LIVE MANAGEMENT EDUCATION

 Entrepreneur changes the life of million people every year so there are many type of skill every Entrepreneur possess. Some of important skills are as below- 1.Personal skill- It is the first skill that every Entrepreneur possess in a high ratio. These are labour, sincerity, self reliance, optimistic and secrecy. They have capacity to work 16 into 7 form. They do not feel tired from work. They are also sincere towards their work, function etc. They have maximum believe in their vision. They always think positive towards every things. They take positive from all things. They are also maintaining secrecy in their work. 2.Professional skill-Every Entrepreneur has deep knowledge, talent, wisdom. They are able to make world class and innovative policy, procedure, programme rules, regulation for the development of Enterprise. They are able to make short term, middle term and long term plan for the development of their Enterprise. They are also able to organize people in the form of line, St

 Entrepreneur is an innovator who brings economic development through new idea, opinion, thought, vision and produce new product or service and increase the living standard of commin man. There are many qualities an Entrepreneur possess. Some important qualities are as below- 1.Vision- Every Entrepreneur has an innovative vision to achieve his dream. They know very well how to achieve goal. They have also believe that they can achieve their goal with their vision. 2.Deep knowledge- It is second quality of an Entrepreneur. They have deep knowledge towards their project and its concern function. These functions may be Production, Demand, Supply, Price, Advertise, Ware house etc. 3.Deep desire- It is also an important quality of an Entrepreneur. They have deep desire to success. They do not like any things that do not belong their project whereas they like all things that belong to their project. 4. Independence- Entrepreneurs like independence. They do not follow the custom, tradition, r

 Entrepreneur plays an important role for the development of country so their role ad function is very wide. Some of important function of an Entrepreneur os as below- 1.To establish Enterprise- It is the first function of an Entrepreneur. They have an innovative idea. To convert this idea into practical form they establish as Enterprise. 2.To bear risk- It is the second function of Entrepreneur. They arrange capital, land,labour and infrastructure to produce innovative product or service. If this idea is not success they face a financial loss so they bear risk in the performing their dicision. 3.Decision making-It is also an important function of Entrepreneur. They take all decisions in the area of Production, Demand, Supply, Price, Advertising, Ware housing, Communicating,Trading, Distributing, Financing etc. If any decision is wrong they face negative impact of that decision. 4.Managerial function- Entrepreneurs are the manager of Enterprise. They make policy, programme, rules, regu

 Entrepreneurs play an important role for the development of common man, society, nation because they innovate new idea, opine and produce world class product or service at minimum price. The word Entrepreneur is derived from the French word entrepreneur which means to undertake. In the 16 th century the collection of people who organized and led military activities were called entrepreneur In the 17 th century the people who perform hard and difficult task in construction sector is called Entrepreneur. Definition- The person who innovate idea and change it into the form of product or service this person is called Entrepreneurs. In other words we can say that the person who starts a new business by an innovative way and provide product or service at minimum price to increase the living standard of common man this type of person is called Entrepreneur. Characteristics- There are many characteristics of Entrepreneur. These characteristics are as below- 1.Creative-It is the first characte

 Entrepreneurship plays an important role for the development of country. The country that is developed the growth of entrepreneurs is very high in such type of concern country whereas the country where the growth of entrepreneurs is low their growth is also low so we can say thar there is a direct relationship between the growth of country and entrepreneurs. Evolution- The origin of Entrepreneurship is in 14 th century. It belongs to tax collection system. The person who collects tax they paid the tax to government earlier and then they collect tax. In this process they face maximum risk because if they di not collect tax they bear loss so we can say that the person who performs such type of work they are Entrepreneurs and this process is called Entrepreneurship. After the crossing the time the growth of concept is changed. It became an element of production in 17 th century.According to J.B.it is an element of production. The process in which Entrepreneurs arrange capital, land,raw m

