The following
outline is provided as an overview of and topical guide to business management:
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 ...
– management of a business – includes all aspects of overseeing and supervising business operations. Management is the act of allocating resources to accomplish desired goals and objectives efficiently and effectively; it comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.
For the general outline of management, see
Outline of management
The following outline is provided as an overview of and topical guide to management:
Management (or managing) is the administration of organizations, whether they are a business, a nonprofit organization, or a government body. The following ou ...
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Overview
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Types of organizations
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* – Autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise
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Areas of management application
Management application can be used by a person or a group of people and by a company or a group of companies depending upon the type of management skills being used. Management can be applied to every aspect of activity of a person or an organization:
Self-management skills
Self-governance
Self-governance, self-government, self-sovereignty or self-rule is the ability of a person or group to exercise all necessary functions of regulation without intervention from an external authority (sociology), authority. It may refer to pers ...
is the act of conducting oneself to get things done. Effective management of oneself is a natural prerequisite of effective management. Personal skills related to business activity include:
* – ''getting the right things done''.
Peter Drucker
Peter Ferdinand Drucker (; ; November 19, 1909 – November 11, 2005) was an Austrian American management consultant, educator, and author, whose writings contributed to the philosophical and practical foundations of modern management theory. H ...
reminds us that "effectiveness ''can'' and ''must'' be learned".
* Self-control – in the general sense, controlling one's own actions and states
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* Personal resource management
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General organization management skills
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* is a field of management focused on organizational changes. It aims to ensure that methods and procedures are used for efficient and prompt handling of all changes to controlled IT infrastructure, to minimize the number and impact of any related incidents upon service.
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* – Ensemble of activities of planning and monitoring the performance of a process, especially in the sense of business process, often confused with reengineering
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* management specialism aiming to reduce different risks related to a preselected domain to the level accepted by society. It may include numerous types of threats caused by environment, technology, humans, organizations, and politics.
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* , The discipline of using mathematical modeling and other analytical methods, to help make better business management decisions.
* – Superset of management techniques and strategies that allows order to emerge by giving organizations the space to self-organize, evolve and adapt, encompassing Agile, Evolutionary and Lean approaches, as well as many others
* – Area of business that is concerned with the production of good quality goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. It is the management of resources, the distribution of goods and services to customers, and the analysis of queue systems.
* Theory of management that analyzes and synthesizes workflow processes, improving labor productivity.
Department management
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Financial management
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Field- or organization-specific management
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Business strategy
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Business analysis
Business analysis – set of tasks, knowledge, and techniques required to identify business needs and determine solutions to business problems. Solutions often include a systems development component, but may also consist of process improvement or organizational change.
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Goal setting
Goal setting
Goal setting involves the development of an action plan designed in order to motivate and guide a person or group toward a goal. Goals are more deliberate than desires and momentary intentions. Therefore, setting goals means that a person has com ...
– involves establishing specific, measurable and time targeted objectives
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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 ...
– or objective consists of a projected state of affairs which a person or a system plans or intends to achieve or bring about – a personal or organizational desired end-point in some sort of assumed development. Many people endeavor to reach goals within a finite time by setting deadlines.
** Examples of business objectives
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Sustainable competitive advantage
Planning
Planning
Planning is the process of thinking regarding the activities required to achieve a desired goal. Planning is based on foresight, the fundamental capacity for mental time travel. Some researchers regard the evolution of forethought - the cap ...
– in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale.
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Critical path method
The critical path method (CPM), or critical path analysis (CPA), is an algorithm for schedule (project management), scheduling a set of project activities. A critical path is determined by identifying the longest stretch of dependent activiti ...
– Algorithm for scheduling a set of project activities
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PERT –
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Business Process Modeling
Business process modeling (BPM) is the action of capturing and representing business processes, processes of an enterprise (i.e. modeling them), so that the current business processes may be analyzed, applied securely and consistently, improved, ...
– (BPM) Activity of representing processes of an enterprise, so that the current ("as is") process may be analyzed and improved in future ("to be")
Approaches
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Centralisation
Centralisation or centralization (American English) is the process by which the activities of an organisation, particularly those regarding planning, decision-making, and framing strategies and policies, become concentrated within a particular ...
