Cost Center

A cost center is a department in an organization that doesn’t bring in any (direct) revenue for the firm, but does incur costs. The unit helps enhance the firm’s revenue-earning potential or supports revenue-generating departments. For example, the R&D (research and development) team doesn’t directly contribute to revenue, but lays the foundation for innovative and enhanced […]

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Consignment

A consignment is essentially a business arrangement wherein a business entrusts a third party with the responsibility to sell its goods online or via a brick-and-mortar store. The business providing the goods is a consignor and the store is a consignee. Generally, the consignor has the goods but lacks the expertise, infrastructure and/or inclination to […]

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Colocation (Project Management)

Colocation is a business practice wherein individuals from different departments, regions, functions, etc. are positioned strategically (usually at a particular location) to work on a project. This facilitates better and faster communication, helps form closer and better working relationships between employees, negates time zone-related delays, and boosts productivity. Such arrangements are usually temporary and cease […]

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Product Placement

Also called embedded marketing, product placement is an advertising method that entails positioning a product or brand in an art form, such as movies and television shows, to indirectly advertise the product. The product is strategically placed to grab viewer attention but it’s not the focus of the production material or scene. For example, James […]

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Bureau of Indian Standards (BIS)

Formerly called the Indian Standards Institute, the Bureau of Indian Standards (BIS) is an establishment promoting quality of goods and services and offering certification. Set up on April 1, 1987 courtesy a parliament act dated November 26, 1986, and taking over the responsibilities, assets and liabilities of Indian Standards Institution (ISI), BIS is concerned with […]

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