 Standard Costing is one of the important techniques of costing that is used by large scale and multinational company to maintain the standard of product oe service and sell product oe service at geniune price because they have to face maximum competition. Definition- According to CIMA-Standard costing is a control technique which compares standard cost and revenues with actual result to obtain variances which are used to minimize or control it and improve the performance of organization. In the other words we can say that the process in which actual costs is incurred and compared with predefined cost to improve the efficiency of organization this process is called standard costing. Characteristics- 1.It is a technique of cost control. 2.It belongs previous data to future data. 3.It compares actual cost to budget cost. 4.It finds out variance and control it. 5.It is a pre planned cost. 6.It defines the standard of product or service. 7.It also belongs processing process. 8.It is a tool

 Budget is the financial documents that forecasts coming income and expenditure of a fix financial year for optimum utilisation of finance and achieve objective. There are many techniques use in the process of making Budget. Budgetary control is one of the most important techniques that is used to make Budget more effective and efficient. The process in which Budget are compared with the actual performance of organization for finding out variance and control variance this process is called Budgetary control. According to I.C.M,A, Budgetary control is the process of the establishment of budget, relating the responsibilities of executives to the requirements of a policy, and the continuous comparison of actual with budgeted results either to secure by individual action the objectives of that policy this process is called Budgetary control. In other words we can say that Budgetary control is the system of controlling cost which includes preparation of budget coordinating the departments a

 A Budget is a financial documents that forecasts coming income and expenditure of organization for a fox period for optimum utilisation of resource and achieve predefined goal. There are many types of Budget. Some important types of Budget is as below- 1.Master Budget- It is the first type of Budget.The budget that consists all small types of Budget of Organization this type of budget is called Master Budget.It is presented in monthly, quarterly form. It consists Sales Budget, Production Budget, Selling and administrative expense budget etc. In other words we can say that Master Budget is financial documents that forecast sales, production, purchase investments and expenses of organization. It is used by top class management to make long term policy, programme, strategy on the basis of current year forecasting. 2.Cah Budget- It is the second type of Budget, It is prepared to forecast cash inflow and outflow of organization. It shows the cash position of organization in coming financia

 Budget plays an important role for the development of person, Personnel, organization, company and country because it helps us to optimum utilisation of money. In the simple sense we can say that it is a document that represents income and expenditure. In the advance form we can say that it is an estimation of the revenue and expenses for a specific period of time. According to my words Budget is a financial and quantitative documents prepared and approves coming income and expenditure for optimum utilisation of resource to achieve goal of the organization. Characteristics- 1.It is a financial documents. 2.It belongs income and expenditure of organization. 3.It belongs to one year. 4.It expresses monetary form. 5,It is realistic.  6.It is flexible. Objectives- 1.To forecast income and expenditure of organization. 2.To reallocate finance according to need of departments. 3.To increase the growth of organization. 4.To coordinates activities according to Budget. 5.To compare result betwe

 A break even analysis is a financial technique which helps a organization to determine the stage at which the organization should produce the product or service to earn profit. In other words we can say that it is a financial calculation for determining the number of product or service a organization should produce to maintain no profit or no loss zone. It also shows the relationship between the variable cost, fix cost, and revenue. Components of Break even analysis- There are many components of berak even analysis. These components are as below- 1.Fixed Cost- It is the first element of Break even analysis.The cost that is defenite and there is no change after increasing or decreasing production this type of cost is called fix cost. 2.Variable cost- It is the second element of Break even analysis. The cost that changes according to increase or decrease production this type of cost is called variable cost. 3.Contribution Margin-It is also an important element of break even analysis. Th

 Cost volume profot analysis is a technique of cost accounting that is used to know the impact of changing level of cost and volume on the profit. It shows the relationship among cost, volume, and profit of the organization. There are many factors of Cost Vollume Prifit analysis. These factors are  1.Cost of volume of product. 2.Volume of product which are peoduced  and sold. 3.Profit earned by organization, We know that there are many factors of production. These factors are corelated to one another, When the cost of one factoe changes the cost of production of other factor also changes.With the help of Cost Volume Profit analysis we study the effect of change in one factor on the other factor. It is a popular technique that is used by large scale company, Multinational company for profit planning.It also shows the effect on future profit with change in fixed cost,variable cost.It is also very useful in decision making, Objectives- 1.To forcast accurate profit of organization. 2.It he

