What is Guarantee management system?

Answer 1

Guarantee

Definition: In law and common usage: A promise to answer for the payment of some debt, or the performance of some duty, in case of the failure of another person, who is, in the first instance, liable to such payment or performance; an engagement which secures or insures another against a contingency; a warranty; a security. Same as Guaranty.

One who binds himself to see an undertaking of another performed; a guarantor.

The person to whom a guaranty is made; the correlative of guarantor.

Management

. Management is generally defined as the art and science of getting things

done through others. This definition emphasizes that a manager plans and

guides the work of other people. Some (cynical) individuals think that this

means managers don't have any work to do themselves. As you'll learn in

this book (if you don't already know it), managers have an awful lot of

work to do.

System

A system is a set of interacting or interdependent components forming an integrated whole.

A system is a set of elements (often called 'components' instead) and relationships which are different from relationships of the set or its elements to other elements or sets.