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Business management is making things that happen and people aim to attain goals. Management is both science art for such pursuit. It is generally practiced by every person or organization. The important elements in the study of business management are given below:
1. Planning: These exercises are concerned for future and information is collected for future use. The information is gathered or collected for making strategies in major areas of business. Leading and direction facilitate the action at a given situation.
2. Organizing: The main concept of organizing is to optimum use of available resources.
3. Staffing: Staffing is a concept of hiring of people. Job description and recruitment assure received supply of man power.
4. Controlling: Monitoring and controlling check action that comes from opinion or employees’ feedback.
5. Leading: Leadership functions and style enable managers of organization in marching towards progress. The managerial function emerges from top level of an organization then moves down the lane to its lower level. Organization is such as pyramid where very few persons that are involved in top level in formulating policies and direct lower and middle level to execute the same. Many other managerial decisions are more complex in nature. The important components namely organizing, planning leading and staffing differ in their intensities right from top to lower level.
Issues in functional areas of management which is called marketing, production; finance and human resource are studied and handled by the managerial staff members in organization. Professional organizations are managing the business more in professional way and others are doing according to their convention. Family businesses are running on traditional method. There are many organizations in India representing private, public and small scale sectors. Manufacturing, process, production and service organization requires business management know how and their managers do perform accordingly. They are managing their level best and the quality of decisions and business acumen depend on their individual expertise.
The individual business environment nature is important in the art of managing such organizations. Professional and non-professional methods are generally used in organizations with the help of employees, employer or government cooperation. Business management undertakes aforesaid exercise in a thoughtful or common sense manner in Indian organizations.
Management responsibilities surface as organization expands of chief executives adapt to other more management activities. Management focuses on operational activities or good managers bring success to an organization in their ability to control resources or resolve problems. Organization at expanding stage requires managerial wisdom in planning new resource, product and finance. Managers have to inspire their employees to be visionaries or aggressive competitors.
In theoretical concepts, discussion or practical problem solving in business management are offered to facilitate executives and students in their presentation or class assignments-homework.
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