– Planning and decision making by a single authority
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Decentralization
Decentralization or decentralisation is the process by which the activities of an organization, particularly those related to planning and decision-making, are distributed or delegated away from a central, authoritative location or group and gi ...
– Planning and decision making by various local authorities
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Developer relations
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Management by objectives
Management by objectives (MBO), also known as management by planning (MBP), was first popularized by Peter Drucker in his 1954 book ''The Practice of Management''.Drucker, P., ''The Practice of Management'', Harper, New York, 1954; Heinemann, Londo ...
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Six Sigma
Six Sigma (6σ) is a set of techniques and tools for process improvement. It was introduced by American engineer Bill Smith while working at Motorola in 1986.
Six Sigma strategies seek to improve manufacturing quality by identifying and removin ...
– Business management strategy, originally developed by Motorola, that today enjoys widespread application in many sectors of industry
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Viable Systems Model
Feedback
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Mistakes
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Concepts
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Balanced scorecard
A balanced scorecard is a strategy performance management tool – a well-structured report used to keep track of the execution of activities by staff and to monitor the consequences arising from these actions.
The term 'balanced scorecard' prim ...
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Benchmarking
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are Project management triangle, quality, time and cost.
Benchmarking is ...
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* Business –
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Business intelligence
Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information. Common functions of BI technologies include Financial reporting, reporting, online an ...
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Business model
A business model describes how a Company, business organization creates, delivers, and captures value creation, value,''Business Model Generation'', Alexander Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self-pub ...
– a profit-producing system that has an important degree of independence from the other systems within an enterprise.
* Business operations – are those ongoing recurring activities involved in the running of a business for the purpose of producing value for the stakeholders. They are contrasted with project management, and consist of business processes.
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Business process
A business process, business method, or business function is a collection of related, structured activities or tasks performed by people or equipment in which a specific sequence produces a service or product (that serves a particular business g ...
– is a collection of related, structured activities or tasks that produce a specific service or product (serve a particular goal) for a particular customer or customers. There are three types of business processes: Management processes, Operational processes, and Supporting processes.
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Case study
A case study is an in-depth, detailed examination of a particular case (or cases) within a real-world context. For example, case studies in medicine may focus on an individual patient or ailment; case studies in business might cover a particular f ...
– is a research method which involves an in-depth, longitudinal examination of a single instance or event: a case. They provide a systematic way of looking at events, collecting data, analyzing information, and reporting the results.
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Change control
Within quality management systems (QMS) and information technology (IT) systems, change control is a process—either formal or informal—used to ensure that changes to a product or system are introduced in a controlled and coordinated manner. I ...
– the procedures used to ensure that changes (normally, but not necessarily, to IT systems) are introduced in a controlled and coordinated manner. Change control is a major aspect of the broader discipline of change management.
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Corporate image
A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of st ...
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Corporate title
Corporate titles or business titles are given to corporate officers to show what duties and responsibilities they have in the organization. Such titles are used by publicly and privately held for-profit corporations, cooperatives, non-profit org ...
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Costs
Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is ...
– in economics, business, and accounting are the value of money that has been used up to produce something, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost.
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Critical success factor
Critical success factor (CSF) is a Corporate jargon, management term for an element necessary for an organization or project to achieve its mission statement, mission. To achieve their goals they need to be aware of each key success factor (KSF) an ...
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Cross ownership –
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Cultural intelligence –
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Deliverable
A deliverable is a tangible or intangible good or service produced as a result of a project that is intended to be delivered to a customer (either internal or external). A deliverable could be a report, a document, a software product, a server upgr ...
– contractually required work product, produced and delivered to a required state. A deliverable may be a document, hardware, software or other tangible product.
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Enterprise modeling
Enterprise modelling is the abstract representation, description and definition of the structure, processes, information and resources of an identifiable business, government body, or other large organization.
It deals with the process of underst ...
– is the process of understanding an enterprise business and improving its performance through creation of enterprise models. This includes the modelling of the relevant business domain (usually relatively stable), business processes (usually more volatile), and Information technology
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Environmental scanning
Market environment and business environment are marketing terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships. The business environment has been defined as "the totality of p ...
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Focused improvement – in Theory of Constraints is the ensemble of activities aimed at elevating the performance of any system, especially a business system, with respect to its goal by eliminating its constraints one by one and by not working on non-constraints.
