Administration

 Administration 

Provide a definition of administration: Arrangements and tasks needed to control the operation of a plan or organization.

Concepts of Administration: 

Brooks Adams says “Administration is the capacity of coordinating many and often conflicting social energies in a single organism, so adroitly that they shall operate as a unity.”

 

Universal functions in Administration: 

• Planning

• organizing

• commanding 

• coordination 

• control

• 
  

• Business 

Define Business:  Occupation or trade and the purchase and sale of products or services to make a profit. 

Concepts of Business. (Define them in detail) 

• Business Model

• How the firm creates, delivers and captures value. 

• Business Strategy

• Strategy is a plan of action designed to achieve a particular goal. It is also an elaborate and systematic plan of action. 

• Business Partners and Allies

• Also called counterparties or economic allies, business partners make up the strategic group that helps a company thrive. 

• Regulations and Compliance

• Compliance initiatives help a business abide by various standards when dealing with counterparties. They also prevent employees from running afoul of the law. 

• Financial Reporting

• Financial reports shed light on how a business performed over a specific period, such as a quarter or fiscal year.

Objective of Business.  Business objectives are the steps a business needs to take to meet its overall aims.

Types or classification of business. (Define each in detail) 

Sole proprietorship, partnership, corporation, and Limited Liability Company:

1. Sole proprietorship is a business owned and run by someone for their own benefit. The business’ existence is entirely dependent on the owner’s decisions, so when the owner dies, so does the business.

2. Owners invest their money, property, labor, etc. to the business and are both 100% liable for business debts.

3. Corporations are, for tax purposes, separate entities and are considered a legal person. This means, among other things, that the profits generated by a corporation are taxed as the “personal income” of the company.

4. Similar to a limited partnership, an LLC provides owners with limited liability while providing some of the income advantages of a partnership. Essentially, the advantages of partnerships and corporations are combined in an LLC, mitigating some of the disadvantages of each.

What does “form of business ownership” refer to? Provide definitions. 

Control over an enterprise, providing the power to dictate functions and operations.

Management 

Define management.  

Process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively.

Functions of management. (Describe them in detail) 

• Planning: Planning is determination of courses of action to achieve desired goals. Thus, planning is a systematic thinking about ways & means for accomplishment of pre-determined goals. Planning is necessary to ensure proper utilization of human & non-human resources. 

• Organizing: It is the process of bringing together physical, financial and human resources and developing productive relationship amongst them for achievement of organizational goals. According to Henry Fayol, “To organize a business is to provide it with everything useful or its functioning i.e. raw material, tools, capital and personnel’s”. 

• Staffing: It is the function of manning the organization structure and keeping it manned. staffing has assumed greater importance in the recent years due to advancement of technology, increase in size of business, complexity of human behavior 

• Directing: It is that part of managerial function which actuates the organizational methods to work efficiently for achievement of organizational purposes. It is considered life-spark of the enterprise which sets it in motion the action of people because planning, organizing and staffing are the mere preparations for doing the work.

• Controlling: It implies measurement of accomplishment against the standards and correction of deviation if any to ensure achievement of organizational goals. The purpose of controlling is to ensure that everything occurs in conformities with the standards.

Important areas of knowledge for a business manager. Mentions as many as you know or find.

• Financial management

• Being able to effectively manage finances is critical. Being able to forecast cash flow and sales, as well as, monitor profit and loss. 

• Marketing, sales and customer service

• It is important to be able to promote your products or services effectively. Providing good customer service and having a marketing strategy in place will help you to generate sales.

• Communication and negotiation

• Communicate and negotiate with suppliers, potential investors, customers and employees. Having effective written and verbal communication skills helps to build good working relationships.

• Leadership

• Being able to motivate your staff in order to get the best out of them and improve productivity. Allocate time to mentor and coach employees.

• Problem solving

• Encounter problems in your business is something that happens, this means, being able to make good decisions, sometimes under pressure.

Organization 

Provide a definition of organization. Be extensive.

Organizations of people come in many forms. They might be a random group of people who spontaneously came together to address a short-term need, such as collecting litter along a certain stretch of road. Or, it might be a carefully collected, aligned and integrated group of people who came together for the long-term to address a long-term need, such as stopping poverty in a certain country.