When the firm produces in large scale it will experience benefits of mass scale production and as a result average cost per unit will reduce up to a certain level of output. This reduction in average cost per unit is called as economies of scale. Economies of scale occur in long run cost behavior. Economies of scale can be in 02 different forms: 01. Internal economies of scale 02. External economies of scale. Internal Economies [...]

According to Coffman deadlock refers to a specific condition when two or when more processes are each waiting for each other to release a resource, or more than two processes are waiting for resources in a circular chain. It is evident that processes fall into “Deadlock” or no further progress state when all four of the following conditions are met, since there is no way to recover from such situation. Serially reusable resource (Mutual exclusion) [...]

Human resource departments typically conduct activities designed to train and develop the organization’s personnel, whether to deal with performance problems or help prepare an employee for a management role. In addition to formal training courses (such as instructor-led sessions, web-based training and seminars), organizations should be mindful to offer flexible alternatives such as coaching, mentoring and job-rotation experiences. Developing employee aptitude involves managing programs such as employee orientation sessions, policy and procedure awareness sessions, leadership [...]

With the expansion of technology the World Wide Web has inevitably become has emerged as not only a global source of information, but is also a place for commerce, a market place on its own. Considering the wide spread Internet access available now, businesses are now able to reach untouched potential customers. However, to maximize any business medium, one first needs to understand what the positive potential can be. Such is the positive potential that [...]

Insurance is known as a risk transference strategy where a firm/person transfers a risk of significant potential loss to another party by paying a premium in advance. In other words insuring involves insured person transferring risk of potential future loss to a insurer by paying a premium in advance. Just in case if the insured risk materializes the insurer has to pay for the loss incurred by the insured person.  As an example, a vehicle owner insures his vehicle [...]

Cost based pricing can be done using 02 methods: Mark up method Margin method Difference between these 02 methods can be illustrated as follows Mark Up Method This is where the company decides to add a percentage of cost as the profit to arrive at the selling price of a product. Mark up can be based on total cost/prime cost/ overheads/production cost or any other cost arises in the organization. Concept is that it should [...]