Business administration is the administration of a commercial enterprise . It includes all aspects of overseeing and supervising the business operations of an organization.
15-404: The administration of a business includes the performance or management of business operations and decision-making , as well as the efficient organization of people and other resources to direct activities towards common goals . In general, "administration" refers to the broader management function, including the associated finance , personnel and MIS services. Administration can refer to
30-474: A firm cannot utilize its resources properly so, it is the most important term in running a business firm. Strategic thinking , leadership , problem-solving , communication , and the ability to work effectively with a diverse range of people and organizations are among the key skills and competencies required of effective managers. Managers must also be able to balance the needs and interests of various stakeholders, such as employees, customers, shareholders, and
45-587: Is a bachelor's degree in commerce and business administration. The duration of the degree is four years in the United States and three years in Europe. The degree is designed to give a broad knowledge of the functional aspects of a company and their interconnection, while also allowing for specialization in a particular area. The degree also develops the student's practical, managerial and communication skills, and business decision-making capability to succeed in
60-496: Is a postgraduate degree with a focus in business management . In terms of content, it is similar to the Master of Business Administration (MBA) degree as it contains identical management courses but is open to prospective postgraduate candidates at any level in their career unlike MBA programs that have longer course credit requirements and only accept mid-career professionals. The Doctor of Business Administration (DBA or DrBA)
75-628: Is a research doctorate awarded on the basis of advanced study and research in the field of business administration. The D.B.A. is a terminal degree in business administration and is equivalent to the Ph.D. in Business Administration. The PhD in Management is the highest academic degree awarded in the study of business management. The degree is intended for those seeking academic research- and teaching-careers as faculty or professors in
90-558: Is the harvesting of value from assets owned by a business. Assets can be either physical or intangible . An example of value derived from a physical asset, like a building, is rent. An example of value derived from an intangible asset , like an idea, is a royalty. The effort involved in "harvesting" this value is what constitutes business operations cycles. Business operations encompass three fundamental management imperatives that collectively aim to maximize value harvested from business assets (this has often been referred to as "sweating
105-404: Is to implement a sustained delivery of goods and services to the business's customers at a cost that is less than the funds acquired in exchange for said goods and also self-employee services—in short, making a profit . A business whose revenues are sufficiently greater than its expenses makes profit or income. Such a business is profitable . As such, generating recurring "revenue" is not
120-518: The bureaucratic or operational performance of routine office tasks, usually internally oriented and reactive rather than proactive. Administrators, broadly speaking, engage in a common set of functions to meet an organization's goals. Henri Fayol (1841–1925) described these "functions" of the administrator as " the five elements of administration ". According to Fayol, the five functions of management are planning, organizing, commanding, coordinating, and controlling. Without proper business management,
135-444: The assets"): The three imperatives are interdependent . The following basic tenets illustrate this interdependency: The business model of a business describes the means by which the three management imperatives are achieved. In this sense, business operations is the execution of the business model. This is the most straightforward and well-understood management imperative of business operations. The primary goal of this imperative
150-400: The competitive world. Many programs incorporate training and practical experience, in the form of case projects, presentations, internships, industrial visits, and interaction with experts from industry. The Master of Business Administration (MBA or M.B.A.) is a master's degree in business administration with a significant focus on management. The MBA degree originated in the United States in
165-437: The early-20th century, when the nation industrialized and companies sought scientific approaches to management. The core courses in an MBA program cover various areas of business such as accounting, finance, marketing, human resources, and operations in a manner most relevant to management analysis and strategy. Most programs also include elective courses. The Master of Management (MiM) or Master of Science in Management (MSM)
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#1732780062532180-420: The focus of operations management; what counts is management of the relationship between the cost of goods sold and the revenue derived from their sale. Efficient processes that reduce costs even while prices remain the same expand the gap between revenue and expenses and derive higher profitability. Types of recurring income: The more profitable a business is, the more valuable it is. A business's profitability
195-490: The larger community. Management is a critical aspect of any successful organization, and it requires a wide range of skills, knowledge, and expertise. Whether managing a small team or a large corporation, effective management is essential to achieving success and driving growth. Another critical aspect is effectively managing and motivating employees. Managers must be able to foster a positive and productive work environment, as well as recognize and reward employees who contribute to
210-527: The overall success of the organization. This can include providing opportunities for professional development and growth, as well as establishing clear communication channels and ensuring that everyone understands their role and responsibilities. The Bachelor of Business Administration (BBA, B.B.A., BSBA, B.S.B.A., BS, B.S., or B.Sc.), Bachelor of Science in Business, Business Administration, Business Management (BS), or Bachelor of Commerce (Bcom. or BComm)
225-567: The study of management at business schools worldwide. A newer form of a management doctorate is the Doctor of Management (D.M., D.Mgt., DBA, or DMan). It is a doctoral degree conferred upon an individual who is trained through advanced study and research in the applied science and professional practice of management . This doctorate has elements of both research and practice relative to social and managerial concerns within society and organizations. Business operations Business operations
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