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Fordism
Fordism is an industrial engineering and manufacturing system that serves as the basis of modern social and labor-economic systems that support industrialized, standardized mass production and mass consumption. The concept is named after Henry ...
– named after Henry Ford, refers to various social theories. It has varying but related meanings in different fields, and for Marxist and non-Marxist scholars.
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Futures studies
Futures studies, futures research or futurology is the systematic, interdisciplinary and holistic study of social and technological advancement, and other environmental trends, often for the purpose of exploring how people will live and wor ...
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Industrial espionage
Industrial espionage, also known as economic espionage, corporate spying, or corporate espionage, is a form of espionage conducted for commercial purposes instead of purely national security.
While political espionage is conducted or orchestrat ...
* Industry or market research
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Innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or service (economics), services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a n ...
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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 ...
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Lean manufacturing
Lean manufacturing is a methods of production, method of manufacturing goods aimed primarily at reducing times within the Operations management#Production systems, production system as well as response times from suppliers and customers. It is ...
– or lean production, which is often known simply as "Lean", is the practice of a theory of production that considers the expenditure of resources for any means other than the creation of value for the presumed customer to be wasteful, and thus a target for elimination.
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Level of Effort – (LOE) is qualified as a support type activity which does not lend itself to measurement of a discrete accomplishment. Examples of such an activity may be project budget accounting, customer liaison, etc.
* Manufacturing –
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Marketing research
Marketing research is the systematic gathering, recording, and analysis of qualitative data, qualitative and quantitative data, quantitative data about issues relating to marketing products and services. The goal is to identify and assess how chan ...
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Middle management
Middle management is the intermediate management level of a hierarchical organization that is subordinate to the executive management and responsible for "team leading" line managers and/or "specialist" line managers. Middle management is indire ...
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Motivation
Motivation is an mental state, internal state that propels individuals to engage in goal-directed behavior. It is often understood as a force that explains why people or animals initiate, continue, or terminate a certain behavior at a particul ...
– is the set of reasons that determines one to engage in a particular behavior.
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Operations research
Operations research () (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a branch of applied mathematics that deals with the development and application of analytical methods to improve management and ...
– (OR) interdisciplinary branch of applied mathematics and formal science that uses methods such as mathematical modeling, statistics, and algorithms to arrive at optimal or near optimal solutions to complex problems.
* Operations, see Business operations
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Organization development
Organization development (OD) is the study and implementation of practices, systems, and techniques that affect organizational change. The goal of which is to modify a group's/organization's performance and/or culture. The organizational chang ...
– (OD) planned, structured, organization-wide effort to increase the organization's effectiveness and health.
* Organization – social arrangement which pursues collective goals, which controls its own performance, and which has a boundary separating it from its environment.
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Poison pill –
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Portfolio – in finance is an appropriate mix of or collection of investments held by an institution or a private individual.
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Process architecture – structural design of general process systems and applies to fields such as computers (software, hardware, networks, etc.), business processes (enterprise architecture, policy and procedures, logistics, project management, etc.), and any other process system of varying degrees of complexity.
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Profit
Profit may refer to:
Business and law
* Profit (accounting), the difference between the purchase price and the costs of bringing to market
* Profit (economics), normal profit and economic profit
* Profit (real property), a nonpossessory inter ...
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Proport – combination of the unique skills of an organisation's members for collective advantage.
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Quality
Quality may refer to:
Concepts
*Quality (business), the ''non-inferiority'' or ''superiority'' of something
*Quality (philosophy), an attribute or a property
*Quality (physics), in response theory
*Energy quality, used in various science discipli ...
– can mean a high degree of excellence ("a quality product"), a degree of excellence or the lack of it ("work of average quality"), or a property of something ("the addictive quality of alcohol").
Distinct from the vernacular, the subject of this article is the business interpretation of quality.
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Quality, Cost, Delivery (QCD) as used in lean manufacturing, measures a businesses activity and develops Key performance indicators. QCD analysis often forms a part of continuous improvement programs
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Reengineering – radical redesign of an organization's processes, especially its business processes. Rather than organizing a firm into functional specialties (like production, accounting, marketing, etc.) and considering the tasks that each function performs; complete processes from materials acquisition, to production, to marketing and distribution should be considered. The firm should be re-engineered into a series of processes.