 Correlation                                                     Regression 1.It shows the relationship between two variables.1.It measures the relationship between two variables. 2.Both the variables are random variables.      2.Both the variables may or may not random variables. 3.It shows the degree of relationship between two variables.3.It shows the cause and effect relationship between two variables. 4.It provides limited information.                       4.It provides more information. 5.If we know the value of one variable the value of other variable can not be estimated.4.If we know the value of one variable the value of other variable can be estimated. 6.It shows the nature of linear relationship.          6.It shows the impact of the independent variables on the dependent variable. 7.We take one variable as x and other y.               7.We take carefully to choose variable is x and which variable is y. 8.It is not beneficial for mathematical function.   8.It is very benefi

 Regression analysis is a statistical technique to use to predict the value of one variable after the using the value of other variable.It is a mathematical model of the measuring average relationship between two or more than two variable. There are two types of Regression.One is simple regression and second is multiple regression. 1.Simple regression- It is the first type of regression. The process of estimating the mathematical relationship between a dependent variable and an independent variable this process is called simple regression. The dependent variable usually called y and the independent variable is called x. 2.Multiple regression- It is the second type of regression.The regression that explain the relationship between multiple independent variable and one dependent variable this type of regression is called multiple regression. Use of regression- 1.It formulates the functional relationship between two and more than two variables. 2.It determines the functional relationship

 Statistics is the science of the collection, organization, analysis, interpretation and presentation of data.It plays an important role in every field of economy. It has an important role in determining in pricing, supplying production etc so a successful manager must be expert of Statistics to perform the function of business by an effective and efficient way. It also plays an important role in decision making. It also help to know the need, want, desire if customers.He also knows well what to produce with the help of Statistics.  There are many tools, techniques of Statistics.These are Correlation, Regression, Index number Time series, Probability etc. Every technique has its own value and application. Among all Correlation is one of the first techniques that is used to know the relationship of two variances.  Correlation- The method in which we analyse the relationship between two or more than two variables this process is called Correlation. In other words we can say that it is us

 There are two ways of data presentation. One is diagrammatic presentation and second is graphical presentation. The process in which data is presented in visual form and facts are highlighted in the language of diagram this process is called diagrammatic presentation. In other words we can say that the process in which data is represented in the form of diagram to increase the simplicity of Statistics this process is called diagrammatic presentation. Advantage- 1,It is easy to understand for all people. 2.It is simple to represent. 3.It shows many facts of data. 4.It is used in every country, continent so its application is universal. 5.It gives clear massage, facts of data. 6.It saves time, energy, effort, resource of users. 7.It is easy to remember. 8.It removes the complexity of data. 9.It shows data in an attractive and impressive form. Disadvantage- 1.It provides complex idea so many people do not understand it. 2.It provides certain and limited information. 3.It does not permit

 There are many differences between Primary and Secondary Data. These differences are as below- Primary Data                                                     Secondary Data 1.It is collected by Researcher at first time.     1.It is collected by any other person. 2.It is current data.                                            2.It is not current data. 3.It consists many steps.                                   3.It does not consist many steps. 4.It is costly.                                                      4.It is not costly. It is economical. 5.It requires more time to collect.                      5.It requires less time to collect. 6.It presents raw/crude form.                             6.It presents refined form. 7.It is maximum accurate.                                  7.It is less accurate. 8.It is more reliable.                                            8.It is less reliable. 9.Its collection process is difficult.                     9.Its collection process is easy.

