Business management (also known as business administration) is the management of a commercial enterprise, including all aspects of overseeing and supervising business operations. In terms of management and leadership, it also covers disciplines that include office building administration, accounting, finance, design, development, quality assurance, data analysis, sales, project management, information technology management, research and development, and marketing. Business management courses relate to all these disciplines and aim to equip learners with the knowledge required to use them effectively.
The management of any business includes the performance or administration of business operations and decision-making, as well as the efficient organisation and control of people and other resources to direct activities towards common goals and objectives. Business management courses can be delivered as separate subject modules or units (accounting, finance, human resources, project control, warehousing, and distribution, for example), or combined into an overarching qualification course such as a Master’s in Business Administration (MBA).
Administration can refer to the bureaucratic or operational performance of routine office tasks, often concerned with internal process and procedure and reactive rather than proactive. Administrators generally engage in a common set of functions to meet an organisation’s goals.
According to Wikipedia, 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 as follows:
Some analyses view management as a subset of administration, specifically associated with the technical and operational aspects of an organisation, and distinct from executive or strategic functions. Business management courses can prepare learners to operate within “the five elements”, teaching them to embrace the necessary disciplines, processes, and procedures and master them to take on to a new employer or into a new business environment. As such, business management courses are a worthwhile endeavor for ambitious employees in whatever field they want to carve out their careers.
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