Business management refers to the activities related to running a company namely planning, organizing, controlling, staffing and leading. An assignment on this topic needs to cover all the business activities and their relation to each other. Planning all business activities is the primary task to ensure right decisions and it needs to be done continuously and systematically. The planning process involves the setting up organizational goals, defining strategies to meet them and allocating resources to attain the goals.
Organizing involves bringing together all the available human, material and financial resources to achieve the goals set for the organization. This involves delegation and decentralization of authority. The controlling function fulfills the purposes of helping in planning and facilitating coordination. It involves comparison of actual performance against plans to identify reasons for deviation and take corrective action to ensure progress of the organization. Staffing function pertains to manpower planning, recruitment, training and development, appraisal and compensation. Directing function is fulfilled by managers who instruct and guide the resources to work towards optimal performance and converts plans into action. All the illustrated activities are interdependent and need to be done in a structured manner.
The functional areas of business management are production/operations, administration, research and development, marketing, customer services, human resources and finance and accounting. The business has been divided into functional areas to ensure that all business activities are being performed efficiently. All business functional areas are interrelated and need to communicate with each other constantly for the organization to operate smoothly. The organizations in US are mostly family run business and hence follow traditional method of organization management. Another method of management prevalent is managing business in a professional way.
The managers need to be constantly in action to ensure that the organization is progressing. There are various levels of management. Top level managers formulate plan of action to achieve the goals set for the organization. They are involved in activities like change management, leadership, delegation and empowerment. Middle level managers do problem solving, team building, talent development and performance management. Low level managers refer to supervisors, foreman, officers who are responsible for assigning jobs to workers instructing them, and to supervise the quality of production. They fulfill the directing and controlling functions of management.
The managers need to posses political, conceptual, interpersonal and diagnostic skills to help them in accomplishing the organizational goals. Each organization has various interpersonal, informational and decisional roles to offer for fulfilling different aspects of management. The managers make use of combination of management theories (contingency theory, systems theory, Chaos theory, Theory X and Theory Y ) to implement strategies and polices.
All levels of managers need to be innovative and open to new strategies. There is room for management innovation in all fields like project management, quality management, supply chain management, finance, marketing and human resource management.
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