business management and administration

business management and administration

The Future of Business Management and Administration

1. Introduction to Business Management and Administration

Management has been defined as the getting of accountability, running, skilful use of, the manipulation of the environment which the managers control and dictates the way in which the society is operated. The famous canons of administrative responsibility, skills, performance and work also speak of management principles and practices. The society, however, formulates them to protect it from the malpractices of the administrators. The introductory chapter deals with the concepts of supervisory, administrative, business management, management information system, management education, management functions, management communicative and other feeble concepts. Management theory is examined with respect to four levels – layman’s ideas, general management theory, a classification suitable to Brazilian and Canadian requirements, and particular management limitations and underdevelopments recommended to be used as a criteria. These management techniques are management and time, middle managers, and goal setting. The informal operating controls of management, the making of an inward investment decision, minimum distance location of a new production facility, quasi-replacement analysis of fleet vehicles, and a general management utilization model are other important techniques.

Business management and administration consist of all activities and tasks that managers do to help make their business run well and successfully. Businesses must function in conditions of scarcity, or limited resources. They must also exchange with consumers and other businesses to get the distributions they want. Businesses are affected by countless micro-, market-, and macroenvironmental factors. These factors should be monitored, researched, and served. Business is also affected by its location, size, business cycle, cost, position, department, industry, productivity, risks, skill requirements, type of ownership, workers, and workload. Business is like a game, or a contest. There must be rules to the game. The managerial economics framework reduces the complexity of the actual business world by operating under the assumptions that potential, realistic patterns of managerial behavior, and goals of a firm are compatible with decreasing shorts for profits.

2. Emerging Trends and Technologies in the Field

Courses in the Business Management and Administration cluster will also focus on the standards and methods to manage an organization, as well as employ the available resources for the proper operation of an organization. Career opportunities such as management analyst, purchasing agent, human resources specialist, financial planner, and small business owner are representative of the various positions available to students specializing in this cluster. These positions are found in business, finance, and industry, as well as the government. Subject matter content will include planning, organizing, directing and controlling the various business functions that are essential for the business. In addition to providing necessary background information for specific occupations, students are expected to be aware of the fundamentals of business and take their place as informed citizens and consumers in our economic system. With the appropriate choice of coursework, students may prepare themselves to study a variety of specialized business-related programs such as accounting, marketing or management.

Sport marketing, entertainment distribution and management, and resort and lodging management are a few of the most rapidly growing career opportunities in the field. Communication and interpersonal skills are essential for management functions, as are the abilities to apply math, statistical and accounting skills, and to work with management information systems. The curriculum includes human relations, computer applications, management principles, business communication, accounting, economics, business law, marketing, and management. Specialization occurs through upper-division courses in selected programs. An internship or cooperative education experience and a business planning/service project is included. Graduates are employed as department managers, business owners, and support personnel in large and small companies.

3. Challenges and Opportunities for Professionals

In the citizens’ interest, accountants must, as just one part of their profession, focus strongly on the information flows in our markets, keep it strong, and operate with a professional willingness to adapt. In their own interest, accountants should continue to hone skills, serve employers and clients with fairness, rigor, transparency, and professionally unbiased regard for the public’s marketplace values, and earn commensurate compensation. Accountants and others do their professional roles effectively, as they are to get themselves, can get narrower professional recognition or face outside interference. Whether that respect and autonomy can be maintained turns in large part on changing concepts.

Professional status is significant because it represents the kind of people and institutions receiving peer respect, assuming responsibility for the well-being of others, serving as an example for younger colleagues to follow, and working to earn a trust fund worthy of their clients. Accountants also are charged to promote public trust in capital markets by converting economic facts about businesses into usable connections between decision-makers and the marketplace. If the accountants choose to shirk that duty for short-term personal gain, the long-term consequence may be a diminution of the public’s reliance on these markets. Far from participating in that siren song drift toward the marketplace, accountants would collectively and individually benefit from an even firmer dedication to the only reason for our choice of prestige and well-financed profession.

4. Strategies for Success in a Dynamic Business Environment

It is necessary to use a variety of methods – not just one – to challenge every aspect of daily work or to survive in the new result-oriented, high-technology, high-productivity business landscape. One such method – the push for reduced cycle time – has already driven major gains in U.S. productivity and efficiency. Underpinning this research has been the recognition of the enormous advantages that flow from keeping work from queueing up at “choke points” (obstacles to the efficient flow of work) or from being worked on by another employee. U.S. firms are being restructured from individual, inefficient vertical hierarchies into efficient, integrated business teams. This chapter provides advice on where to make improvements and in what direction the improvements should be made – in short, the concrete steps that businesses should be willing to take in order to achieve success in this demanding work environment.

The art of managing organizations is continually changing as rapidly as the technology that supports business transactions. Global and domestic competition requires U.S. firms to improve their products and services more rapidly, while striving to lower costs and waste. Achieving success in a dynamic business environment requires new ways of thinking and new approaches to products or processes. The manager of the twenty-first century needs to recognize that improving services is a never-ending cycle. To remain a competitive force, organizations need an environment that nurtures continuous improvement and achievement.

5. Conclusion and Future Outlook

The world of business is changing rapidly in both structure and in opportunities for prospective, current, or former employees, particularly in modern, entrepreneurial settings. Today, the majority of new job opportunities involve complex, specialized structures rather than traditional organization. In addition, moves between organizations will become more frequent for both private and public sectors, individuals, companies, and government organizations. Individuals leaving work in their sixties currently can expect to live for 15 to 20 years or longer. The challenges for both the individual and the organization include life planning, development for occupational competence throughout most of working life, access to a widened range of career management services and support, and development and maintenance of a high level of employability.

The world of business management has undergone significant changes in the way that it is organized and in the opportunities available to prospective, current, and even former employees. Organizations are now highly complex, specialized structures, and there are many career opportunities open to specialists in any field. People are also likely to move between organizations more frequently – whether from university to a first job, within the private and public sectors, or from work to retirement. Thus, individuals are involved throughout their lives in two major, interrelated activities: development within the organization, and formation and sustaining of an employability that allows them to move easily between organizations. These career objectives are essential for the health of the individual and the organization, and for the development of the economy and society as a whole.