Business Management and Administration

In simple words, management can be defined as the function of utilizing and managing all the available resources in the organization, such as human resources, material resources, and financial resources, so that the goals of the organization can be achieved. A degree in business administration will prepare you to perform this function of management in an appropriate manner. To enter this profession, you will need to get into a business school and get an MBA degree. Here is some useful information on the kind of training, studies, and experience you can expect at a business school during your degree, followed by the jobs that you will become eligible for once you pass out of the course.

MBA Subjects

General Management
Human Resources Management
Financial Management
Marketing
Business Strategy
Economics
Accounting
Business Ethics
Information Management and Technology
Business Laws
Company Structure and Organizational Management
Entrepreneurship
Logistics
Economic and Financial Affairs
E-Commerce & Technology

Management Skills

Planning
Organizing
Leadership
Decision-making
Communication (Spoken and Written)
Problem Solving
Staffing
Controlling
Customer Relationship Management Skills
Negotiation Skills
Team Building

Today, education has evolved a lot, owing to changes that have taken place in the corporate world, due to globalization and technological advancements. There have been new subjects introduced, such as e-commerce, international finance, information technology, etc., and the emphasis is shifting more on practical experience and learning, by way of guest lectures by industry professionals, case studies, internships, presentations, and group assignments.

Careers in Business Management and Administration

A person who has an MBA degree, years of experience in the corporate world, and the desired skills, has the potential to reach the highest position in an organization, i.e., become a CEO. However, to reach such heights, he needs to have the experience of heading various departments, and performing all functions such as planning (setting individual, departmental, short-term and long-term goals), organizing ( setting supervisory-subordinate structures, fixing responsibilities, communication flow structure, etc), hiring (interviewing applicants and selecting workforce), directing (motivating and leading people to achieve maximum employee output), and controlling (taking performance appraisals, attaching ‘rewards and punishments’ to ensure results).

An MBA degree will open up a lot of job avenues for you in the corporate world. The salaries at the entry-level positions are pretty competitive too. According to the Bureau of Labor Statistics, an entry-level managerial position can fetch you anywhere between $30,000 to $ 110,000, with the finance specialization being the most well-paying. A senior manager can expect anywhere between $60,000 to $1,000,000, depending upon the size of the company, his work profile, as well as the location.

Management Styles and Techniques

A leader or a manager should be very careful, while choosing the business management styles and techniques for an organization. This is because the success of an organization depends upon the kind of management styles and the management skills which the managers exhibit. Some management styles are people oriented, while others are project or work oriented. Here are the three management styles which are primarily used by the managers in today’s organizations.

Management Styles

Teamwork Style

Here, tasks are accomplished by constituting teams first, and then dividing the tasks among the teams. It is commonly observed that tasks are accomplished more efficiently through teams. That is why most organizations follow this style of management. The different team members bring their knowledge to the table while accomplishing various tasks, and hence, tasks can be done more quickly in teams rather than by individuals on their own. In order to function properly, there should be proper workplace communication between the various team members and also between the manager and the team members. “Team spirit” is a prerequisite for the success of this style of management.

Directing Style

In this style of management, the manager communicates the “goals, expectations, and standards” to the employees very clearly in the beginning itself. The manager is in direct control of the situation literally, i.e., he dictates to the employees what tasks have to be done, how they have to be done, and the deadline for those tasks. The manager has all the decision-making powers and seldom asks the employees for a feedback. This management style is considered slightly impersonal, but sometimes, such situations arise in organizations, such as meeting a deadline or when the number of employees is too huge, that only top-down management approach or directing style of management can bring desired results.

Participatory Style

Participatory style of management is based on the principle of “faith”. Under this style of management, the leadership and management places full faith in the abilities of the employees. The tasks are given directly to the employees and are well-explained to them in advance. Their inputs on the tasks are also given due importance. The employees know how their work is fitting into the organization’s big goals. When their inputs are sought and they are also made aware how important they are to the health of the organization, their motivation levels become very high and they perform better. This style is usually seen in smaller organizations with lesser number of employees.

Management Techniques

Management techniques are those management concepts or strategies, which are followed to run an organization efficiently and profitably. Management techniques, whether pertaining to employees, the customers of the organization or the partners, in case of partnerships, should be chosen only after evaluating the needs of all three. An example of a management technique pertaining to employees is the use of incentives, so as to motivate them, or to provide them with training in order to update their skills. Management techniques pertaining to customers are usually aimed at keeping them happy and satisfied so that they keep on coming back. An example of this, could be the various discount offers that are given to the customers on special occasions, such as Christmas. Whatever management techniques are chosen by organizations, the main thing to consider is that they should fulfill the needs of the organization and also, of the employees, customers and the partners.

According to business experts, the most effective techniques are those that are a mix of all the styles. The management styles that are followed, should depend upon the situation that an organization is facing. In the fast changing business environment, it will neither be practical nor profitable, to stick to only one style. That is why the management gurus, when giving management tips, always insist that only the organizations that evolve their management techniques, according to the ever-changing corporate culture, will survive to see the future.