What do you mean by business administration?
Business administration can be termed as the way of managing a business or non-profit organization so as to both maintain the stability of the organization and develop it at the same time. It consists of various departments starting from the operations to management. Also, there are various roles related to business administration which include business support, office manager, and Chief Executive Officer (CEO) and most companies have a dedicated group of administrators. |
What are the roles played by a business administrator?
Business Administrator is someone who handles all the financial management of a business. His specific role varies from one company to another.
A business administrator understands the business operations and processes. His roles may involve accounting, finance, marketing, economics, statistics, human resources, and decision-making. In small organizations, business administrator manages administrative support services but in large organizations there are several levels of managers who specialize in different areas from human resources to facilities management. |
What is the difference between administration and management?
Management and administration are two different words but mean almost the same apart from some slight differences.
– ‘Administration’ deals with the setting up of objectives and crucial policies for every organization, whereas ‘management’ is the act of putting the policies and plans decided upon by the administration into practice.
– Administration is a decision making body, while management executes those decisions made by the administration.
– Administration works in the top level, whereas management operates in the middle level. |
How does business contribute to economic development?
Economic growth is measured through the changes in the gross domestic product of a country over a year. Growth of the economy is related to business as business involves money. Real economic development can be seen from the major improvements in living standards, expansion of the existing market and the opening of new ones. Therefore, when a business enterprise is setting objectives and planning strategies for the future, economic growth is an important aspect to consider. |
Is management a profession? Give reasons.
Yes, management is considered a profession as it has the following features:
Well defined body of knowledge: In management there is a systematic body of knowledge which is an important feature of any profession.
– Restricted Entry: You can enter any profession through an examination or degree. In case of management too companies prefer to appoint candidates only with an MBA degree.
– Presence of professional associations: In every profession you need to get registered to special associations that are established for that particular profession and very soon it will be mandatory for management also.
– Existence of ethical codes: For every profession there is a set of ethics fixed by professional organizations which is to be followed by all the employees and employers of that profession. In case of management there is a growing emphasis on the ethical behavior of managers. |
What do you understand by SWOT analysis?
SWOT stands for ‘Strengths, Weaknesses, Opportunities and Threats’. This is a method to analyze the environment and the company’s standing in it.
SWOT consists of two parts. The strengths and weaknesses refer to the internal environment of a company while the opportunities and threats are related to the external environment.
Internal problems and issues are constantly dealt with. But external factors such as opportunities and threats are not in a company’s control. |
How will you create flexibility in an organization?
In order to create flexibility in any organization you need to analyze some areas that are mentioned below.
– Different kinds of problems – You need to categorize the kinds of problems you face and have to find answers accordingly as every problem cannot be solved in the same way.
– Employees’ needs and wants – It is always important for you to keep a track of your employees’ needs and wants as it will be a source of motivation for them.
– Organizational strategies – It is very important for an organization to make a position for itself in the market through its products. Various strategies are used for this purpose. These strategies can be according to the newest and the best products (differentiation strategy). All the strategies require a structure to reach the organizational goal.
– Competitiveness – The feeling of competition among your employees is reflected in the positive changes of the organization which is, in turn, related to the flexibility of an organization. |
How can one increase the longevity of an organization?
Longevity of an organization depends on the implementation of new and improved techniques and technologies which holds the key to its survival and ultimate success. To survive for a long time you require long term profits in your business. One can increase the longevity through the following ways:
– Continuous development
– Keeping up with technology
– Retaining key employees
– Satisfying employees
– Offer training to the staff
– Offering excellent services |
Who are the stakeholders in an organization?
A stakeholder can be a person, an organization, a social group or a society at large that has a stake in a business where stake is an essential interest in the business or its activities. It can include ownership and property interests, legal interests and obligations, and moral rights. |
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