What is Human Resource Management? Human Resource Management (HRM) is a collective term for all the formal systems created to help in managing employees and other stakeholders within a company. Human resource management is tasked with three main functions, namely, the recruitment and compensation of employees, and designating work. Ideally, the role of HRM is…
What is a Wire Transfer? A wire transfer is the electronic transfer of funds between people or entities. It allows people in distant locations around the globe to safely transfer money across geographical locations without being in physical contact with each other. When sending money via wire transfers, information is passed between two banks on…
What is Volunteer Management? Volunteer management refers to the process of creating systems for recruitment, training, engagement, and coordination of volunteers. In simple terms, it involves managing the volunteers in a non-profit organization and the work that they do. Putting a proper volunteer management plan in place can help an organization speed up the progress…
What is GMAT? If you want to study in a business school, you will come across the term GMAT, or the Graduate Management Admission Test. The exam is one of the requirements for admission to graduate business programs for MBAs all over the world. The GMAT comes with multiple-choice questions and is designed to serve…
How to Start a Non-Profit Organization? A non-profit organization is one that is formed for any other purpose other than making a profit. Instead of distributing the profits among the directors and members, they are cycled back into the organization to help in achieving its mission. A non-profit organization can take any business structure, including…
What is Pigouvian Tax? Pigouvian Tax is a tax on economic activities that generate negative externalities, which create costs that are borne by unrelated third parties. The costs arising from negative externalities are not reflected in the final cost of a product or service. Therefore, the market becomes inefficient. The main purpose of Pigouvian taxes…
What is Environmental Liability? Environmental liability refers to the potential environmental costs that a buyer incurs when purchasing or leasing an asset. The liabilities arise when a buyer is conducting due diligence on the property and will be required to take ownership of the asset and all liabilities associated with the asset post-acquisition. Environmental liability…
What is Sustainability? Sustainability is essentially the ability to meet the needs of the current generation using available resources without compromising the ability of future generations to meet their own needs. The concept doesn’t only apply to the environment, which is considered the most pressing pillar of sustainability today, but also to other aspects, including…
What is a Credit Card? A credit card is a simple yet no-ordinary card that allows the owner to make purchases without bringing out any amount of cash. Instead, by using a credit card, the owner borrows funds from the issuing company, which is often a bank, to make purchases whether online or onsite. …
What is Spoilage? Spoilage is wastage or loss of material that occurs during the manufacturing process. It can also be used to classify badly damaged material that is used for processing a product. Spoilage is used to refer most commonly to raw materials whose lifespan is very short. In accounting, spoilage is classified into two…
