Lok Adalats in India

By | April 16, 2018

Lok Adalats is a system of alternative dispute resolution developed in India. Lok Adalat means ‘People’s court’. India has had a long history of resolving disputes through the mediation of village heads. Under the Legal Services Authorities Act of 1987, Lok Adalats have been given a statuary status. The aims of Lok Adalats are secure justice to the… Read More »

Salient and Unitary Features of Indian Constitution

By | April 16, 2018

12 Features of the Indian Constitution Three-tier Government in India Central Government State Government Panchayati Raj Government Lengthiest Written Constitution Constitution consisted of a Preamble, 395 articles (which were divided into 22 parts) and 8 Schedules. Federal System with Unitary Bias Essential characteristics of a federation are: Minimum two tiers of governments (India has 3 tiers of government).… Read More »

About International Organization for Standardization (ISO)

By | April 16, 2018

ISO (International Organization for Standardization) is the world’s largest developer and publisher of International Standards. ISO was founded in 1947 as a non-governmental federation of national standards bodies. ISO is a network of the national standards institutes of 163 countries, one member per country, with a Central Secretariat in Geneva, Switzerland, that coordinates the system. ISO is a non-governmental… Read More »

Railway Engineering Industries and Institutes in India

By | April 16, 2018

Indian Railway is fully independent in the matter of building all its equipment. The industry is based on railway equipment was established as a Peninsular Locomotive company at Singhbhum district of Jharkhand in 1921. Later, it was named as “Tata Engineering and Locomotive Company’ (TELCO). Some of the railway production units in India are: Chittaranjan Locomotive Works (CLW),… Read More »

Payback Period

By | April 14, 2018

The basic characteristic of investment is that a stream of future cash flows follows accuracy outlay for a specified period. A rational investor would try to recoup his initial outlay from the cash flows in the quickest time possible during the economic time of the project. Payback period may be defined as the number of years required to… Read More »

Accounting Rate of Return (ARR)

By | April 13, 2018

Accounting Rate of Return (ARR) method is also known as average rate of return an average of the net profit after taxes over the whole of the economic life of the project is taken. Under this method, the performance is expected as a percentage of capital or investment. Accounting rate of return may be calculated according to any of the… Read More »

Differences between GATT and WTO

By | April 7, 2018

The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade. The WTO officially commenced on 1 January 1995, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in the year 1948. The following are the main differences between the General Agreement on Tariffs and Trade… Read More »

Functions of Financial Management

By | April 6, 2018

Functions of financial management can be divided into eight areas. A business manager has to concentrate on the following areas of the finance function: 1. Estimating Financial Requirements: The first task of any financial manager is to determine short-term and long-term financial requirement of his/her business. For this purpose, the financial manager will prepare a financial plan for… Read More »

Notes on Research Design

By | April 2, 2018

Research design has many definitions, but no single definition imparts the full range of essential aspects. Few of the definitions of research design are: Research design constitutes the blueprint for the collection of data, measurement of data and analysis of data. Research design aids the researcher in the allocation of limited resources by posing crucial choices in research… Read More »

Fayol’s 14 Principles of Management

By | February 13, 2018

Henri Fayol was a French management theorist whose theories in management and organization of labor were widely influential in the beginning of the 20th century. The 14 management principles from Henri Fayol are: Division of Labour: The most people specialize the more effectively they can perform their work. This principle is epitomized by the modern assembly line. Authority: Managers… Read More »