Management
Management refers to the organization and coordination of the activities of a business so as to attain the desired goals. This is overseen by directors or managers who manage the labor force and field of human production, machines, and money. Management is involved in conducting data management, strategic management, construction management, and environmental management. Understanding business management is important in helping one develop a broad understanding of business organizations and provides an individual with knowledge in subject-specific areas such as management of customers, finance, market trends, communication, operation, and information technology and understanding business policy. Attaining knowledge in management enables an individual to attain efficient skills in problem-solving, decision making, logical thinking, analytical thinking and gaining valuable skills in the presentation of business proposal and report writing skills.
Understanding management
Business management involves an understanding of strategic management. This term refers to the systematic analysis of factors associated with the external environment of business such as customers and competitors and internal environment of the business such as business organization. In the field of management, understanding of contract management is important. This involves activities such as bid evaluation, contract implementation, computation of payments and measurement of work completed. This also involves changing modifications of a contract and addressing related problems (Hair and Lukas 102) . This is useful in interacting with the contractor to achieve the contract`s objectives. This is directly involved in human resource management in promoting the general efficiency in the business. Management is a key factor in production and developing understanding in this field is core in business.
Delegate your assignment to our experts and they will do the rest.
Business management
For efficiency and maximum production in a business setting, there are several fields in management that one is required to have efficient skills. Firstly, one needs to have good skills in human resource management. This involves effective management of workers in the organization. This is managed by a human resource manager who business policies and working systems. This branch of management focuses on achieving success through people. The human resource managers mostly get involved in hiring new workers and providing training, and conducting performance evaluations on individual workers and giving of rewards.
Secondly, business management is involved in data management. This refers to the means by which the required data is acquired, validated, gets stored and is processed and protected. The data stored should be easy to retrieve by the involved users and is reliable information. Most entrepreneurs should secure the data that their business generates and this should be a top priority for every business manager. Business data is subject to security threat and is a target by most fraudsters so as to either steal from the business or strategize to bring down the business. (Hair and Lukas 102)
Understanding management in business requires an individual to be equipped with skills in financial management. Financial management involves planning and budgeting for operations. The financial manager has to do auditing in the business, procurement, and purchasing of the required accessories in order to achieve the aims and business goals. Financial management aids in effective planning for the subsequent years and for evaluation of the value of the business. This helps to know if the business is making profits or is running on losses. For business productivity, efficient management is key. One has to put all the factors of production and with good management to obtain maximum results from the business operation. (Wang and Alexander 78).
Discussion
Management in business is necessary for maximum production in a business enterprise. Most businesses are effective as a result of good management. Business management promotes a good working environment for the workers. The human resource manager has to ensure that the workers are under good working conditions and are safe from any damages that may be predisposed by their working conditions. The resource manager also has to ensure that the workers are equipped with good skills and their productivity is maximized. The manager also has to protect the rights of the workers and paying them the correct wages (Wang and Alexander 78).
Management also ensures the safety of the business against threats from online hackers and fraudsters. The management of data has to be of the latest modern design and has maximum security. Data obtained from businesses may be used by competitors or fraudsters to bring down the organization. Security of data is important and it protects the future of the business.
Financial management should also be considered in business management. This enhances business management and effective planning of functions in the business. All these factors have to be considered in business management. (Hair and Lukas 102)
Conclusion
Business management is a key factor in every business organization. The aim of every business enterprise is to obtain maximum profits. This is attained with a good and effective business management. A poor management will result in under-productivity and laxity in the conduction of business activities. Efficient management is necessary and regular auditing should be carried out to know the standings of the business in the market.
References
Erasmus, B., Strydom, J. W., & Rudansky-Kloppers, S. (Eds.). (2016). Introduction to business management . Oxford University Press Southern Africa.
Hair Jr, J. F., & Lukas, B. (2014). Marketing research (Vol. 2). McGraw-Hill Education Australia.
Rudansky-Kloppers, S., & Strydom, J. W. (2017). Multiple-choice Questions for Introduction to Business Management . Oxford University Press Southern Africa.
Swift, L., & Piff, S. (2014). Quantitative methods: for business, management and finance . Macmillan International Higher Education.
Wang, L., & Alexander, C. A. (2015). Big data driven supply chain management and business administration. American Journal of Economics and Business Administration , 7 (2), 60.
