Dear BMSites,
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Trust you read our day 1 Management concepts and we hope it helped you 🙂
This section aims to teach you 10 management concepts everyday in simplest way possible and today we present new management concepts that you need to know:
- BPO – Business Process Outsourcing – sub contracting a part of business
- Bank position – utilizable balance available in the bank
- Bonded rationality – thinking within given reasoning power and knowledge
- Book-keeping – maintaining books of accounts
- Book receivables – money receivable from debtors
- Borrowed funds– funds taken as a loan
- Budget – plan converted to figures and to money metrics so as to become measurable
- Business cycle – 1) cyclical trend observed of growth-stability and decline in any product cycle 2) cyclic changes in business expansion, stagnation, contraction etc.
- Business intelligence – competitive business knowledge
- Business plan – planning business and its behavior in terms of results.
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