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Reverse engineering
Reverse engineering (also known as backwards engineering or back engineering) is a process or method through which one attempts to understand through deductive reasoning how a previously made device, process, system, or piece of software accompl ...
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Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environ ...
– is the precise probability of specific eventualities.
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Senior management
Senior management, executive management, or upper management is an occupation at the highest level of management of an organization, performed by individuals who have the day-to-day tasks of managing the organization, sometimes a company or a cor ...
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Shareholder value
Shareholder value is a business term, sometimes phrased as shareholder value maximization. The term expresses the idea that the primary goal for a business is to increase the wealth of its shareholders (owners) by paying dividends and/or causing th ...
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Strategic sustainable investing – is an investment strategy that rewards companies that are moving society towards sustainability.
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Systems Development Life Cycle
In systems engineering, information systems and software engineering, the systems development life cycle (SDLC), also referred to as the application development life cycle, is a process for planning, creating, testing, and deploying an informati ...
– (SDLC) is any logical process used by a systems analyst to develop an information system, including requirements, validation, training, and user ownership. An SDLC should result in a high quality system that meets or exceeds customer expectations, within time and cost estimates, works effectively and efficiently in the current and planned Information Technology infrastructure, and is cheap to maintain and cost-effective to enhance.
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Systems engineering
Systems engineering is an interdisciplinary field of engineering and engineering management that focuses on how to design, integrate, and manage complex systems over their Enterprise life cycle, life cycles. At its core, systems engineering uti ...
– is an interdisciplinary field of engineering that focuses on how complex engineering projects should be designed and managed.
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Task analysis
Task analysis is a fundamental tool of human factors engineering. It entails analyzing how a task is accomplished, including a detailed description of both manual and mental activities, task and element durations, task frequency, task allocation, ...
– is the analysis or a breakdown of exactly how a task is accomplished, such as what sub-tasks are required
* Timeline – is a graphical representation of a chronological sequence of events, also referred to as a ''chronology''. It can also mean a schedule of activities, such as a timetable.
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Value engineering
Value engineering (VE) is a systematic analysis of the functions of various components and materials to lower the cost of goods, products and services with a tolerable loss of performance or functionality. Value, as defined, is the ratio of func ...
– (VE) is a systematic method to improve the "value" of goods and services by using an examination of function. Value, as defined, is the ratio of function to
cost
Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it i ...
. Value can therefore be increased by either improving the function or reducing the
cost
Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it i ...
. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements.
Value Methodology Standard
* Wideband Delphi – is a consensus-based estimation technique for estimating effort.
Business management education
– teaching students the fundamentals, theories, and processes of business.
* – university-level institution that confers degrees in business administration or management. Such a school can also be known as "school of management", "school of business administration", or, colloquially, "b-school" or "biz school".
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* Managerial academic degrees
** Undergraduate-level degrees
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** Graduate-level degrees
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*** – equivalent to an MBA, but for the public sector.
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** Doctoral-level degrees
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Joint degrees are academic qualifications awarded through integrated curricula often jointly coordinated and delivered by multiple higher education institutions, sometimes across different countries. Graduates may receive a single qualification ...
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People in business management
Management positions
* – person responsible for running an organization
** senior manager of an organization, company, or corporation
** high-ranking member of a corporation body, government or military
** person within a record label who works in senior management. Also known as a record executive.
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Persons influential in business management
* Pioneers of management methods
** , implemented six sigma
Six Sigma (6σ) is a set of techniques and tools for process improvement. It was introduced by American engineer Bill Smith while working at Motorola in 1986.
Six Sigma strategies seek to improve manufacturing quality by identifying and removin ...
throughout General Electric, leading to its widespread adoption throughout industry.
** , introduced management cybernetics
Management cybernetics is concerned with the application of cybernetics to management and organizations. "Management cybernetics" was first introduced by Stafford Beer in the late 1950s and introduces the various mechanisms of agency (philosophy) ...
to British steel industry and was responsible for the first use of computers in management.
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See also
* Archive
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* What to manage:
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References
*Wing, Y, Hsing, M & Chen L (2008).Research on Business Strategy and Performance Evaluation in Collaborative Design. International Journal of Electronic Business Management. 6(2), 57–69.
External links
{{Outline footer
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 ...
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 ...
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 ...
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 ...