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Lecture 1, Basic Concepts and Investment Perspective of Human Resource Management
Lecture 1, Basic Concepts and Investment Perspective of Human Resource Management
In another way,
The primary purpose of a business
is to maximize profits for its
owners or stakeholders while
maintaining corporate social
responsibility.
4. DEFINITION OF MANAGEMENT
4. DEFINITION OF MANAGEMENT
Management is a process of getting things done by and through
others. (Conceptual Definition given by “Mary Parker Follet”)
For Example,
A company can produce black and white television at lowest
possible cost. That means the company is very efficient in
producing black and white TV but this effort will not be effective
because there is no demand for black and white TV in the market
now. The company is using its resources in cost efficient manner
but not for right (effective work).
EFFECTIVENESS AND EFFICIENCY
6. Human Resources (Labor)
The people who are able to perform
work for a business is called human
resources.