Business Administration

economic-dictionary

Business administration is an organizational method and practice based on the management of mercantile companies with the aim of taking them to their greatest possible optimization.

With the development of the business concept and the emergence of new models, business administration has established itself in recent decades as a business or economic science in itself.

Through business administration it is pursued that each economic unit or company manages to function in the most optimal or efficient way possible, managing its resources and capacities in a coherent way.

In other words, based on existing characteristics or conditions that a particular company has, it is possible to draw a path and goals. These goals can be efficiently achieved thanks to the application of a correct and adequate business administration for these conditions.

Business administration is also known as a field of study. In fact, many bachelor's degrees, degrees or study modules bear this name. A well-attended university career is that of business administration.

Main features of business administration

This economic methodology arises from the combination of different points of study and application, such as the mathematical field, the application of marketing to the company, taxation or cost control as in the case of industrial accounting.

On the other hand, the concepts of administration and management are widely applicable to the economic reality, since their development is common in both the public and private sectors.

The administrative tasks of the State or large public companies are also susceptible to the application of this science.

In this sense, the basic action map of business administration could be established in:

  • Statement of objectives that the company pursues with its economic activity. Also known as planning
  • How it will use its structure and resources to achieve them. At this point enter the different departments that it has and the way in which they interrelate (Human Resources, Marketing, Production, Sales ...) They would be the steps of organization and direction
  • Lastly, constant supervision of the operation of the company and the action in case of need for corrections or changes of objectives is necessary. It is the control of the company and its subsequent evaluation

Tags:  Business economic-dictionary accounting 

Interesting Articles

add