What Is Power? Power is the ability to exert control or influence the situation or behavior of others. What are the Types of Power? Legitimate Power (Positional Power) - Legitimate power is a result of the position held in an organization. Generally, this sort of power must relate to the belief that the individual legitimately earned the power. Expe...

What is Monopolistic Competition? Monopolistic competition is a market structure where companies offer the same type of product or services. In a monopolistic market, there is a combination of a competitive market and elements of monopoly. We can, therefore, say that it is the mid between the competitive and monopoly elements. There is freedom of en...

What is a Bill Of Sale? A bill of sale is a legal document that evidences when a good is sold by a seller to a buyer. The bill of sale is a legal proof that the ownership of a property or asset has been transferred from one party to another. This bill of sale generally contains the date the purchase or transfer of ownership was completed, the amount...

What is a Root Cause Analysis? Root Cause Analysis (RCA) is the process of finding out the main reason or cause of a problem and the approach to resolve it. It differs from causal factors in its scale and impact on the resolution of a problem. Removal of a causal factor does not resolve the main issue, while addressing the root cause does. How to Do...

What is Catfishing? Commonly related to cybercrime, this word was formed from the processes which a fisherman uses to keep catfishes moving after getting them. In the online world, cat fishing refers to the creation of a false identity by a cybercriminal with the intention of defrauding a victim or stealing their information and identity. In other w...

What are the Primary Manufacturing Functions?  The primary manufacturing functions include:  Manufacturing Processes and Technology Production Systems Quality Functions Maintenance Logistics Information Technology Systems...

What is the Garbage Can Model? The Garbage Can Model of Organizational Choice, created by Cohen, March & Olsen, is an organizational choice model to inform decisions about the internal organization of a business.  An Organization is compared to a garbage can. An Organization is a collection of: Choices looking for problems. Issues and feelings l...

What is Debt Financing? Businesses can raise operational capital (or other sorts of capital) by selling debt instruments like bonds, debentures, and other types of debt security. The act of raising capital by selling debt instruments is called debt financing. The individuals and organizations become creditors of the issuing company by lending capita...

What is an Opinion of Title? The opinion of title refers to a lawful opinion that ensures if the title is valid while investing in a property. Sometimes, the opinion of title is issued in co-existence of an insuring title organization. How is an Opinion of Title Used? Usually, attorneys issue opinion of title. Title organizations issue a special rep...

What are the disadvantages of administrative agencies and regulations? The disadvantages of relying on the agencies in the rule-making and adjudicative process, include: Increased Bureaucracy Increased Time Delays Complicated Processes Large Body of Regulations to Understand What are the disadvantages of administrative agencies and regulations? Whil...