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If you are a management student or a passout, it is always nice to be familiar with some of the “tricks of the trade” or best practices. Below, in 10 points, you’ll find important management concepts that one needs to know. If you missed checking day 6 management concepts, you can check it here.
Here we present 10 Vital Concepts That You Didn’t Knew Exist In Management:
- Ergonomic – designed for human convenience
- Ethos – value environment
- Expert systems – system used for dedicated application
- Extended organization – activities not under the same management, yet related
- Extrapolate – carry forward in the same fashion
- Feedback – getting information of results after decision or action
- Finance – resource available in terms of money
- Financial statement – documents primarily used for balance sheet, and profit and loss account
- Flat structure – organization having less number of authority levels and thus looking flat as opposed to vertical organization
- Forecasting – predicting future on a systematic basis
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