COB is Known as Close of Business.
End of day (EOD), end of business (EOB), close of business (COB), close of play (COP) or end of the play (EOP) is the end of the exchanging day money related markets, the moment when trading stops. In certain business sectors, it is really characterized as the point in time a couple of moments before the real suspension of exchange, when the regular dealers' orders are no longer received. During this period, the market is performing what is known as a "Run To Cash", which is the point at which the market is accommodating to its basic money advertisement. EOB, COB, and COP in the US are at 5:00 pm (however commonly 5:30 pm) as per the rule. In the United Kingdom, EOD is 23:59 according to the time zone.
Both "EOD" and "COB" serve the similar need of setting a timetable, or desire, of specific deliverables or action items.
For "EOD": Using EOD could be comparative with the individual's timezone or work routine. It’s bound in the time frame (end of the business day). Often it is considered as 5:00 pm but it may change as time zones related to people work and location.
If you follow a few guidelines it makes communication more simple and transparent with less confusion at work. For example: if A person is working in the U.S. and trying to connect with a B person who is working in same project but in different place i.e. the U.K., it can be shared in the form of video calling, mail or chat such as: Hi sam it was nice meeting you about our annual conference. Kindly share me the complete project reports by EOD (End of the day) 5:00 pm tomorrow (Monday).
Using COB, you can be in any event. Be sure it's an all the more regularly utilized abbreviation in the business world. Depending upon the business, however, you in some cases can run into the equivalent timezone concerns as EOD.
While utilizing "COB", realize that the end of the business is normally referring to Eastern Time Zone of 5 pm because New York City and the money related markets characterize business hours truly.
As referenced above, utilizing these abbreviations can be somewhat unclear and confounding from the start. So, as to dodge potential issues which can happen, you, as a business should set an away from clarifications of what each one of the terms speaks to. Obviously, some of them are simple. However, when we talk around ones which are not self-evident, they ought to be recorded so individuals wouldn't commit errors.
Presently, with respect to when you should utilize shortened forms, it truly relies upon the organization, bosses, representatives and the subject being referred to or the line of business. maybe it is smarter to speak with your partners in a reasonable and direct manner, without utilizing such a large number of shortened forms.
On the other hand, in an event where you are working in a worldwide company with individuals from people across the world (who work in various time zones), you should do something very similar and incorporate the exact date and time for due dates, including the particular time zone in your message.
1. What is COB?
Ans: COB stands for the close of business. It pertains to the end of the business day and the close of the financial market. It is used to mark the end of the business day by Eastern Meridian Time.
2. What does EOD Mean in Business?
Ans: EOD (End of day), EOB (end of business), COP (close of play), and COB (close of business) all these terms are synonymous which mean the close of business for the day. However, the timings vary across the globe according to different time zones.
3. What is the difference Between EOD and COB?
Ans: EOD is relative to a person’s timezone. If there are multiple time zones, then it is not a suitable way to communicate. COB is the most commonly used term across businesses. It is a standardized form of reference to the end of the day’s business.
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