I never had any formal tryst with "Economics and Management" till my engineering days but when I had one during my 4th semester of engineering it was quite a tasty one in many ways. Firstly, our professor was a one with a light voice which would get drowned even at a fall of a needle and he was very lax about discipline (which is a good thing for me). Secondly, based on their experiences, the reviews our seniors gave us, it was very evident that the subject then known as IEM (Industrial Economics and Management) was an easy one and nobody would fail. Thirdly, we had a guide on the subject known as "3 days notes" which promised that it lived by it's name and it surely did.
I never really had any smattering of knowledge about the subject throughout the semester so the final and the most formal tryst I had with the subject was during the 4th semester exams. Wonder !!! Wonder !!! Wonder !!! This semester was an extra-ordinary semester for me I can say since I was in deep trouble with 4 KT's (i.e. failed heads) and my current subject tally was 10 where 6 is the number of subjects which I have to clear to make it to the next semester. My pals and my professors made my life even more difficult throughout the semester by making me realize repeatedly that I have 10 in my bag and it's impossible to carry it and nobody has cleared 10 in our colleges' record books. Phew !!! Records and rules are meant to be broken, someone said and now it's indeed time to do that. Coming back to my 4th semester exams I had only 3 days to prepare 22 chapters in the subject and I was totally naked with nothing in my mind but only one question - "How am I going to manage this ? Whatever it may be but I got to complete it". And indeed I never wasted any time now on and burnt the daytime and midnight oil and what followed after that was a remarkable record and a historic feat. I cleared all 10 subjects and with 68/100 in IEM and an aggregate of 55% in my second year. Not a big surprise for a engineering scholar but surely it is for me.
Some of the very important terms I still remember in IEM and which can also be used as jargons in communication are:
1] Delegation of Authority :
-----> Delegation of authority is the virtue by which a manager or a senior can assigns some of his authority/responsibility to his juniors. It is to be noted that the manager assigns only a part of authority but not completely. Similarly, he can revoke them back again.
2] Decentralization :
-----> Decentralization can be viewed like a pointed tree with the top-most node being a manager and other nodes below it to be the subordinates. The Manager can grant or revoke responsibilities to it's juniors.
3] Performance appraisal :
-----> Performance appraisal means estimating an individual's performance for a given duration using different parameters like feedback, recommendations, job-completion etc. A majority of companies look at performance appraisal as a measure for hiking an employee's salary.
4] GDP (Gross Domestic product) :
---> GDP is a true and prime measure for gauging a country's growth. It can be defined as a net increase in the production of all products and services for a fiscal year. It's a complicated process to compute the GDP so it is left to the economists to do the same. GDP can be computed in many ways with the expenditure method being the most easiest one. More the GDP, more is the overall growth.
GDP = C + I + G +(X-M)
where,
C -- Consumption
I -- Income
G -- Government Spending
(X-M) -- Net Exports
X -- Exports
M -- Imports
5] Fiscal Deficit :
---> Fiscal Deficit is also a measure to gauge a country's overall development. Fiscal Deficit is the difference of the total income of the government (excluding any loans which is included in debts) and it's total expenditure. Lower the fiscal deficit, better is the projected growth.
Sometime later, I would also like to put some light on some of the fallacies which people have about the following concepts in Economics:
1] How banks earn and in what ways ?
2] What is the role of a manager ?
3] Role of a manager in a service driven I.T. company ? (Sounds too much interesting for me !!!)
I never really had any smattering of knowledge about the subject throughout the semester so the final and the most formal tryst I had with the subject was during the 4th semester exams. Wonder !!! Wonder !!! Wonder !!! This semester was an extra-ordinary semester for me I can say since I was in deep trouble with 4 KT's (i.e. failed heads) and my current subject tally was 10 where 6 is the number of subjects which I have to clear to make it to the next semester. My pals and my professors made my life even more difficult throughout the semester by making me realize repeatedly that I have 10 in my bag and it's impossible to carry it and nobody has cleared 10 in our colleges' record books. Phew !!! Records and rules are meant to be broken, someone said and now it's indeed time to do that. Coming back to my 4th semester exams I had only 3 days to prepare 22 chapters in the subject and I was totally naked with nothing in my mind but only one question - "How am I going to manage this ? Whatever it may be but I got to complete it". And indeed I never wasted any time now on and burnt the daytime and midnight oil and what followed after that was a remarkable record and a historic feat. I cleared all 10 subjects and with 68/100 in IEM and an aggregate of 55% in my second year. Not a big surprise for a engineering scholar but surely it is for me.
Some of the very important terms I still remember in IEM and which can also be used as jargons in communication are:
1] Delegation of Authority :
-----> Delegation of authority is the virtue by which a manager or a senior can assigns some of his authority/responsibility to his juniors. It is to be noted that the manager assigns only a part of authority but not completely. Similarly, he can revoke them back again.
2] Decentralization :
-----> Decentralization can be viewed like a pointed tree with the top-most node being a manager and other nodes below it to be the subordinates. The Manager can grant or revoke responsibilities to it's juniors.
3] Performance appraisal :
-----> Performance appraisal means estimating an individual's performance for a given duration using different parameters like feedback, recommendations, job-completion etc. A majority of companies look at performance appraisal as a measure for hiking an employee's salary.
4] GDP (Gross Domestic product) :
---> GDP is a true and prime measure for gauging a country's growth. It can be defined as a net increase in the production of all products and services for a fiscal year. It's a complicated process to compute the GDP so it is left to the economists to do the same. GDP can be computed in many ways with the expenditure method being the most easiest one. More the GDP, more is the overall growth.
GDP = C + I + G +(X-M)
where,
C -- Consumption
I -- Income
G -- Government Spending
(X-M) -- Net Exports
X -- Exports
M -- Imports
5] Fiscal Deficit :
---> Fiscal Deficit is also a measure to gauge a country's overall development. Fiscal Deficit is the difference of the total income of the government (excluding any loans which is included in debts) and it's total expenditure. Lower the fiscal deficit, better is the projected growth.
Sometime later, I would also like to put some light on some of the fallacies which people have about the following concepts in Economics:
1] How banks earn and in what ways ?
2] What is the role of a manager ?
3] Role of a manager in a service driven I.T. company ? (Sounds too much interesting for me !!!)
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