Maslow's Hierarchy of Needs

Difference between Regulation & Standard

A Regulation is a Government imposed requirement , usually backed up by legal ramifications or other punitive measures for failure to comply.
While a Standard is a practice that is commonly recognized within an industry and issued by an entity , such as a trade group.

A best practice

A best practice is a technique, method, process, activity, incentive, or reward which conventional wisdom regards as more effective at delivering a particular outcome than any other technique, method, process, etc. when applied to a particular condition or circumstance. The idea is that with proper processes, checks, and testing, a desired outcome can be delivered with fewer problems and unforeseen complications. Best practices can also be defined as the most efficient (least amount of effort) and effective (best results) way of accomplishing a task, based on repeatable procedures that have proven themselves over time for large numbers of people.

Ethnocentrism

Ethnocentrism is the tendency to believe that one's ethnic or cultural group is centrally important, and that all other groups are measured in relation to one's own. The ethnocentric individual will judge other groups relative to his or her own particular ethnic group or culture, especially with concern to language, behavior, customs, andreligion. 

Transparency International (TI)

Transparency International (TI) is the global civil society organisation leading the fight against corruption. Through more than 90 chapters worldwide and an international secretariat in Berlin, TI raises awareness of the damaging effects of corruption and works with partners in government, business and civil society
to develop and implement effective measures to tackle it.

http://www.transparency.org/

The 2010 Corruption Perceptions Index (CPI) shows that nearly three quarters of the 178 countries in the index score below five, on a scale from 10 (very clean) to 0 (highly corrupt).

Very Clean Countries :

1 Denmark              9.3
1 New Zealand       9.3
1 Singapore            9.3
4 Finland                9.2
4 Sweden               9.2
6 Canada               8.9
7 Netherlands        8.8
8  Australia            8.7
8 Switzerland         8.7
10 Norway            8.6

Highly Corrupt Countries :

178 Somalia               1.1
176 Myanmar             1.4
176 Afghanistan          1.4
175 Iraq                     1.5
172 Uzbekistan           1.6
172 Turkmenistan        1.6
172 Sudan                   1.6
171 Chad                    1.7
170 Burundi                1.8
168 Equatorial Guinea 1.9
168 Angola                 1.9

AMNESTY International

Working to Protect Human Rights
Amnesty International (commonly known as Amnesty and AI) is an international non-governmental organisation. Its stated mission is "to conduct research and generate action to prevent and end grave abuses of human rights and to demand justice for those whose rights have been violated."
Founded in London in 1961, Amnesty draws attention to human rights abuses and campaigns for compliance with international laws and standards. It works to mobilise public opinion to put pressure on governments that let abuse take place. The organisation was awarded the 1977 Nobel Peace Prize for its "campaign against torture",

Difference between 'Profit Margin' & 'Operating Margin'

A profit margin refers to a measure of profitability. It is calculated by finding the net profit as a percentage of the revenue. Where as the operating margin, is the ratio of operating income divided by net sales, usually presented in percent.

The profit margin is an indicator of a company's pricing policies and its ability to control costs. Differences in competitive strategy and product mix cause the profit margin to vary among different companies. And a good operating margin is needed for a company to be able to pay for its fixed costs, such as interest on debt.

Net profit margin = net profit (after taxes) / revenue * 100%
Operating margin = operating income / net revenue

Where Operating Margin is :-

The amount of profit realized from a business's operations after taking out operating expenses - such as cost of goods sold (COGS) or wages - and depreciation. Operating income takes the gross income (revenue minus COGS) and subtracts other operating expenses and then removes depreciation. These operating expenses are costs which are incurred from operating activities and include things such as office supplies and heat and power. Operating Income is typically a synonym for earnings before interest and taxes (EBIT) and is also commonly referred to as "operating profit" or "recurring profit".

