Business management is making things happen. People aim to attain goals. Management is both art and science for such pursuit. It is practiced by every person and organization. Following are important elements in the study of business management:
• Controlling and
Planning exercises are made for future. Information is gathered for future. Information is gathered for strategies in major areas of business.Organizing are aiming at optimum use of available resources. Staffing is hiring of people. Job analysis and recruitment assure received supply of man power. Leading and direction facilitate the action at a given situation. Controlling and monitoring check action that comes from opinion and employees’ feedback.
Leadership style and functions enable managers of organization in marching towards progress. Managerial function emerges from top level of an organization and moves down the lane to its lower level. Organization is like a pyramid where few persons are involved in top level in formulating policies and direct middle and lower level to execute the same. Many managerial decisions are complex in nature. The important components namely planning, organizing, staffing and leading differ in their intensities right from top to lower level.
Issues in functional areas of management namely production, marketing, finance and human resource are studied and tackled by managerial staff members in any organization. Professional organizations manage the business more in professional way and others do according to their convention. Family business runs on their traditional method. There are organizations in India representing public, private and small scale sectors. Manufacturing, production, process and service organizations require business management know how and their managers do perform accordingly. They manage their level best and the quality of their decisions and business acumen depend on their individual expertise.
The nature of individual business environment is important in the art of managing such organizations. Professional and non professional methods are used in organizations with the help of employees, employer and government cooperation. Business management undertakes aforesaid exercise in a thoughtful and common sense manner in Indian organizations.
Management responsibilities surface rapidly as organization expands of chief executives adapt to many more management activities. Management focus on operational activities and good managers bring success to an organization in their ability to control resources and resolve problems. Organization at expanding stage requires managerial wisdom in planning new resource, finance and product. Managers have to inspire their employees to be visionaries and aggressive competitors.
Theoretical concepts, discussion and practical problem solving in business management are offered to facilitate executives and students in their presentation and class assignments.
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