 Data is the collection of facts, figure, images. There is two types of Data. One is primary data and second is Secondary Data. Primary Data- It is the first type of data. The data that is collected by Researcher at first time this type of data is called Primary data. In other words we can say that the data that is which is collected by Researcher under the supervision of of an investigator this type of data is called Primary data. Features of Primary data- There are many features of primary data. These features are as below- 1.It is fresh. 2.It is first hand data. 3.It is in original form. 4.It is current. 5.It belongs to our concern problem. 6.It is accurate. 7.It is subjective. Advantage- 1.It belongs to our problem so we may solve problem by an effective,efficient way. 2.Its interpretation is easy. 3.It maintains secrecy. 4.Researcher may better control at this type of data. 5.It is bias free so Researcher may maximum trust on it. 6.It is reliable. 7.It is up to date data so it giv

 There are many methods of Secondary Data collection. These methods are as below- 1.Census- It is the first method of Secondary data collection.Every government does census in his country after a fix period. This period may be five or ten years. In this process they collect many facts, figures of their citizens.They also collect data in questionnaires form.Researcher may take these data from Census department. Advantage- 1.It provides huge facts, figure. 2.It provides detail data. 3.It is error free. 4.It is easy to use. 5.It is beneficial if population size is big. Disadvantage- 1.It does not cover every topic. 2.It provides depth facts, figure so analysis is dificult. 3.It is carried out every ten years. 4.It is beneficial only economical area. 5.It takes long time to collect and process. 2.Government publication- It is the second method of data collection. Every government publishes many reports, paper, document every year.These reports contain many facts, figure, data etc. Research

There are two types of data. One is primary data and second is secondary data. Primary data- The data that is collected by researcher and present in original form this type of data is called primary data. Secondary data-The data that is not collected by researcher and it is presented earlier this type of data is called Secondary data. Methods of collection Primary data- There are many methods of collecting Primary data. These methods are as below- 1.Survey method- It is the first and simple method of primary data collection.The process in which Researcher goes to Respondent and records facts, figure that is given by respondent this process is called Survey. Advantage- 1.It is simple method. 2.It is less cost. 3.It may be conducted quickly. 4.It permits researcher to guide respondent. 5.It provides respondent enough time to think and reply. Disadvantage- 1.It is not useful if topic is controversial. 2.The true response of Respondent is less. 3.If Respondent is uneducated and noncooperat

 There are many ways of representation of Data. These ways are numeric way and Graphic way. A graph is a sort if chart through which data are represented in many forms.There are many ways data is represented in graphical ways. These ways are Line diagram, Histogram, Bar diagram, Pie chart, Frequency Polygon and Ogive.  1.Line diagram- It is the first way of representation data. It is also simple way.When data vary over time we use line diagram to represent it.In a simple line gram we plot t and y form. t represents the time series at the time point.The plotted points are then joined by line segments. This process is called line diagram. 2.Histogram- It is the second methods of represent data.It is one of the most used methods for representing historical data. Advantage- 1.It is simple. 2.It is versatile. 3.It may used many condition. 4.It has multipurpose use. 5.It shows the spread of variations. So we can say that Histogram is a pictorial representation of data. 3.Bar graph- It is als

 Methods of forecasting The process in which manager predicts the coming events according to facts ,figure and make policy programme, rules, regulation law to minimize its negative impacts .This process is called business forecasting. Thee are many techniques of business forecasting. These techniques are as below. 1.Survey method -It is the first and simple method of forecasting .The process in which the representatives of company  go to respondents and ask some professional questions .This process is called survey method.It is very easy method of forecasting.In this method company knows the changing need desire, demand of customers ,consumers and make policy to cash thier demands .There are two types of survey methods these  are :- a.Consumer survey method  b.Opinion poll method 2.Trend Projection Method-It is also an important and classic method of business forecasting .It concerns the movement of variable according to time.There are many variables of any events. Some are fixed some

 MARGINAL COSTING- 1.It cares increasing or decreasing one unit. 2.It cares only variable cost. 3.It cares only variable overheads. 4.It is decision making techniques. 5.It is  beneficial for small scale and middle scale company. 6.It links per unit transactions after increasing and decreasing unit. 7.It does not influence opening and closing stock. 8.Profit is measured by profit volume ratio. ABSORPTION COSTING- 1.It belongs to more than one unit. 2.It cares both  costs variable and fixed 3.It cares production and distribution overheads. 4.It is cost control techniques. 5.It is benificial  for large scale company and multinational. 6.It links net profit after increasing or decreasing of unit. 7.It effects opening and closing stock. 8.Profit is not   measured by unit wise.