Calculated as:

Pareto Principle (The 80/20 Rule)

Originally, the Pareto Principle referred to the observation that 80% of Italy’s wealth belonged to only 20% of the population.
More generally, the Pareto Principle is the observation (not law) that most things in life are not distributed evenly. It can mean all of the following things:

• 20% of the input creates 80% of the result
• 20% of the workers produce 80% of the result
• 20% of the customers create 80% of the revenue
• 20% of the bugs cause 80% of the crashes
• 20% of the features cause 80% of the usage
• And on and on…

But be careful when using this idea! First, there’s a common misconception that the numbers 20 and 80 must add to 100 — they don’t!
20% of the workers could create 10% of the result. Or 50%. Or 80%. Or 99%, or even 100%. Think about it — in a group of 100 workers, 20 could do all the work while the other 80 goof off. In that case, 20% of the workers did 100% of the work. Remember that the 80/20 rule is a rough guide about typical distributions.
Also recognize that the numbers don’t have to be “20%” and “80%” exactly. The key point is that most things in life (effort, reward, output) are not distributed evenly – some contribute more than others.

Law of Diminishing Returns

in economics, law stating that if one factor of production is increased while the others remain constant, the overall returns will relatively decrease after a certain point. Thus, for example, if more and more laborers are added to harvest a wheat field, at some point each additional laborer will add relatively less output than his predecessor did, simply because he has less and less of the fixed amount of land to work with. The principle, first thought to apply only to agriculture, was later accepted as an economic law underlying all productive enterprise. The point at which the law begins to operate is difficult to ascertain, as it varies with improved production technique and other factors.

'Moonlighting Clause' in Employment Contracts

Moonlighting is a term used to refer to holding a second job outside of normal working hours. 

Basic moonlighting policies generally contain the statements addressing:

• interference with the primary job
• conflicts of interest
• your approval of the additional employment

Interference with primary job. The main purpose of most moonlighting policies is to set out your expectation that employees will treat their work at your business as their primary job and will not allow other jobs to interfere with the performance of the primary job.

Conflict of interest. Part of the reason for having policies is to protect your business. A conflict of interest policy can help you ensure that employees don't start working for your competitors while they're working for you.

Approval of employment. In formulating your moonlighting policy, you may want to include a clause that states that an employee must get approval for any outside employment. If you do include this clause, be sure that it isn't too restrictive and that you apply it consistently to all employees — don't allow one person to work another job and prohibit another employee from doing so if circumstances are similar.

Difference Between Insurance agents and brokers

Insurance agents and brokers are insurance professionals who are intermediaries between insurance companies and customers.

In the case of insurance agents, they only serve as a link between the customers and the insurance companies. Their function is more on an administrative level. They perform the paperwork, process policy forms and premiums for the policy holder. The insurance agents job ends once the customer takes the policy. It is for the customer to make an informed decision when buying policies and the insurance agent does not have any role in it. He is just a facilitator.

Insurance agents come in two types. The captive insurance agent is one who works for a single company and an independent insurance agent is one who works for many companies.

Insurance brokers are more professional than the insurance agents. They may help a customer to make the right decision on the policies. They offer a host of insurance policies for a customer to consider. When compared to insurance agents, the insurance brokers have more duties. Apart from the administrative role, the insurance brokers will analyse different policies and help a customer in securing the right policy.

Insurance brokers are more qualified than the insurance agents. And the fee of an insurance broker is higher than that of the fee of an insurance agent. Moreover, the insurance brokers can function only if they have a broker’s license.

While the insurance agent is just a mediator between the insurance companies and the customer, the insurance broker is more than that. Where the insurance agent just gives you all aspects of a particular policy, the insurance broker goes beyond just explaining the merits and demerits of a policy. Unlike the insurance agents, the insurance broker is independent.

In the case of insurance, the insurance brokers have more knowledge than the insurance agents. This is because the insurance brokers deals with a wide range of insurance companies and they have an idea of the recent trends in the insurance sector.

