What Are The Different Areas of Business Management?
It is a very broad field that covers all the characteristics of a business organisation. It has six basic divisions. Accounting and Finance, Marketing, Human Resource Management, Operations/Research, and Supply Chain Management.
- Accounting and Finance: This is the process of summarising, recording, and reporting business transactions. It determines a company's financial position. This includes the cash flow statement, the income statement, and the balance sheet. It helps to understand the financial condition of the company in a given period. An accountant plays an important role in performing bookkeeping, auditing, and financial management.
- Marketing Management: This includes all activities that are necessary for the sale of goods and services. It deals with the implementation, planning, and analysis of the programs. Management forms to achieve a positive change in the market with the aim of achieving the goals. Often, case studies, decision-making, and planning are business tasks.
- Human Resource Management: The process of guiding employees to achieve organisational goals is HR Management. An HR manager carries out the hiring and training of the employees. It is the most important task for the HR manager of an organisation. Responsibilities also include evaluating employees for their performance and guiding them.
- Operation and Research: This is a complex business. Due to its multidisciplinary nature, students often do not understand its concepts. Operational and research management includes supervision, planning and elements involved in the production. Managers focused on achieving set goals and ensuring every input is successful.
- Supply Chain Management: The study of managing finances, information, and materials from one end to another. Supply chain involves the coordination and integration of this low-flow process. Thus, the fundamental goal of any supply chain is to use inventory as efficiently as possible.