Employment or service When a person undertakes to render personal services under an agreement of employment, he is said to be in service or employment. The service is rendered for a salary or wage and/or other benefits attached to that job. The service may be in a government or a private Organization. Features of employment An employment commences when a person join some Organization for providing personal services. There is a relationship if employer and employee. A person taking up a job is an employee and the person who provides the service is called an employer. The employer assign duties to the employees. An employee is not required to make capital investment. The employees gets salaries/ wages for rendering their services to the Organization. The employees will have to follow service rules and regulations prescribed by the employer. There are no standard qualifications for getting employment. The qualifications are linked to the requirements of particular jobs.

Profession A profession is an occupation which involves rendering of personal services of a specialized nature. The service is based on professional education, knowledge, training etc. This service is provided for a professional fees charged from the clients. The professional are members of professional bodies and conduct their activities according to standard set by those bodies. The professional bodies have their own code of conduct which members will have to obey. Features of profession A person entering a particular profession should have specialized knowledge and training prescribed for entering that profession. One must have a professional degree such as C.A., L.LB., M.B.B.S etc for entering a particular profession. The membership of a particular professional body is compulsory before entering that profession. A Chartered Accountant must be a member of the Institute of Chartered Accountants of India and this is necessary for other professional also. Every professional body has a ...

Difference between Economic and Non-economic activities Economic and Non-economic activities are undertaken with a different object and purpose and they are different from each other in the following ways:- (1) Objective : Economic activities are performed to earn money. Every person does some kinds of work do that he is able to earn his living. The Money earned from such activities is used to satisfy various needs. Non-economic activities are performed out of love and affection or out of duty. The purpose of undertaking these activities is to get some satisfaction. Non-economic activities may be social, cultural, religious or recreational. (2)  Scope  :  Economic may take place between employers and employee or between producers and consumers. Non-economic activities may be among members of a family, Social worker and those being served etc. (3)  Money measurement  : Economic activities are measured in  money or money's worth while Non-economic activities ...

Economic activities Economic activities create Economic or financial gain by producing goods or services. Economic consideration is Paramount in these activities because human beings want to satisfy their biological needs like food, shelter etc. Economic activities are undertaken with an Economic motive. Non-economic motive and are undertaken on Account of love, affection, social, cultural or religious reasons Characteristics of features of Economic activities These are the following features of Economic activities:- (1) Wealth producing activities : The Economic activities are undertaken to produce wealth. The wealth is produced by productive activities. The production may be for the consumption of family members or for the others. A farmer may grow vegetables for his family consumption and for selling in the market. The produce sold in the market will fetch income for the farmer. (2)  Satisfying Human wants  :  The main Aim of Economic activities is to satisfy human nee...

Warehouse A warehouse is an establishment for the storage and accumulation of goods. It is a highly specialized function that plays a vital role in modern business.  Features of warehouse An ideal warehouse should have the following features:- (1)  Safety  : The basis function of warehouse is to  assume the responsibility to store the goods safely over an agreed period of time. An ideal warehouse should protects goods from all possible dangers such as heat, humidity,  evaporation, fire, rain, theft etc. (2)  Proper location  : An ideal warehouse should be situated at a proper location convenient to customers, sellers and other concerns parties. (3)  Scientific layout  : An ideal warehouse must have scientific layout to facilitate easy supervision and effective Control. (4) Economy  : An ideal warehouse must provide the maximum service at the lowest cost, i,e., it should be such as to be economical to operate and maintain. (5)  Other...

Wage payments An Organizations include the involvement of three resources i,e. Land, Labour and Capital. These three resources are important for the Organizations for the effective operations of the Organisational activities. Labour resources which we called human resources are plays a very important role in the Organizations. The different activities or works in different departments of an organization is done by different individuals with required knowledge and skill. The individuals or employees join the organization for some earning motive. They are paid by the organisation on the basis of their work. An Organizations has different method on the basis of which they calculate the amount of wages to be paid to the individuals or the employees for their work in the organisation. An Organizations basically has two methods on the basis of which they decided the amount of compensation or the wage to be paid to the employees for their works. Methods of wage payments  There are two met...

