy and well-balanced meals

Light and healthy meals keep you on your toes. They work as a great confidence booster. Stock up your kitchen with healthy food instead of junk food that lowers your energy.

4. Create a mindfulness mantra

Every morning remind yourself that your new life starts today, which helps you step into the now and connect more deeply with the present moment and separate yourself from the worries of your mind.

Introduction

A financial institution (FI) is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange. Financial institutions encompass a broad range of business operations within the financial services sector including banks, trust companies, insurance companies, brokerage firms, and investment dealers. 

Financial institutions can vary by size, scope, and geography.In other words, we can say that financial institutions provide means and mechanisms of transferring resources from those who have an excess of income over expenditure to those who can make productive use of the same.

Reserve bank of India, its function, & monetary policies Introduction The Reserve Bank of India (RBI) was established in the year 1935 in accordance with the Reserve Bank of India Act, 1934. The Reserve Bank of India is the Central Bank of India entrusted with the multidimensional role. It performs important monetary functions from issue of currency note to maintenance of monetary stability in the country. 

Initially, the Reserve Bank of India was a private share-holders company that was nationalized in 1949. Its affairs are governed by the Central Board of Directors appointed by the Government of India. Since its inception, the Reserve Bank of India had played an important role in the economic development and monetary stability of the country.

Top 5 Best Books To Sharp Your Mind

We are a bibliophilic person. Yes, you heard it right. We love to read books. To be honest, books have completely changed our life, our mindset, and our knowledge. It helped us grow mentally, emotionally, and psychologically.

Here we are going to share with you some of the best books that have sharpened our minds.

Top 7 Movies To Improve Your English

Particularly there are no such movies which can improve English. But what can be done is watch Hollywood movies with English tracks and subtitles because subtitles work like magic.

Since there is a lot of people who do not have English as their first language and they did not understand quite a few conversations of the Hollywood movies because of their accent but subtitle helps them a lot at times like these and if you frequently watch English movies with subtitles then you can improve English. Because subtitles work in two ways- firstly, it simplifies the conversation and makes it easy to understand. Secondly, when we hear and see what is being said in movies our brain speaks in our mind and sometimes we find ourselves repeating the same dialogue which we weren’t even aware that we caught that.

OVERVIEW

In our day-to-day life, we meet a lot of people. There are a lot of people who only talk about themselves. They’ll tell you all what happens in their life or about their last vacation. Yet they don’t care to ask you about your life. It’s kind of exhausting to deal with these types of people. It’s hard to talk to people like this because a good conversation requires reciprocation. As humans, we want to be heard and understood, and we need to give people that in return by listening to them. What if we need to get a message across to someone else? How do we get them to listen to us? We often have situations where we need to get through to people; whether it’s a harried colleague, a stressed-out client, or an insecure spouse, things will go from bad to worse if you can’t break through emotional barricades and get your message thoroughly communicated and registered because to convince people to listen to you, you simply need to listen to them first.

INTRODUCTION

Controlling is one of the important functions of a manager. In order to seek planned results from the subordinates, a manager needs to exercise effective control over the activities of the subordinates.

In other words, controlling means ensuring that activities in an organization are performed as per the plans. Controlling also ensures that an organization’s resources are being used effectively and efficiently for the achievement of predetermined goals. 

Controlling is, thus, a goal-oriented function. The controlling function of a manager is a pervasive function. It is a primary function of every manager. Managers at all levels of management- top, middle, and lower-need to perform controlling functions to keep control over activities in their areas.

Moreover, controlling is as much required in an educational institution, military, hospital, and club as in any business organization. Controlling should not be misunderstood as the last function of management. It is a function that brings the management cycle back to the planning function. The controlling function finds out how far actual performance deviates from standards, analyses the causes of such deviations, and attempts to take corrective actions based on the same.

This process helps in the formulation of future plans in the light of the problems that were identified and, thus, helps in better planning in the future periods. Thus, controlling only completes one cycle of the management process and improves planning in the next cycle.

IMPORTANCE OF CONTROLLING

Control is an indispensable function of management. Without control, the best of plans can go away. A good control system helps an organization in the following ways:-

1. Accomplishing organizational goals

The controlling function measures progress towards the organizational goals and bring to light the deviations, if any, and indicates corrective action. It thus guides the organization and keeps it on the right track so that organizational goals might be achieved.

