Archive | Meaning

Grapevine term refers to the informal communication system in an organisation. It can be traced back to the American Civil War when telegraph lines were strung from trees like grapevine.

Direction involves the initiation of activities to achieve the goals of organisation. Words like leading, ordering, guiding, etc. convey the same meaning of directing.

'It is a system of identification and communication that signals the manager when his attention is needed; conversely, it remains silent when his attention is not required'.

"Decentralisation refers to the systematic effort to the lowest levels all authority except that which can only be exercised at central point's".

The term Organisation has been defined and interpreted differently by different authors. It is a process of bringing and uniting people to achieve the objectives of the organisation.

OR is a scientific method of providing executive departments with a quantitative basis for decision regarding the operations under their control.

Peter Drucker who first used this concept defined it as "management by objectives tells a manager what he ought to do. The proper organization of his job enables him to do it. It is the spirit of the organization that determines whether he will do it".

"Objective is a term commonly used to indicate the end point of a management programme, whether started in general or specific terms".

The reserve is that fund, which, together with future premiums and interest, will be sufficient to pay the future claims. This is called prospective definition because here the future amounts are considered.

The Central Bank is defined by various authorities as follows: