Dear BMSites,


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:

  1. BPO – Business Process Outsourcing – sub contracting a part of business
  2. Bank position – utilizable balance available in the bank
  3. Bonded rationality – thinking within given reasoning power and knowledge
  4. Book-keeping – maintaining books of accounts
  5. Book receivables – money receivable from debtors
  6. Borrowed funds– funds taken as a loan
  7. Budget – plan converted to figures and to money metrics so as to become measurable
  8. Business cycle – 1) cyclical trend observed of growth-stability and decline in any product cycle 2) cyclic changes in business expansion, stagnation, contraction etc.
  9. Business intelligence – competitive business knowledge
  10. Business plan – planning business and its behavior in terms of results.

Management gyan

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