Understanding of modifications:
We have tried to summaries the understanding of modifications which was given below.
What is Change?
1 Change underlies a qualitatively various way of perceiving, thinking and behaving to improve over the past and existing practices.
2 Change could be seen as continuous and intrinsic to an organisation or as extrinsic and discontinuous.
3 Change could be patterned and predictable or complex and unpredictable.
4 Change is bipolar or dual. Continuity without change leads to frustration, stagnation, and boredom in individuals and ambiguity, degenerative and conflict pathology within individuals and organisations.
5 Several a time, the rate of change is faster than our ability to comprehend and cope with it.
We are familiar along with changes brought about by the twin phenomena of liberalisation and globalisation in all walks of life. A banking sector has adapted to the emerging scenario extremely fast. And the power sector is now starting to respond to these trends.