Summary

1. In the case of insurance agents, they only serve as a link between the customers and the insurance companies. Their function is more on an administrative level.
2. Insurance brokers are more professional than the insurance agents. They may help a customer to make an informed decision on the policies. They offer a host of insurance policies for a customer to consider.
3. Unlike the insurance agents, the insurance broker is independent.
4. In the case of insurance, the insurance brokers have more knowledge than the insurance agents.

difference between bid and/or quotation and proposal

Bids or quotations are used when price is the only deciding factor among bidders. Proposals are used when there are considerations other than price.

SWOT Analysis

SWOT Analysis (Strength Weakness Opportunity Threat)  is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you face.

Used in a business context, a SWOT Analysis helps you carve a sustainable niche in your market.

Used in a personal context, it helps you develop your career in a way that takes best advantage of your talents, abilities and opportunities.

Power Interest Matrix for Stakeholder Analysis

Someone's position on the grid shows you the actions you have to take with them:

• High power, interested people: these are the people you must fully engage and make the greatest efforts to satisfy.
• High power, less interested people: put enough work in with these people to keep them satisfied, but not so much that they become bored with your message.
• Low power, interested people: keep these people adequately informed, and talk to them to ensure that no major issues are arising. These people can often be very helpful with the detail of your project.
• Low power, less interested people: again, monitor these people, but do not bore them with excessive communication

Force Majeure

Force majeure (French for "superior force"), also known as cas fortuit (French) or casus fortuitus (Latin),^[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term "act of God" (such asflooding, earthquake, or volcanic eruption), prevents one or both parties from fulfilling their obligations under the contract

Effective Vs Efficient Communication

Effective communication refers to providing the information in the right format for the intended audience at the right time. Efficient communication refers to providing the appropriate information at the right time, that is, only the information that’s needed at the time.

ASSUME : ASS + U + ME

Never Assume , because when we ASSUME , we make a 'ASS' out of 'U' & 'ME'

TINA ; There Is No Alternative

There is no alternative (shortened as TINA) was a slogan which Margaret Thatcher, the conservative British Prime Minister used often. In economics, politics, and political economy, it has come to mean that "there is no alternative" to the status quo of their economic system and economic liberalism.^[1][2] This is the main slogan of economic liberalism, arguing that free markets, free trade, and capitalist globalization are the only way in which modern societies can go, as any deviation from their doctrine is certain to lead to disaster.

Non Functional Requirement

Non-functional requirements are attributes that either the system or the  environment must have. Such requirements are not always in the front of  stakeholders' minds, and often you must make a special effort to draw them out.
 To make it easier to capture non-functional requirements, we organize them into  five categories:
1.Usability
2.Reliability
3.Performance
4.Supportability
5.Security

Usability describes the ease with which the system can be  learned or used. A typical usability requirement might state:
•The system should allow novice users to install and operate it with  little or no training.
•The end user shall be able to place an order within thirty seconds.
•The end user shall be able to access any page within four seconds.


Reliability describes the degree to which the system must  work for users. Specifications for reliability typically refer to availability,  mean time between failures, mean time to repair, accuracy, and maximum  acceptable bugs. For example:
•The system shall meet the terms of a Service Level Agreement.
•The mean time to failure shall be at least four months.

Performance specifications typically refer to response  time, transaction throughput, and capacity. For example:
•All Web pages must download within three seconds during an average  load, and five seconds during a peak load.
•While executing a search, the system must be able to display 500  search results per page.

Supportability refers to the software's  ability to be easily modified or maintained to accommodate typical usage or  change scenarios. For instance, in our help desk example, how easy should it be
 to add new applications to the support framework? Here are some examples of  supportability requirements:
•The system shall allow users to create new workflows without the  need for additional programming.
•The system shall allow the system administrator to create and  populate tax tables for the upcoming tax year.