2. Judging accuracy of standards

A good control system enables management to verify whether the standards set are accurate and objective. An efficient control system keeps a careful check on the changes taking place in the organization and in the environment and helps to review and revise the standards in light of such changes.

3. Making efficient use of resources

By exercising control, a manager seeks to reduce wastage and spoilage of resources. Each activity is performed in accordance with predetermined standards and norms. This ensures that resources are used in the most effective and efficient manner.

4. Improving employee motivation

A good control system ensures that employees know well in advance what they are expected to do and what are the standards of performance on the basis of which they will be appraised. It, thus, motivates them and helps them to give better performance.

5. Ensuring order and discipline

Controlling creates an atmosphere of order and discipline in the organization. It helps to minimize dishonest behavior on the part of the employees by keeping a close check on their activities. The box explains how an import-export company was able to track dishonest employees by using computer monitoring as a part of their control system.

6. Facilitating coordination in action

What is Budgeting?

INTRODUCTION

A budget is defined as the formal expression of plans, goals, and objectives of management that covers all aspects of operations for a designated time period.

A budget is a tool providing targets and direction. Budgets provide control over the immediate environment, help to master the financial aspects of the job and department and solve problems before they occur. Budgets focus on the importance of evaluating alternative actions before decisions actually are implemented.

A budget is a financial plan to control future operations and results. It is expressed in numbers, such as rupees, dollars, units, pounds, hours, manpower, and so on. It is needed to operate effectively and efficiently.

Budgeting, when used effectively, is a technique resulting in systematic, productive management. Budgeting facilitates control and communication and also provides motivation to employees.

Budgeting allocates funds to achieve desired outcomes. A budget may span any period of time. It may be short-term (one year or less), intermediate-term (two to three years), or long-term (three years or more).

Short-term budgets provide greater detail and specifics. Intermediate budgets examine the projects the company currently is undertaking and start the programs necessary to achieve long-term objectives.

Long-term plans are very broad and may be translated into short-term plans. The budget period varies according to its objectives, use, and dependability of the data used to prepare it. The budget period is contingent on business risk, sales and operating stability, production methods, and the length of the processing cycle. Effective budgeting requires the existence of-

1. Predictive ability.

2. Clear channels of communication, authority, and responsibility.

3. Accounting generated should be accurate and reliable.

4. It should have compatibility and understand ability of information.

5. Support at all levels of the organization i.e. upper, middle, and lower.

Reporting in Management is a source of business intelligence that helps business leaders to make more accurate and data-driven decisions. But, these reports are only as useful as the work that goes into preparing and presenting them. 

Management reporting refers to the formal system whereby relevant required information is furnished to management by means of reports constantly. Thus ‘report’ is the essence of any management reporting system. Reports may be oral or written and also routine or special.The reporting system in management involves all levels of management. 

The reports originate from junior levels of management and go up to top-level management which consists of the Board of Directors.The sectional in charge of every section regularly report the progress of their section to their superior. Functional managers have Deputy Managers who control departmental sections. The combined reports of different sections reach the departmental manager called functional managers.

Different functional managers submit the progress of their departments to the managing director. The brief summaries of departmental reports are submitted to the Board of Directors for reviewing policies and making strategies for the future.In other words, we can say that a report is a clearly structured document in which the reporter identifies and examines issues, events, or findings of an investigation. A report is a written presentation of factual information based on an investigation or research. Reports form the basis for solving problems or making decisions in the subjects of business.

CHARACTERISTIC OF REPORTING

An ideal report must have the following characteristics-

1. An ideal report should be clear, concise, accurate, and well organized with clear section headings.

2. It has to be easy for the audience to understand.

3. Presentation plays an important role in successful report writing. Formatting, revising and proofreading are important processes for good report writing. 

4. All reports should have an executive summary that presents the essential elements of the report from the introduction through to the recommendations and outcomes. 

5. Reports should be visually appealing and easy to read. Diagrams, figures, charts, tables, and graphs can all add interest to a report.

What is coordinating?

INTRODUCTION

The essence of management is coordinating all of the different functions. Coordination, as it relates to business, is defined as integrating activities to ensure the resources of an organization are used most efficiently to succeed in achieving the set of goals.Coordination plays a huge role in the success of an organization. With different people and departments working towards a common goal, it offers many benefits to help keep the efforts synchronized and integrated.

