The concept of management discussed in the paragraph above is Coordination.
Coordination is the process of organizing and harmonizing the activities of different individuals, teams, or departments to achieve a common goal. It involves ensuring that all parts of an organization work together smoothly and efficiently, preventing conflicts and ensuring that resources are utilized effectively.
In the case of 'Cortico Fabrics,' Ashish is ensuring that there is an orderly pattern of group efforts among different teams, which operate in various regions of India. To achieve this, he spends considerable time developing coordination strategies that allow the eight teams—two each for North, South, East, and West India—to work together towards a common purpose.
Ashish's efforts to allocate tasks suitably among team members and to maintain harmony within the teams is an example of coordination. By balancing the teams at different locations, he ensures that their efforts are aligned with the overall goals of the company.
The management concept discussed in the paragraph is Coordination, which refers to the process of ensuring that all team members and teams work together in harmony to achieve the common objectives of the organization.
Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4:3:1. Their Balance Sheet as at 31st March, 2024 was as follows:
(i) Trisha's share of profit was entirely taken by Shanu.
(ii) Fixed assets were found to be undervalued by Rs 2,40,000.
(iii) Stock was revalued at Rs 2,00,000.
(iv) Goodwill of the firm was valued at Rs 8,00,000 on Trisha's retirement.
(v) The total capital of the new firm was fixed at Rs 16,00,000 which was adjusted according to the new profit sharing ratio of the partners. For this necessary cash was paid off or brought in by the partners as the case may be.
Prepare Revaluation Account and Partners' Capital Accounts.
On the basis of the following hypothetical data, calculate the percentage change in Real Gross Domestic Product (GDP) in the year 2022 – 23, using 2020 – 21 as the base year.
Year | Nominal GDP | Nominal GDP (Adjusted to Base Year Price) |
2020–21 | 3,000 | 5,000 |
2022–23 | 4,000 | 6,000 |