Security refers to the ability to prevent and/or forbid  access to the system by unauthorized parties. Some examples of security  requirements are:
•User authentication shall be via the corporate Single Signon  system.
•Only authorized payroll administrators shall be permitted to access  employee pay information.

In Other Words

 Nonfunctional requirements refer to elements that are related to the product but don’t describe the product directly.

Also , often Non-Functional requirements are referred to as 'Technical requirements' or 'Performance requirements'.

SMART / DUMB goals

SMART / SMARTER is a mnemonic used in project management at the project objective setting stage. It is a way of evaluating the objectives or goals for an individual project. The term is also in common usage in performance management, whereby goals and targets set for employees must fulfill the criteria.
The first known uses of the term occur in the November 1981 issue of Management Review by George T. Doran.^[1]
In recent years the terms 'SMART' (Specific , Measurable , Attainable , Relevant , Time Bound) and, less commonly, 'DUMB' (doable, understandable, manageable & beneficial) ^[2][3] have been used beyond the original context of staff and/or project management to include personal development

4 Methods of 'Group decision making techniques'

The four methods 'Group decision making techniques' include
Unanimity, where everyone agrees on the resolution or course of action;
Majority, where more than 50 percent of the members support the resolution;
Plurality, where the largest subgroup within the group makes the decision if majority is not reached;
and Dictatorship, where one person makes the decision on behalf of the group.

Nominal Group Technique (NGT)

Nominal Group Technique (NGT)

Description

=========

Nominal group technique (NGT) is a structured method for group brainstorming that encourages contributions from everyone.

When to Use Nominal Group Technique

• When some group members are much more vocal than others.
• When some group members think better in silence.
• When there is concern about some members not participating.
• When the group does not easily generate quantities of ideas.
• When all or some group members are new to the team.
• When the issue is controversial or there is heated conflict.

Nominal Group Technique Procedure

===========================

Materials needed: paper and pen or pencil for each individual, flipchart, marking pens, tape.

1. State the subject of the brainstorming. Clarify the statement as needed until everyone understands it.
2. Each team member silently thinks of and writes down as many ideas as possible in a set period of time (5 to 10 minutes).
3. Each member in turn states aloud one idea. Facilitator records it on the flipchart. 
   • No discussion is allowed, not even questions for clarification.
   • Ideas given do not need to be from the team member’s written list. Indeed, as time goes on, many ideas will not be.
   • A member may “pass” his or her turn, and may then add an idea on a subsequent turn.
   Continue around the group until all members pass or for an agreed-upon length of time.
4. Discuss each idea in turn. Wording may be changed only when the idea’s originator agrees. Ideas may be stricken from the list only by unanimous agreement. Discussion may clarify meaning, explain logic or analysis, raise and answer questions, or state agreement or disagreement.
5. Prioritize the ideas using multivoting or list reduction.

Nominal Group Technique Considerations

===============================

• Discussion should be equally balanced among all ideas. The facilitator should not allow discussion to turn into argument. The primary purpose of the discussion is clarification. It is not to resolve differences of opinion.
• Keep all ideas visible. When ideas overflow to additional flipchart pages, post previous pages around the room so all ideas are still visible to everyone.

Camel case & Pascal Case

CamelCase (camel case or camel-case)—also known as medial capitals—is the practice of writing compound words or phrases in which the elements are joined without spaces, with each element's initial letter capitalized within the compound and the first letter is either upper or lower case—as in "LaBelle", BackColor, "McDonald's" or "iPod". The name comes from the uppercase "bumps" in the middle of the compound word, suggestive of the humps of a camel. The practice is known by many other names. In computer programming, it is called Pascal case if the first letter is capitalized, and camel case otherwise

MoSCoW method of Requiremnt Analysis

MoSCoW is a prioritisation technique used in business analysis and software development to reach a common understanding with stakeholders on the importance they place on the delivery of each requirement - also known as MoSCoW prioritisation or MoSCoW analysis.
The capital letters in MoSCoW stand for:

• M - MUST have this.
• S - SHOULD have this if at all possible.
• C - COULD have this if it does not affect anything else.
• W - WON'T have this time but WOULD like in the future. Alternatively WANT.