Some of the leading definitions of the word “Coordination” are quoted below-According to Linda Argote “Coordination involves fitting together the activities of organization members, and the need for it arises from the interdependent nature of the activities that organization members perform”.

According to Robert E. Kraut & B. H. Streeter “Coordination has been defined as the direction of individual’s efforts toward achieving common and explicitly recognized goals”.

According to Joseph E. McGrath “Coordination of interests refers to the functional interconnections between member interests and goals and group interests and goals”.

 According to Arrow “Coordination of understandings refers to the development of shared perceptions and meanings among members, including an appreciation of how members reliably see and interpret events differently”.

According to Berdhal “Coordination of action is a synchronization and sequencing of member actions in time and place”According to Ballard & Seibold “Coordination can be defined as the collective accomplishment of individual goals through a cooperative process” 

According to Quinn & Dutton “Coordination is the process through which people arrange actions in ways that they believe will enable them to accomplish their goals”

IMPORTANCE OF COORDINATION 

Coordination is indeed the essence of management. By Coordination, we mean a path through which the group functions are linked up. It binds the people of the organization and their activities to ensure the smooth functioning of the work.It is that force that unites the working and efforts of the people of the organization towards the common objective of the organization. Coordination links the interrelated functions of management. It is found at every level of management.It begins right from the stage of planning where goals and objectives are set for the organization. Coordination is then required between the stage of planning and staffing so that the right kind of people are hired for the execution of the plan.

Next, the functions of directing and controlling must also are coordinated

What is directing?

In the ordinary sense, Directing means giving instructions and guiding people in doing work. In our daily life, we come across many situations like a hotel owner directing his employees to complete certain activities for organizing a function, a teacher directing his student to complete an assignment, a film director directing the artists about how they should act in the film etc. In all these situations, we can observe that directing is done to achieve some predetermined objective.

In the sense of management of an organization, Directing refers to the process of instructing, guiding, counseling, motivating and leading people in the organization to achieve its objectives.

We can observe here that directing is not a mere issue of communication but encompasses many elements like supervision, motivation and leadership. It is one of the key managerial functions performed by every manager. Directing is a managerial process which takes place throughout the life of an organization.

IMPORTANCE OF DIRECTING

The importance of directing can be understood by the fact that every action in the organization is initiated through directing only. Directing guides towards achievement of common objectives.

Through directing, managers not only tell the people in the organization as to what they should do, when they should do and how they should do but also see that their instructions are implemented in proper perspective.

WHAT IS STAFFING?

The term “Staffing” relates to the recruitment, selection, development, training and compensation of the managerial personnel. Staffing in management, like all other managerial functions, is the duty which the apex management performs at all times.In a newly created enterprise, the staffing would come as a third step next to planning and organizing but in a going enterprise the staffing process is continuous. 

Staffing can be defined as one of the most important functions of management.It involves the process of filling the vacant position of the right personnel at the right job, at right time. 

Staffing generally includes the filling of the various work positions and the maintenance of these positions that are generally required overtime and fully manned by the competent people.

In this process, the various people are invited, then choices are made and then the selected one’s are fixed with the responsibility of the work and doing this again and again whenever required in a well maintained manner also forms a very critical and an essential part of the process of the staffing.In other words we can say that, Staffing is the process of hiring eligible candidates in the organization or company for specific positions. 

In management, staffing means an operation of recruiting the employees by evaluating their skills, knowledge and then offering them specific job roles accordingly.

Organizing in management is the larger activity of managing. It is essentially process that creates structure, which is maintained. Organizing as a function of management involves division of work among people whose efforts must be co-ordinate to achieve specific objectives and to implement pre-determined strategies. Organization is the foundation upon which the whole structure of management is built. It is the backbone of management. Organization refers to the process of organizing or to the structure that evolves out of this process and the activities which carried out with it. Organization can be simple or complex. They have both micros as well as macro aspects. PROCESS OF ORGANIZATION

Organization is the process of establishing relationship among the members of the enterprise. The relationships are created in terms of authority and responsibility. To organize is to harmonies, coordinate or arrange in a logical and orderly manner. Each member in the organization is assigned a specific responsibility or duty to perform and is granted the corresponding authority to perform his duty. The managerial function of organizing consists in making a rational division of work into groups of activities and tying together the positions representing grouping of activities so as to achieve a rational, well coordinated and orderly structure for the accomplishment of work.