 Today is 21st century. It is globalize economy age so business becomes universal.Business is future oriented and future is uncertain so every Manager uses many techniques to remove uncertainty. Forecasting is one of them. The process in which we estimate future is called forecasting.In other words we can say that the process in which we predict control future event and its impact on business is called forecasting. In other words we can say that forecasting is a systematic process to predict future events and their impact in business and make planning to minimise negative impact. Nature/Feature of Forecasting- 1.It is future oriented. 2.It is positive or negative. 3.It possess many factors like Political, Economical, Technical etc. 4.It may be short term or long term. 5.It may be regional or universal. Importance of Business Forecasting-The importance of Business forecasting is very wide.Some important importance is as below- 1.It helps organization to make policy rules regulation, pro

 Statistics is a very very old discipline.It has been used more than 500 years.The word Statistics is derive from Latin words Statista which means political state or Government. According to me-Statistics is a modern science which is used to collect classify, present, interpret data into information to perform the function of business by economical way. Nature- 1.It belongs to facts,figure,data. 2.It is science. 3.It is an art. 4.It is a systematic subject. 5.It changes data into information. Scope- The scope of Statistics is very wide. It is used many different sectors. Some important scope is as below- 1.It makes planning,Planning is the combination of policy, procedure,rules,regulation.law.With the help of Statistics Manager makes proper plan. 2.It makes business more effective.-Business ts the process of performing any work on the behalf of money.Statistics help us to perform the function of business by effective way..  3.It solves economic problem-There are many economic problem p

 Statistics is the study of facts,figure, data to perform the function of business by effective, efficient way to achieve the goal of organization. Its scope is very wide. It may use in the area of Mathematics, Economics, Accounts, etc.The function of Statistics is very wide. Some important functions are as below- 1.It helps to collect analyse facts figure data to make proper planning. 2.It helps optimum utilisation of resource. 3.It helps to forecast natural phenomenon. 4.It helps to present complex data into tabular, diagrammatic and graphic form and use it. 5.It helps to formulate and testing of Hypothesis. 6.It helps us to make policy,rules, regulation to perform the function of organization by proper way. 7.It minimise the uncertainty of future by the technique of Regression,Time Series method.  8.It reduces the complexity of data and change it into meaningful information. 9.It also helps in Project making. 10.It helps us in Demand forcasteing. 11.It helps us to supply the product

 Costing is an important function of Manager.The process in which we  ascertain the exprnditure to produce prodict or service this process is called Costing. In other woeds we can say that Costing is the process of classifying recording,analysing the xpenditure to produce any product oe service. There are many technique of Costing.These are Marginal Costing,Absorption costing,Standard costing and so on.Every technique is used in particular condition. Marginal Costing-The process in which we determine the changing amount of expenditure after increasing or decreasing one extra unit of product or service this process is called Marginal Costing. In other words we can say that the expenditure at any given volume of output by which aggregate costs are changed if the number of output is increased or decreased by one extra unit. In other words we can say that Marginal Costing is the technique of costing that is used to find out the relationship between profit and volume. Feature of Marginal Co

 Contract costing It is also an important type of costing.It is done between producer and purchaser.The process in which contractor contract manufactue to build particular type of product or service that fullfill the need,desire ,demand of conractor the costing that is used o know the expenditure of organisation this type of costing is called contract costing. In other words we can say that conract costing is a particular type of job costing that is used to produce particular type of product and service in a p;articular time. Application of  contract costing 1-To build road,bridge,mega bridge ,four line, six line.. 2-To contract new railway line. 3-To build new railway line. Feature of contact costing There are many feature of contract costing these features are as below. 1-it is  special type of job costing. 2--It belongs to construction and concern sector of construction. 3-It belongs to long period that period may be 1 to 10 years. 4-It records transaction by a particular way ,mode

