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Electronic Commerce Framework

A framework can be defined as a structure for supporting or attaching something else, particularly a support that is used as the foundation for something being created. Hence, an e-commerce framework comprises the set of infrastructure required for carrying out the e-commerce business. This set of infrastructure typically includes the network requirements and the different software applications that are for e-commerce. (more…)

Answer: –

Technology is derived from the Greek word “technologia” in which “techne” means craft and “logia” means saying. On the whole, technology means having the knowledge of making something.

The term ‘technology’ refers to knowledge, processes or products of technological activities, according to the context in which it is used, and the term management refers to the act of getting people together to achieve a specific goal. Management refers to the process of planning, organising, staffing, directing, and controlling the activities in an organisation.

Thus, we can say that management of technology/technology management includes the factor of technology in all the activities like planning, organising, resourcing and leading the organisation. 

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Web ERP has become a necessity for businessmen to be aware of their stock and inventory from anywhere, at anytime. Web ERP is an absolute web-based ERP system that requires only a web browser and PDF reader. It has now become an open source application and is offered as a free download. (more…)

6 Ans:

The evolution of warehouse management systems (WMS) is very similar to that of many other software solutions.  Initially a system to control movement and storage of materials within a warehouse, the role of WMS is expanding to including light manufacturing, transportation management, order management, and complete accounting systems.  To use the grandfather of operations-related software, MRP, as a comparison, material requirements planning (MRP) started as a system for planning raw material requirements in a manufacturing environment.  Soon MRP evolved into manufacturing resource planning (MRPII), which took the basic MRP system and added scheduling and capacity planning logic. Eventually MRPII evolved into enterprise resource planning (ERP),  (more…)

The achievement of outstanding performance demands delivery of quality products expeditiously and economically. Organisations simply cannot achieve excellence with unreliable equipment. The approach towards maintenance management has changed as a result of quick response manufacturing. Just-in-Time (JIT) reduction of work in process inventory and the elimination of wasteful manufacturing practices. Before breakdown in machine and idle time for repair was once an accepted practice. Times have changed. Today, when there is a break down in a machine, it can shut down the production line and the customer’s entire plant. The Preventive Maintenance (PM) module provides an integrated solution for supporting the operational needs of an enterprise-wide system. The Plant Maintenance module includes an entire family of product; covering all aspects of plant/equipment maintenance. It becomes vital to the achievement of process improvement. The major subsystems of a Plant Maintenance module are: (more…)

Ans:-

Assemble-to-Order (ATO)

A business production strategy where products ordered by customers are produced quickly and are customizable to a certain extent. The assemble-to-order (ATO) strategy requires that the basic parts for the product are already manufactured but not yet assembled. Once an order is received, the parts are assembled quickly and sent to the customer. (more…)

3Ans:

Here is the comparison between Commercial and Open Source ERP software systems. This study has been made considering different parameter. Study concludes commercial erp softwares are suitable only for big corporations and open source business software should be the choice of small and medium scale industries.Know what is open source ERP before proceeding with this study.  (more…)

2 Ans:

A supply chain is a network of facilities and distribution options that performs the functions of procurement of materials, transformation of these materials into intermediate and finished products, and the distribution of these finished products to customers. Supply chains exist in both service and manufacturing organizations, although the complexity of the chain may vary greatly from industry to industry and firm to firm.  (more…)

1Ans :

A flexible ERP system can bring consistency and profitability to your company. A flexible ERP system allows your business to respond rapidly to any changing condition – it lets your business provide any company department or employee with the data required to improve decision-making, regardless of whether data is needed from one or several systems.  (more…)

The primary market intermediaries are the merchant bankers, underwriters to issue and brokers to issues. The merchant bankers are the issue managers who bring the issues to the primary market investors. Issue management is a tedious job and is closely regulated by SEBI. In many countries, the regulators implement a licensing mechanism for issue management. (more…)

Treasury management is the process of planning, organising and managing the organisation’s holdings, trading’s, corporate bonds, currencies, financial futures, associated risks, options, derivatives, and payment systems. It handles all the financial matters including external and internal funds for business, complex strategies, and procedures of corporate finance to optimise interest and currency flows. It helps in planning and executing communication programmes to enhance investors’ confidence in the organisation. (more…)

Thus, they play a pivotal role as a financial intermediary in an economy.

Around banking system is, therefore, extremely essential for the development of a nation.

