Definition: A partnership is a relationship between two or more people doing business. Each person contributes funding, experience, knowledge, and labor. They share the profit and loss in the business according to their contribution. A business can have many forms of structure, such as sole proprietorship, partnership, limited liability, joint venture, non-profit organization, public corporation, …
A Service Level Agreement (SLA) is crucial for the service provider and the customer since it ensures that everyone agrees on service expectations to help avoid misunderstandings or miscommunications. This blog post will discuss the service-level agreement and its essential elements. What is a Service Level Agreement (SLA)? A service level agreement (SLA) is a …
A market structure includes buyers and sellers and the forces of demand and supply. Market structures can be purely competitive. For example, businesses can have a perfect system of buyers and sellers, monopolistic (one seller and many buyers), duopolistic (two sellers and many buyers), or oligopolistic (few sellers and many buyers) markets. A company has …
Definition: Forecasting helps make informed decisions. It uses historical data to predict future trends. Unlike prediction, forecasting uses logic and has a structured approach. Therefore, the forecaster must articulate and defend logic using past and present data. Forecasting is the estimation of the magnitude of a future event based on assumptions—every business deals with uncertainty. …