Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Business management is defined as a social process that incorporates planning and controlling the operations of a business enterprise towards the achievement of specified goals and objectives. The process of business management is multi-faceted because of the various sectors, activities, and operative functions. In addition to planning and controlling operations towards realizing certain objectives, business management also entails motivating employees and solving problems creatively. Given the multi-faceted nature of business management, there are five functions of management. These functions are planning, staffing, organizing, controlling, and directing or coordinating. These functions play an important process in business management through separating processes from other business functions (Roberts, n.d.). The fundamental functions of management are separate from business processes like finance, information technology management, marketing, and accounting.
Each of the essential functions of management is important for effective business management for various reasons. Planning is important because it entails coordinating the organization's management levels and leadership practices. As a result, planning helps in ensuring the organization operates smoothly relative to desired goals and objectives. During this process, the organization's resources and objectives are taken...
On the other hand, organizing is important for effective management because it ensures that the existing company structure promotes successful daily operations. In this case, the organizational culture is developed in a manner that ensures smooth daily operations.
The significance of staffing for effective business management relates to ensuring the company recruits and retains a highly qualified workforce. This function addresses all human resource management aspects, particularly recruitment and personnel issues. Through this function, the organization ensures it has the right people for the right job in order to accomplish business goals. Controlling, on the other hand, helps in ensuring that all organizational functions are established and functioning effectively. This entails setting performance standards and making sure that employees' contributions to organizational processes meet those standards. Performance standards are established through identifying problems or situations that should be addressed. Directing or coordinating is significant for effective business management since it ensures the other fundamental functions work smoothly. This function ensures all business activities function seamlessly for the good of the business enterprise.
Management Skills, Principles and Strategies
Having worked in a small business enterprise in the past, I've learned some management skills, principles, and strategies that contribute to success and profitability vis-a-vis business goals and objectives. Based on my experience in the small business enterprise, managers need to have conceptual, technical,…
References
Barnat, R. (2014). Management Skills. Retrieved October 17, 2016, from http://www.introduction-to-management.24xls.com/en121
Roberts, C. (n.d.). Five Functions of Management and Leading. Retrieved October 17, 2016, from http://smallbusiness.chron.com/five-functions-management-leading-56418.html
Business Major A major in Business Management seems secure, and yet, it could be easily rendered an obsolete concentration. If Business Management were rendered obsolete, it would have adverse implications on the economy, on issues related to social justice, and on the ability for organizations to thrive. Especially during an economic recession, the need to develop future business leaders becomes apparent. Interviews with successful managers who were once students in an
Business Management Business Operations and Systems The objective of this study is to outline the essential components for effective business operations management for a UK business whose products are delivered to the door. The parcel delivery conundrum will be examined using an appropriate system and methodology and a discussion will be provided to support appropriate business operations models. Included will be CATWOE, Root Definition and a detailed picture to illustrate the
Management and Business Management Theories and Principles of Each Reading The Fifth Discipline forces managers to look at the way in which learning disabilities which are common to organizations can actually stunt their growth and progress. The author targets several common learning disabilities which can riddle even powerful organizations, they are: identifying with only one position, external enemies, the illusion of taking charge, fixation on events, the parable of the boiled frog,
" On the subject of personal development, which company E. should encourage, McGill and Beaty (2001, pp. 85-86) write that in addressing personal development issues, an employer could devise a forum for workers to bring their issues forward. The one rule would be that the issue "is of significance" to the employee; the issues that could be discussed in the personal development session include: "personal motivation towards work"; relationships between managers
Business Management Supply chain management is a process conducted by several business entities, which involves planning, implementing and controlling any production and supply activities, with an aim of providing it to consumers in efficient ways. While supplying, there are intermediaries who play a role in connecting producers and consumers, who ensure efficiency in the supply chain too. Supply management is done to ensure collaboration between the intermediaries (Catholic Relief Services, 1999,
Business Management Principles -- Questions from PowerPoint Chapter Described the major factors that have influenced the evolution of management thought. The major factors that have influenced the evolution of management thought are economic, social, political, technological, and global factors. Generally, economic factors relate to resource availability and distribution in society; social factors consist of culture and interpersonal issues; political factors relate to the effects of political institutions; technological factors relate to the