APPROVAL BASIS Meaning and
Definition
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Approval basis refers to a system or method used to determine whether or not something is acceptable or favorable. It entails assessing and evaluating a certain subject or item and granting approval based on predetermined criteria or standards. This approach is commonly used in various fields such as business, law, and academia to review and authorize decisions, actions, or proposals.
In business contexts, approval basis often applies in financial transactions, project management, and decision-making processes. For instance, before a company can proceed with a major investment, it may require approval from its board of directors based on financial feasibility, potential returns, and alignment with the overall corporate strategy. Similarly, in project management, proposed changes to a project plan may need approval, which is granted after considerations like cost, impact on project schedule, and potential risks.
Legal frameworks also employ approval basis to determine the legitimacy or validity of certain actions or contracts. For instance, when a person applies for a patent, it must pass an approval process based on factors such as originality, usefulness, and non-obviousness. Similarly, contracts may need approval by all parties involved to ensure compliance with laws and regulations.
In academia, researchers often submit their work for publication to peer-reviewed journals. The approval basis here involves evaluation by experts in the field, who assess the study's methodology, results, and significance to determine if it meets the required standards for dissemination.
In summary, approval basis is a foundational element across various domains, enabling the proper assessment and granting of acceptance or endorsement based on predetermined criteria or standards.
Etymology of APPROVAL BASIS
The term "approval basis" does not have a distinct etymology on its own as it is a combination of two words with separate origins.
The word "approval" originated from the Late Middle English "approvalle" which meant confirmation or commendation. It is derived from the Old French word "aprovuver" meaning "to approve", ultimately derived from the Latin word "approbare" meaning "to assent to, confirm".
The word "basis" comes from the Latin word "basis" meaning "foundation" or "base". It entered English in the early 17th century from Latin via Greek "basis" meaning "step, pedestal".
When these two words are combined, "approval basis" refers to the foundation or grounds on which approval is granted.