The o's in MoSCoW are added simply to make the word pronounceable, and are often left lower case to indicate that they don't stand for anything. While some suggest it should be MuSCoW (to more accurately reflect the words behind the acronym), MoSCoW is preferred as it is more easily remembered as the capital city of the Russian Federation.

Rule Of 72

The 'Rule of 72' is a simplified way to determine how long an investment will take to double, given a fixed annual rate of interest. By dividing 72 by the annual rate of return, investors can get a rough estimate of how many years it will take for the initial investment to duplicate itself.

For example, the rule of 72 states that $1 invested at 10% would take 7.2 years ((72/10) = 7.2) to turn into $2. In reality, a 10% investment will take 7.3 years to double ((1.10^7.3 = 2).

When dealing with low rates of return, the Rule of 72 is fairly accurate.

Notice that, although it gives a quick rough estimate, the rule of 72 gets less precise as rates of return become higher.

BLACK SWAN Theory

Black Swan Theory is a philosophical and mathematical theory founded by Nassim Nicholas Taleb. It describes randomness and uncertainty. The theory was described in Taleb's book The Black Swan: The Impact of the Highly Improbable. It's name originates in the assumption in Medieval Europe that black swans could not exist, when in fact, they are rare, but do exist.

According to the Black Swan Theory, unpredictable events are much more common than people think and are the norm and not the exception. Taleb believes that the more educated people are, the more likely it is that they incorrectly believe these unpredictable events are uncommon. Taleb says that because of an information overflow in today's society, we often don't interpret data accurately and create correlations that are not always relevant, when randomness more often is the rule. Taleb does not believe in the expertise of bankers or financial analysts and say that society incorrectly believe that they can predict the future.

Fact:Theory founded by Nassim Nicholas Taleb
Fact:Taleb is a former Wall Street trader who was born in Lebanon
Fact:Describes randomness and uncertainty
Fact:According to Taleb, unpredictable events are more common than people think

Focus of the 2007 book ''The Black SwanThe Impact of the Highly Improbable by Taleb

Fact:Often applied to the crisis in market capitalism
Fact:In Western society, Black swans used to be a metaphor for something that could not exist, until it was discovered that they did exist

Fact:Black swans were discovered in the 17th century

 

DELPHI Method - Group Creativity Technique

The Delphi Method is a collaborative process for formulating predictions about a variety of future trends. It typically seeks to bring expert opinions together to create a consensus of where a technology or movement might lead. This forecasting method often employs a questionnaire, which helps group members to read each other’s answers and formulate predictions. In most instances, those polled maintain anonymity throughout the process, in an effort to reduce the amount of influence the group has on each answer.
The Delphi Method was developed during the Cold War to predict development of weapons and arsenals. It has since been adopted by organizations to predict other trends. Examples of how this method may be used today include predicting the results of a potential global crisis, the timeframe in which scientists may discover a cure for cancer, or how technological advances may affect entertainment industries. This process can be imprecise. Advocates of the Delphi Method believe that the members of  the panel — usually experts in their field — have a more complete knowledge of the possible outcomes than lay-people do. This superior knowledge may allow panelists to formulate more accurate predictions. Also, the answers are drawn from group knowledge, rather than the predictions of individuals. The anonymous questionnaires potentially limit bias as well. The Delphi Method involves several steps.
First, the problem or issue is defined for the group. This step usually takes the form of a questionnaire. Each member formulates answers or position statements, and submits them to the facilitator.
Next, the Delphi Method facilitator organizes the answers and gives them back to the group. Depending on the type of issue, number of questions, and goals of the process, the facilitator may organize the answers into categories. The categories are typically meant to show the level of consensus between the experts. Some Delphi Method programs do not allow for answers to be categorized, fearing the groupings may bias the members’ interpretations.
A third step in the Delphi Method involves allowing the group to analyze all the responses. Some members may wish to revise their earlier answers at this point. Then, the group rates each answer before calling for another round of discussion. These new responses typically go through anonymous organization and submission again.
This process is generally repeated until the group reaches a pre-defined stopping point. The Delphi Method may end after reaching a certain number of questionnaire rounds, the achievement of consensus, or when the members stop revising their answers. The group’s final prediction is usually the average answer of the group after several rounds of discussion.
The idea of "delphi" comes from the Greek consultation of the oracle at delphi. When making an important decision, they would consult this oracle to determine the steps they should take. The oracle was said to communicate directly with the gods and served as a mediator between the mortal and immortal in relation to future events.