Compensation Compensation may be define as money receive in performance of work plus many kinds of services and benefits that organization provide to the employees. Compensation may be classify into; (a) Basic or primary compensation, (b) Supplementary compensation. Primary compensation refers to basic pay in the form of wages and salaries. It is a fixed or non incentive payment on the basis of time expended on the job. Supplementary compensation consists of incentives and variables payments based on there individuals output or output of the organization as a whole. Wages - Wages is a general term referring to direct monetary compensation. It is also used specifically to refers to payments to service workers on the basis of hourly rates production. Salary  - Salary refers to weekly or monthly rates paid to clerical administration and professional employees. Characteristics of Compensation These are the following main Characteristics of Compensation:- A hierarchy of pay levels. A hi...

Controlling It refers to the function of finding out whether the actual performance is according to the planned performance or not. If there is any deviation, then corrective action can be taken to ensure performance as per plan. It is essential for achieving objectives of an enterprise. It is not possible without planning. This functions is undertaken by executives at various levels of management Continuously to assess the performance of their subordinate. A control system to be effective must confirm to the nature of activitiy, report deviations promptly, reflect Organisational structure, assure corrective action and be economical. It is based on planning. So it is backward looking.

Co-ordination A co ordination is  a situation where each department of the organization concentrate on their own work which they have been assign by the management according to Organizational plan. It create team Spirit and helps in achieve goals through collective efforts. It provide unity of action in the pursuit of common objectives. It is essential to channelize the activities of various individuals in the Organizations for the achievement of common goals. It is regarded as it essence of management. 

what is supervision? Supervision refers to overseeing the subordinate at work to ensure that they are doing their work according to the predetermined plan. It ensure proper utilisation of resources and rectification of work of the subordinate whenever they go wrong. The major responsibility of supervision lies with the first line of management. Sound Organization setup, effective delegation, human approach, effective communication and management by exception make supervision effective.

Motivation Motivation is the psychological process of creating urge among the subordinate to do certain things or behave  in the desire manner. It has been derived from the word 'motive' which means need, or an emotion that prompts an individual into action. It is the act of stimulating someone to do something to get desires reaction. A manager motives an employee by some monetary or some non monetary incentives. A sound motivational system must be productive, competitive, comprehensive and flexible.

Communication The word communication has been derived from a latin word 'communis' which means common. It mean sharing of information and ideas in common. Communication is a two way process which involves both information and understanding. It may be oral, written, or gestural. The essence of communication is getting the receiver and the sender tuned together for a particular message. It is said to be formal when it follows the formal channels provided in the Organizations structure. It is essential at all levels of management for decision making and planning. It increases managerial capacity and facilitates control.

What is leadership It is the ability to build up confidence and zeal among people and to create an urge among them, to be led. A manager must process  the qualities of foresight, drive, initiative, self, confidence and personal integrity, to be a successful leader. It is the process by which an executive or manager imaginatively directs/guides and influences the works of others in choosing and attaining specified goals by mediating between the individual and Organisation to achieve maximum satisfaction. The different types of leadership are autocratic leadership, Democratic leadership and free rain leadership. The different types of leadership are used according to the requirement of the situation.

Directing Directing is the process of stimulating group of subordinate towards the accomplishment of  group activities. It is the final act of manager in getting the work done by others after all preparation have been completed. It is a continuous function which is performed by all levels of management.

What is staffing? It is the function involving Manning the positions created by Organization process. The function is concerned with human resources of an organization. This is a difficult function because the Behaviour and actions or human beings cannot be predicted.

Organization This is a function relating to arrangement,, guidance, co ordination, direction and control of the activities of other factors of production. It involves establishing and intentional structure of roles for people associate for the attainment of business objectives. It channelized the energy of every individual to achieve the enterprise objectives. A sound Organization contribute greatly to the continuity and success of the enterprise.

Planning It is the basic function of Management. It refers to decision in advance about the function to be undertaken in future to achieve the predetermined objectives of the organization. It is concerned with the mental state of a manager. It involves'thinking before doing' .  All other functions of manager are undertaken after the the planning function. It involves the selection of Organizational objectives and developing policies, procedures, programmers, budgets and strategies. It is a process of looking ahead. It may be different types likes, short range plans, long range plans, standing plans, single use plans, operational plans, etc.

Universal Management functions are carried on by all types of Organizations. These functions are performed my management irrespective of the size and Nature of the organization. Each manager performed the same functions regardless of his rank or position in the Organizations. Thus, management functions are universal.

Social process Management is concerned with the people working in the Organizations. Manager guide, direct influence and control the action of others to achieve stated goals. He also influences the people outside the Organizations. so, it is a social process.

Management process Management is a process which brings the scarce Human and natural resources together. It motivates people for the achievement of Organizational objectives. It is a series of interrelated activities. It is concerned with conversion of input into output.