business mangt and admn lession 1

8/2/2019 Business Mangt and Admn Lession 1

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BUSINESS ADMINISTRATION&

MANAGEMENT


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What is business? An organized effort

Complex field of commerce and industry

Uses socially acceptable ways

Involves conversion of raw into finish

Forms of business activities

Types of business activities Business exists within an environment


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Characteristics of todays business:Change

Single word New technologies replace old products

It makes business more complex

It makes it knowledge based

Diversification orientation to move ahead with stability and endurance,

have diversified product portfolios

Information

the recognition of and need of information. IT itself is a subject to revolutionary change.

The advancement in IT is breathtaking.

As business gets globalized, it will have to heavily rely on the

means of IT.


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Characteristics of todays business:Globalization

Going international: a quality of modern business. Political boundaries are no barriers

Internationalization of business is a means of sustaining a

strong domestic base in terms of technology, product, market and

capital over a long periodScience

Science is also occupying a major role.

massive contributions being made to business by science.

Future scientific breakthroughs will offer attractiveopportunities to alert businessmen.

Current means of manufacturing and selling will be scraped in

order to remain competitive, and new means of financing these

tremendous changes will be developed.


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Characteristics of todays business:Competition

Gone are the days of sheltered markets, Businessmen are asked to eliminate inefficiency, cut down

costs and improve productivity.

It is now the question of survival of the fittest

Inefficient and marginal firms will be asked to wind up. Competition not only benefits the competing firms but is also

beneficial to the consumers.

Government Interference:

The interference is necessary in order to enable the governmentto exercise control

There is no country in the world where the government does

not interfere in the business

However, no economy is totally free from government

interference. Characteristics of todays business:


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What is business administration

and management ? It is a study of the process of controlling or overseeing

the business resources, both human and financial, to

ensure that your business runs smoothly.

It deals with management of human resources andfinancial control.

Getting people together to accomplish desired goals

and objectives using available resources efficiently and

effectively.

A program that generally prepares individuals to plan,

organize, direct, and control the functions and processes

of a firm or organization


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What is an organization?

Organizations abound in today's society. Groups of

individuals constantly join forces to accomplish common

goals. Sometimes the goals of these organizations are forprofit, such as franchise restaurant chains or clothing

retailers. Other times, the goals are more altruistic, such

as nonprofit churches or public schools.


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Organisation as a ProcessOrganisation is as a dynamic process and a managerial

activity which is essential for planning the utilization of

company's resources (materials, money and people ) toaccomplish the various objectives.


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Organisation as a Framework of

Relationship:

Organisation refers to the structure of relationships and

among position jobs which is created to release certain

objectives. Organisation is the form of every human association for

the attainment of a common purpose.


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Organisation as a Group of persons Organisation is a group of persons contributing their

efforts towards certain goals.

Organisation begins when people combine their effortsfor some common purpose.

Organisation is an identifiable group of people

contributing their efforts towards the attainment of goals.


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Organisation as a System:

A system is an organized collection of parts that are highly

integrated in order to accomplish an overall goal. The

system has various inputs which are processed to produce

certain outputs, that together, accomplish the overall goal

desired by the organization. There is ongoing feedback

among these various parts to ensure they remain aligned to

accomplish the overall goal of the organization.Organizations are, of course, social systems.


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Board of Directors A board of directors is a body of elected or appointed

members who jointly oversee the activities of

a company or organization.

The body sometimes has a different name, such as boardof governors, board of managers, board of

regents, board of trustees, board of visitors,

or executive board.

It is often simply referred to as "the board."

The board of directors is the highest governing authority

within the management structure at any publicly traded

company


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Major Duties of Board of Directors

Determine the Organization's Mission and Purpose Select the Executive

Support the Executive and Review His or Her

Performance

Ensure Effective Organizational Planning

Ensure Adequate Resources

Manage Resources Effectively

Determine and Monitor the Organization's Products,Services and Programs

Enhance the Organization's Public Image

Serve as a Court of Appeal

Assess Its Own Performance


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Major Duties of Board of Directors

Direct the process of planningApprove long range goalsApprove annual objectives Oversee evaluation of products, services and

programs Finalize and approve budgetApprove expenditures outside authorized budget Insure annual audit of organization accounts

Interpret organization to communityAppoint committee members Recruit new Board members Sign legal documents Settle clash between Committees

business mangt and admn lession 1

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