As in case of any other business, the soundness of the banking business can be analysed through the bank’s profit and loss account and its balance sheet (more…)

Financial intermediaries are those entities with “low-cost” money (banks, credit unions, savings & loan associations, mutual and pension funds and insurance companies) that act as providers of money (as loans or investments) to those needing funding. They have developed a sophisticated network to allow them to have these funds available and deliver them as quickly and efficiently as electronically possible. (more…)

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General guidelines for claims’ settlement

There are some guidelines that must be followed while settling the claims. These guidelines are general in nature, and are not compiled to be the same always. Therefore, the claim settling authority uses discretion and records reasons. (more…)

Custodial services refer to the safeguarding of securities of a client. The activities relating to custodial services involve collecting the rights benefiting the client in respect to securities, maintaining the securities’ account of the client, informing the clients about the actions taken or to be taken, and maintaining records of the services. (more…)

Ans:- A Eurobond is underwritten by an international syndicate of banks and other securities firms, and is sold exclusively in countries other than the country in whose currency the issue is denominated. For example, a bond issued by a U.S. corporation, denominated in U.S. dollars, but sold to investors in Europe and Japan (not to investors in the United States), would be a Eurobond. Eurobonds are issued by multinational corporations, large domestic corporations, sovereign governments, governmental enterprises, and international institutions. They are offered simultaneously in a number of different national capital markets, but not in the capital market of the country, nor to residents of the country, in whose currency the bond is denominated. Almost all Eurobonds are in bearer form with call provisions and sinking funds.

Ans:-

Forward Points = ((Spot * (1 + (OCR rate * n/360))) / (1 + (BCR rate * n/360))) – Spot

OCR = Other Currency Rate

BCR = Base Currency Rate

Forward points = ((0.07940 * (1 + (0.018215 * 90/360))) / (1 + (0.08007 * 90/360))) — 0.07940

SWAP = -0.00120

Forward rate = 0.07940 – 0.00120 = 0.0782

Customer sells EUR 3 Mio against USD at 0.0782 at 3 month (0.07940 – 0.00120).

Customer wants to Buy EUR 3 Mio against USD 3 months forward.

Quality Management Systems

Quality Management System is defined as “A set of corresponding activities to direct and control an organisation in order to improve the value and efficiency of its performance.”

An organisation can have various benefits from having an efficient Quality Management System (QMS) in place. The main goal of the QMS is the professional relationship between the client and the supplier working together for mutual profit. To achieve this goal, the business relations of both clients and suppliers should go beyond the organisational boundaries. First understand the system and study each one in detail. The complete QMS should be understood by defining each and every process in detail. This results in the development of good quality goods and services instead of having defective products or services for the products after their development. (more…)

Vilfredo Pareto (1848-1923) discovered that:

· 80% of the wealth in Italy was held by 20% of the population

· 20% of customers accounted for 80% of sales

· 20% of parts accounted for 80% of cost, etc. (more…)

Evolution of Quality

Before the concepts and ideas of TQM were formalized, much work had taken place over the centuries to reach this stage. This section charts the evolution, from inspection through to the present day concepts of total quality. (more…)

1. Quality of Design: A product is designed keeping in view of the customers’ requirement. For designing a product the manufacturer or service provider should be aware of the specifications of different features required to incorporate in the product. Some of the features to be known for designing a product include — material, dimensions, and characteristics. The quality of the product is introduced by the design of these features. Inspection of the manufacturing processes is of utmost importance in ensuring quality of performance. 2. Conformance to Design: Conformance to design is the degree to which the manufactured product or delivered service meets the parameters that have been incorporated in the design. It verifies that the variability in the process is within acceptable limits so as not to compromise the functionalities that the designer wanted. 3. Utilization Conditions: Utilizations conditions refer to the necessity of the customer being informed / trained so that the purpose for which the product was made is realised by the customer in total, thus enhancing his satisfaction. Instructions, manuals, help-lines, and on-site training by the manufacturers’ personnel improve the perception of quality. 4. After Sales Service: There are so many reasons why products do not function to the expected levels. It may be improper use, unexpected or additional demands, improper assembly or even manufacturing defects. There is a need to rectify these and make products or services perform up to the expected standard. The firm should put in place a system by which these possibilities are anticipated and attended to give customer satisfaction. This is an important, but often neglected dimension of quality. (more…)

project manager is a professional in the field of project management. Project managers can have the responsibility of the planning, execution and closing of any project, typically relating toconstruction industry, architecture, Aerospace and Defence, computer networking, telecommunications or software development.

