Business administration is the

administration Administration may refer to: Management of organizations * Management, the act of directing people towards accomplishing a goal: the process of dealing with or controlling things or people. ** Administrative assistant, traditionally known as a se ...

of a

commercial Commercial may refer to: * (adjective for) commerce, a system of voluntary exchange of products and services ** (adjective for) trade, the trading of something of economic value such as goods, services, information or money * a dose of advertising ...

enterprise Enterprise (or the archaic spelling Enterprize) may refer to: Business and economics Brands and enterprises * Enterprise GP Holdings, an energy holding company * Enterprise plc, a UK civil engineering and maintenance company * Enterpris ...

. It includes all aspects of overseeing and supervising the business operations of an organization.

Overview

The administration of a business includes the performance or management of business operations and

decision-making In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the Cognition, cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be ...

, as well as the efficient organization of people and other resources to direct activities towards common

goal A goal or objective is an idea of the future or desired result that a person or a group of people envision, plan, and commit to achieve. People endeavour to reach goals within a finite time by setting deadlines. A goal is roughly similar to ...

s. In general, "administration" refers to the broader

management Management (or managing) is the administration of organizations, whether businesses, nonprofit organizations, or a Government agency, government bodies through business administration, Nonprofit studies, nonprofit management, or the political s ...

function, including the associated

finance Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...

personnel Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any othe ...

and MIS services. Administration can refer to the

bureaucratic Bureaucracy ( ) is a system of organization where laws or regulatory authority are implemented by civil servants or non-elected officials (most of the time). Historically, a bureaucracy was a government administration managed by departments ...

or operational performance of routine

office An office is a space where the employees of an organization perform Business administration, administrative Work (human activity), work in order to support and realize the various goals of the organization. The word "office" may also denote a po ...

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 Henri Fayol (29 July 1841 – 19 November 1925) was a French mining engineer, mining executive, author and director of mines who developed a general theory of business administration that is often called Fayolism. He and his colleagues developed ...

(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, a firm cannot utilize its resources properly so, it is the most important term in running a business firm.

Key skills for Business Management

Strategic thinking Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals. When applied in an organizational strategic management process, strategic thinking involves ...

leadership Leadership, is defined as the ability of an individual, group, or organization to "", influence, or guide other individuals, teams, or organizations. "Leadership" is a contested term. Specialist literature debates various viewpoints on the co ...

problem-solving Problem solving is the process of achieving a goal by overcoming obstacles, a frequent part of most activities. Problems in need of solutions range from simple personal tasks (e.g. how to turn on an appliance) to complex issues in business an ...

communication Communication is commonly defined as the transmission of information. Its precise definition is disputed and there are disagreements about whether Intention, unintentional or failed transmissions are included and whether communication not onl ...

, 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 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 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.

Concepts in business management

* Corporate culture * Fail fast * Kanban *

Sunk cost In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with '' prospective costs'', which are future costs that may be a ...

Academic degrees

Bachelor of Business Administration

The

Bachelor of Business Administration A Bachelor of Business Administration (BBA) is an undergraduate degree in business administration awarded by colleges and universities after completion of four years and typically 120 credits of undergraduate study in the fundamentals of busine ...

(BBA, B.B.A., BSBA, B.S.B.A., BS, B.S., or B.Sc.),

Bachelor of Science A Bachelor of Science (BS, BSc, B.S., B.Sc., SB, or ScB; from the Latin ') is a bachelor's degree that is awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Scienc ...

in Business, Business Administration, Business Management (BS), or

Bachelor of Commerce A Bachelor of Commerce (BCom or B Com) is an undergraduate degree in commerce, accounting, mathematics, economics, and management-related subjects. The degree is mainly offered in Commonwealth nations. Structure Bachelor of Commerce The Bac ...

(Bcom. or BComm) is a bachelor's degree in

commerce Commerce is the organized Complex system, system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered large-scale exchange (distribution through Financial transaction, transactiona ...

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 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.

Master of Business Administration

The

Master of Business Administration A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular ...

(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 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.

Master of Management

The

Master of Management The Master of Management (MM, MiM, MMgt) is a master's degree comprising one or two years graduate level coursework in business management. In terms of content, it is similar to the Master of Business Administration (MBA) degree as it contain ...

(MiM) or

Master of Science in Management A Master of Science in Management (abbreviated as MS Management or MSM) is a professional degree with a focus on management. In terms of content, it is similar to the Master of Business Administration (MBA) degree as it contains identical managem ...

(MSM) is a postgraduate degree with a focus in

business management Business administration is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. Overview The administration of a business includes the performance o ...

. 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 A course credit is a measure of the size of an educational course, often used to determine whether the requirements for an award have been met, to facilitate transfer between institutions, or to enhance intercomparability of qualifications. Credit ...

requirements and only accept mid-career professionals.

Doctor of Business Administration

The

Doctor of Business Administration The Doctor of Business Administration (DBA) is a terminal degree in business administration. The DBA is classified as a research doctorate or professional doctorate depending on the granting university and country where the degree was awarded. ...

(DBA or DrBA) 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.

PhD in Management

The

PhD in Management PhD (Doctor Of Philosophy) in management is one of the highest academic degrees awarded in the study of management science. The degree was designed for those seeking academic research and teaching careers as faculty or professors in the study of ma ...

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 the study of management at business schools worldwide.

Doctor of Management

A newer form of a management doctorate is the

Doctor of Management The Doctor of Management (DM or DMgt) is an applied research doctorate (or professional practice doctorate) with a degree focus in management, leadership, and organizational topics."

(D.M., D.Mgt., DBA, or DMan). It is a

doctoral degree A doctorate (from Latin ''doctor'', meaning "teacher") or doctoral degree is a postgraduate academic degree awarded by universities and some other educational institutions, derived from the ancient formalism '' licentia docendi'' ("licence to teach ...

conferred upon an individual who is trained through advanced study and research in the applied science and professional practice of

. This doctorate has elements of both research and practice relative to social and managerial concerns within society and organizations.

References

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