THE BUSINESS AGE

Abstracts Vol 1 Issue 1

Article:1

STRATEGIES THAT HELP BANKS COMBAT AND PREVENT MONEY-LAUNDERING EFFECTIVELY AND COMPREHENSIVELY
By: *Prapanna Lahiri
*Retd Banking Professional, 27, Dr Asutosh Sastri Road, Kolkata, West Bengal, India.

Abstract:
Laundering literally means washing or cleaning dirty clothes. In financial parlance money obtained unlawfully or immorally from crimes like extortion, insider trading, drugs/ arms/ human trafficking, smuggling, illegal gambling and terrorism is often called “Dirty Money”. Criminals worldwide indulging in the above crimes and terrorism often use the banking system to channel the proceeds of their illegal transactions (dirty money) into the economy in a manner that makes them appear honestly acquired. This criminal practice involves filtering ill-gotten profits (dirty money) through a series of transactions aimed at “cleaning” the funds to make it finally look like proceeds from legal activities. The basic feature of money laundering, therefore, is that it is driven by criminal activities and conceals the true source, ownership or use of funds.

Article:2

DECISION MAKING IN ADMINISTRATION AND MANAGEMENT
By: *Sukhjinder Kaur
*Assistant Professor, Khalsa College of Nursing, Amritsar, Punjab, India.

Abstract:
Decision making is a common everyday phenomenon. Everybody needs to take decision either on personal or public matters. No organization can run without decision and without it, the fundamental functions of management could not exist. Decision making is one of the important elements of administration.

Article:3

VOCATIONAL LITERACY PROGRAMS – SOLUTION TO INDIA’S HR PROBLEMS
By: *Aamarpali
*Director, Concept Research Foundation, Kolkata, West Bengal, India.
“Develop skills that are needed, or you will need to lie, steal, cheat or depend on others for your survival.”
By: Lez Wright

Abstract:
Vocational studies helps to develop expertise in a particular trade related to technology, skill or scientific technique. Vocational education and training (VET) is an integral part of the education system. The vocational education programs are designed based upon needs of learners and market demands. Vocational schools train youth with the motive to provide vocational skills training and subsequent job opportunity. It helps them to develop the foundational skills needed to succeed in the professional world. Millions of young people around the globe are unemployed not because of lack of academic qualifications but because they lack practical, technical, job ready skills. Vocational courses give practical training unlike conventional courses like B.A, B.Sc, MA, M. Sc. etc which give theoretical knowledge.  Vocational education acts as an instrument to develop workers into knowledge workers with more flexibility, adaptability and with multi skills. Apart from providing them specific-trade-skills they are trained in developing better professional, managerial, operational behavioral and functional skills.

Article: 4

MICHAEL PORTER’S THEORY OF FIVE FORCES: ITS USE IN THE CONTEXT OF ANALYZING AND ENTERING THE INDIAN EDUCATION INDUSTRY
By: *Anamitra Roy
*Freelance Writer and Management Professional, Salt Lake City, Kolkata, West Bengal, India.

Abstract:
As per the reports of the CII, the education industry is one of the fastest growing industries in India. This is because it has advantages like stability, social respect, demographic support for the requirement of education as a commodity in the local Indian markets and governmental support. For the purpose of analysis, the environment of the Indian education industry has been classified into the internal environment constituted by factors like student and employee satisfaction, development of administrative systems etc. and the external environment constituted by factors like social and political environment. Michael Porter devised “The Theory of Five Forces” with the objective of determining the competitive strength of a business unit. In the light of that theory, the grounds on which the environment of the education sector can be analyzed and a strategy can be formed for a new organization to cater to the Indian education markets have been framed by considering existing competitive rivalry between suppliers, threat of new market entrants, bargaining power of buyers, competitive rivalry and threat of substitute products.

Article: 5

ECONOMIC RECESSION
By: *Dilip Jain
* Joint Registrar, Himalayan University, Arunachal Pradesh, India.

Abstract:
The business cycle is the periodic but irregular up-and-down movement in economic activity measured by fluctuations in gross domestic product (GDP) in real terms and other macroeconomic variables. These cycles happen in a country, a region, a specific industry or even across the globe. A typical business cycle is identified by four phases—Recession, Recovery, Growth, and Decline—that repeat themselves over time.