Many other fields in the production, design and service industries also have project managers. (more…)

Types of Tools and Techniques used in cost management:

• Cost aggregation
• Reserve analysis
• Expert judgment
• Historical relationships
• Funding limit reconciliation
• Cost performance baseline
• Project funding baseline

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The Project Management Knowledge areas approach towards project management that is recognized internationally. It can be applied to all types of projects, such as engineering, construction and software.

Integration Management

If each little part of the project is a tree, Integration Management is the entire forest. It focuses on the larger tasks that must be done for the project to work. It is the practice of making certain that every part of the project is coordinated. (more…)

Project planning is an essential part of project management. Successful completion of a project is heavily dependent on effective planning. A project plan allows you to complete a project within a specified timeline and a specified budget. Project planning is fundamental in order to avoid failure and disappointment. In project management, effective planning is absolutely required if the individual or group wishes to deliver a finished project on time and on budget.

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Project  is an interrelated set of activities that has a definite starting and ending point andresults in the accomplishment of a unique, often major outcome.

Project is that planning in which we try to best under a perfect system for making product or buying any fixed asset or creating services for our customers.  (more…)

Marketing research is “the function that links the consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs  (more…)

Retail planning policy illustrates the complexities of managing and regulating the retail  environment. Consumers are more demanding, affluent and mobile than ever before, but a sizeable segment of the population is poor and socially excluded from a range of services, including retailing.

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Buyer Decision Process

Now that we have looked at the influences that affect buyers, we are ready to look at how consumers make buying decisions. Figure shows that the buyer decision process consists of five stages: need recognition, information search, evaluation of alternatives, purchase decision, and post purchase behavior. Clearly, the buying process starts long before actual purchase and continues long after.

Consumer Markets and consumer behavior and its importance and applications for the marketing process.

Consumer buying behaviour:

A. Model of consumer behaviour (more…)

Owing to intense global competition, slow growth in markets and different customer expectations, sales organizations have to reengineer their organization structures and streamline their processes. An inefficient organization structure can frustrate top managers as it may result in strategic plans going astray due to absence of clearly defined responsibilities and reporting relationships. Developing customer-centric organizations, building strong relationships within and outside the organization, modifying the traditional top-down hierarchical structure and introducing cross-functional teams are some steps companies are taking to improve their efficiency and profitability.  (more…)

Distribution channels

Buying a computer in the post, petrol at a supermarket, mortgages over the phone and phones themselves from vending machines are just some innovations in distribution which create competitive advantage as customers are offered newer, faster, cheaper, safer and easier ways of buying products and services.

Without distribution even the best product or service fails. Author Jean-Jacques Lambin believes a marketer has two roles: (1) to organise exchange through distribution and (2) to organise communication. (more…)

Today hospitals need financial information systems that could be rolled out at each institution not only improved overall efficiencies, but also provided the flexibility necessary to support future growth. The major function of financial information is to oil the Decision-making process. Figure 2.1 shows how it happens. (more…)

Health information management (HIM) is the practice of maintenance and care of health records by traditional (paper-based) and electronic means in hospitals, physician’s office clinics, health departments, health insurance companies, and other facilities that provide health care or maintenance of health records. With the widespread computerization of health records and other information sources, including hospital administration functions and health human resources information, health informatics and health information technology are being increasingly utilized in information management practices in the health care sector.

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Management roles and skills.
Managerial Roles

To meet the many demands of performing their functions, managers assume multiple roles. A role is an organized set of behaviors. Henry Mintzberg (1973) has identified ten Sub roles common to the work of all managers. The ten roles are divided into three groups: interpersonal, informational, and decisional (more…)

It is absolutely essential to increase the level of efficiency for the development and prosperity of an organization. The hospitals, having accepted the responsibility of serving the social interests need to focus on the acceleration of productivity because; cost effectiveness is a must to make the services economical and affordable to the masses (more…)

In India health care delivery and medical education are largely governmental functions. India cannot afford a national health service. However, it has a national health policy based on the primary health care approach, with emphasis on rural health in order to achieve the World Health Organization’s goal of “Health for All” by 2000 AD. Health care delivery is represented by the public sector as well as the private sector.  (more…)

Use of Sampling Techniques in Internal Audit

SA 500: ‘Audit Evidence’ issued by the Institutes of Chartered Accountant of India says: (more…)