Business administration

For the legal procedure similar to bankruptcy, seeAdministration (law).

Business administrationis theadministrationof acommercialenterprise.It includes all aspects of overseeing and supervising thebusiness operationsof an organization.

Overview

The administration of a business includes the performance or management ofbusiness operationsanddecision-making,as well as the efficient organization of people and other resources to direct activities towards commongoals.In general, "administration" refers to the broadermanagementfunction, including the associatedfinance,personnelandMISservices.

Administration can refer to thebureaucraticoroperationalperformance of routineofficetasks,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".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,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.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

Academic degrees

Bachelor of Business Administration

Main articles:Bachelor of Business AdministrationandBachelor of Commerce

TheBachelor of Business Administration(BBA, B.B.A., BSBA, B.S.B.A., BS, B.S., or B.Sc.),Bachelor of Sciencein Business, Business Administration, Business Management (BS), orBachelor of Commerce(Bcom. or BComm) is a bachelor's degree incommerceand business administration. The duration of the degree is four yearsin the United States and three yearsin 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

Main article:Master of Business Administration

TheMaster of Business Administration(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

Main articles:Master of ManagementandMaster of Science in Management

TheMaster of Management(MiM) orMaster of Science in Management(MSM) is a postgraduate degree with a focus inbusiness management.

In terms of content, it is similar to theMaster 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 longercourse creditrequirements and only accept mid-career professionals.

Doctor of Business Administration

Main article:Doctor of Business Administration

TheDoctor 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.

PhD in Management

Main article:PhD in Management

ThePhD in Managementis 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

Main article:Doctor of Management

A newer form of a management doctorate is theDoctor of Management(D.M., D.Mgt., DBA, or DMan). It is adoctoral degreeconferred upon an individual who is trained through advanced study and research in the applied science and professional practice ofmanagement.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