Economies of scope

Economies of scope are changes in average     costs because of changes in the mix of output between two or more products.      This refers to the potential cost savings from joint     production – even if the products are not directly related to each     other.

For example a company’s management structure, administration     systems and marketing departments are capable of carrying out these functions     for more than one product. Warehouse facilities may be used to maximum advantage     by storing a range of the company’s product lines.

In the publishing industry, there might be substantial     cost savings from using a team of journalists to produce more than one magazine.    

Further economies of scope occur when there are cost-savings arising from     by-products in the production process.     An example would be the benefits of heating from energy production having     a positive effect on agricultural yields.

Economies of scale

Economies of scale arise when the cost per unit falls as output increases. Economies of scale are the main advantage of increasing the scale of production and becoming ‘big’.
Why are economies of scale important?
- Firstly, because a large business can pass on lower costs to customers through lower prices and increase its share of a market. This poses a threat to smaller businesses that can be “undercut” by the competition
- Secondly, a business could choose to maintain its current price for its product and accept higher profit margins. For example, a furniture-maker which could produce 1,000 cabinets at £250 each might expand and be able to produce 2,000 cabinets at £200 each. The total production cost will have risen to £400,000 from £250,000, but the cost per unit has fallen from £250 to £200. Assuming the business sells the cabinets for £350 each, the profit margin per cabinet rises from £100 to £150.

Diseconomies of scale

Increasing the size of a business does not always result in lower costs per unit. Sometimes a business can get too big!
Diseconomies of scale occur when a business grows so large that the costs per unit increase.
Diseconomies of scale occur for several reasons, but all as a result of the difficulties of managing a larger workforce.
Poor communication
As the business expands communicating between different departments and along the chain of command becomes more difficult. There are more layers in the hierarchy that can distort a message and wider spans of control for managers. This may result in workers having less clear instructions from management about what they are supposed to do when.
In addition, there may be more written forms of communication (e.g. newsletters, notice boards, e-mails) and less face-to-face meetings, which can result in less feedback and therefore less effective communication.
Lack of motivation
Workers can often feel more isolated and less appreciated in a larger business and so their loyalty and motivation may diminish. It is harder for managers to stay in day-to-day contact with workers and build up a good team environment and sense of belonging. This can lead to lower employee motivation with damaging consequences for output and quality. The main result of poor employee motivation is falling productivity levels and an increase in average labour costs per unit.
What can a business do about this? Possible solutions include:
Delegation of decision-making (empowerment)
Making jobs more interesting (job enrichment)
Splitting employees into teams (teamworking)
There is also a close link between communication and motivation (which the motivational theorist Elton Mayo recognized) and so as communication becomes harder, motivation will decline. This is particularly true as managers are less able to take a personal interest in the workers.
Loss of direction and co-ordination
It is harder to ensure that all workers are working for the same overall goal as the business grows. It is more difficult for managers to supervise their subordinates and check that everyone is working together effectively, as the spans of control have widened. A manager may be forced to delegate more tasks, which while often motivating for his subordinates, leaves the manager less in control.