 It is also an important  type of coastong .It is used when company has single unit of production and and they produce many type of product . The process in which manager know the price of product and its element is a particular period . This process is called batch costing .  In other words we can say that the price of row material is Changable so orgnation knows  the price of product and its concern element in a fixed period this process is called batch coasting * Nature-- 1. It is an internal coastinf system 2. It is used by middle scale company larje scale company 3. It is a continuous process 4. It is a cost minimization technique 5. It is benifical for multinational production  * Advantage - It is used to cost control 2. It make the function of production more effective efficient economical and so on 3. It helps in pricing 4. It helps optimum utilization of resourse 5. It helps in profit maximization 6. It helps in goal achivement process . * Disadvantage;- 1. It is not useful fo

 Management is a universal application . It is applied by large scale company , multinational company in evey country ,continent in world market to achieve their goal.  There are many scholers,Entrepreneurs,Engineers contribute there best for the development of Management. These are Henri Fayol, F.W.Taylor, Charles Babbage and so on.Among all FW Taylor is one of them whose contribution is maximum so he is called the father of Scientific Management.  Principle of Scientific Management There are four principals of F.W.Taylor.These principals are as below; 1. Rule of thumb; It is the first principle of F.W.Taylor. According to this principle there are many methods of performing every work. Manager should study every method scientifically and choose, apply one of best method that helps to maximize the production of organisation. 2. Scientific selection- It is the second principle of F.W.Taylor.There are many hundred workers work inside organisation. Workers are the main asset of organisati

 Costing is an important function of organization. It is the process of classifying, recording and allocating resource to determine the actual expenditre to produce any product or service. There are three elements of Cost. These elements are Material, Labour, expenses. There are many methods of Cost. These methods are Job Costing, Batch Costing, Contract Costing, Operating Costing, Process Costing, Multiple Costing, Uniform Costing and Unit Costing. 1.Job Costing- It is the first type of Costing.There are many jobs involve in production process of any product or service. The process in which we ascertain for each job then calculate total expenditure this process is called Job Costing. In other words we can say that the process of identifying the total expenditure for producing any product or service according to jobs that are involved in production process this process is called Job Costing. Features of Job Costing- 1.Each job is accumulated separately on cost basis. 2.Each job is vari

 Computer is an electronic device that accepts data, processes data according to instruction of User and provides information to User. In other words we can say that Computer is an electronic programmable device that accepts data,performs operations and gives information. There are many elements of Computer. These are Hardware, Software, People and Procedure. There are many devices belongs to Hardware. These are Mouse, Keyboard, Joystick,etc. Operating system belongs to Software.There are many types of operating system. These are Windows, Mac,Linux,Solaries and so on. Window operating system was first introduced in 1985 by Microsoft.There are many version of Windows. These are Windows 3.1,Window 95,Windows 98,Windows NT, Window ME, Window 2000, Windows XP, Window Vista,Windows 7, Windows 8,Windows 8.1,Windows 10 etc. Every version is different from one another,Some unique extra feature adds in every version.Among all Windows NT is also an important version that has many important featu

 Operating system is the system that coordinates User and hardware or Software of Computer to perform function according to the instruction of User.There are many types of operating system. These are MS DOS, Window and so on. MS DOS is the first and popular operating system that is produced by Microsoft. There are many positive amd negative feature MS DOS possess. Microsoft Windows overcomes all negative feature of MSDOS so it also became very popular operating system in the world. There are many versions of Windows. These are Window 3.0,Window XP,  Window 95, Window 98, Window 2000, Window XP Professional, Window Vista etc. The first version of Window was produced in 1983. Feature of Window operating system- 1.The speed of Window operating system is very fast.It responses quick to User. 2. It booting time is minimum by a fast way. 3.It requires less update that is beneficial to User. 4.The replacement of Window system from one version to other version is easy. 5.It search engine perfo