Business administration

Template:Short description Template:For Template:Business administration Business administration is the administration of a commercial enterprise.<ref> Compare: Template:Cite book </ref> 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, as well as the efficient organization of people and other resources to direct activities towards common goals. In general, "administration" refers to the broader management function, including the associated finance, personnel and MIS services.<ref>Template:Cite web</ref>

Administration can refer to the bureaucratic or operational performance of routine office tasks,<ref>Template:Cite book</ref> 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 (1841–1925) described these "functions" of the administrator as "the five elements of administration".<ref>Template:Cite journal</ref> 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.<ref> Template:Cite book</ref>

Key skills for Business Management

Strategic thinking, leadership, problem-solving, communication, 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.<ref>{"assessing the feasibility of the strategic long range cannon: Unclassified summary" at nap.edu. 2 Today's Operating Environment | Assessing the Feasibility of the Strategic Long Range Cannon: Unclassified Summary |The National Academies Press. (n.d.). Retrieved February 12, 2023, from https://nap.nationalacademies.org/read/26129/chapter/4 |url=https://nap.nationalacademies.org/read/26129/chapter/4#14}}</ref> 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.<ref> Tejas Ramdas, Raffaella Sadun, and Nicholas Bloom (2022). "Visualizing a Century of Management Ideas". Harvard Business Review, September 19 2022.</ref>

Concepts in business management

• Corporate culture
• Fail fast
• Kanban
• Sunk cost

Academic degrees

Bachelor of Business Administration

The Bachelor of Business Administration (BBA, B.B.A., BSBA, B.S.B.A., BS, B.S., or B.Sc.), Bachelor of Science in Business, Business Administration, Business Management (BS), or Bachelor of Commerce (Bcom. or BComm) is a bachelor's degree in commerce and business administration. The duration of the degree is four years<ref>Template:Cite web</ref> in the United States and three years<ref>Template:Cite web</ref> 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.<ref>Template:Cite web</ref> 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 (MBA or M.B.A.) is a master's degree in business administration with a significant focus on management.<ref>Template:Cite web</ref> The MBA degree originated in the United States in the early-20th century,<ref>Template:Cite web</ref> 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.<ref>Template:Cite web</ref> Most programs also include elective courses.

Master of Management

The Master of Management (MiM) or Master of Science in Management (MSM) is a postgraduate degree with a focus in business management.<ref>Template:Cite journal</ref>

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 requirements and only accept mid-career professionals.<ref>Template:Cite journal</ref>

Doctor of Business Administration

The Doctor of Business Administration (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.<ref>Template:Cite web</ref>

PhD in Management

The PhD in Management is the highest academic degree awarded in the study of business management.<ref>Template:Cite web</ref> 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.<ref>Template:Cite web</ref>

Doctor of Management

A newer form of a management doctorate is the Doctor of Management (D.M., D.Mgt., DBA, or DMan). It is a doctoral degree conferred upon an individual who is trained through advanced study and research in the applied science and professional practice of management.<ref>Template:Cite web</ref> This doctorate has elements of both research and practice relative to social and managerial concerns within society and organizations.

See also

• Bachelor of Business Information Systems
• Outline of business administration
• Business economics
• Business informatics
• Business studies