Business management – management of a business. Business management rule #1 is delegation, assign the best qualified people to each position and trust your staff to do the work instead of trying to do everything yourself. It includes all aspects of overseeing and supervising business operations. Management is the act of allocating resources to accomplish desired goals and objectives efficiently and effectively; it comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.
Overview
The administration of a business includes the performance or management of business operations and decision-making, as well as the efficient organization of people and other resources to direct activities towards common goals and objectives. In general, “administration” refers to the broader management function, including the associated finance, personnel and MIS services.
Administration can refer to the bureaucratic or operational performance of routine office tasks,[2] usually internally oriented and reactive rather than proactive. Administrators, broadly speaking, engage in a common set of functions to meet an organization’s goals. Henri Fayol (1841-1925) described these “functions” of the administrator as “the five elements of administration”.[3] According to Fayol, the five functions of management are planning, organizing, commanding, coordinating, and controlling.
Academic degrees
Bachelor of Business Administration
Main articles: Bachelor of Business Administration and Bachelor of Commerce
The Bachelor of Business Administration (BBA, B.B.A., BSBA, B.S.B.A., BS, B.S., or B.Sc.) or Bachelor of Commerce (Bcom. or BComm) is a bachelor’s degree in commerce and business administration. The duration of the degree is four years in the United States and three years in Europe. The degree is designed to give a broad knowledge of the functional aspects of a company and their interconnection, while also allowing for specialization in a particular area. The degree also develops the student’s practical, managerial and communication skills, and business decision-making capability to succeed in the competitive world. Many programs incorporate training and practical experience, in the form of case projects, presentations, internships, industrial visits, and interaction with experts from industry.
Master of Business Administration
Main article: Master of Business Administration
The Master of Business Administration (MBA or M.B.A.) is a master’s degree in business administration with a significant focus on management. The MBA degree originated in the United States in the early-20th century, when the nation industrialized and companies sought scientific approaches to management. The core courses in an MBA program cover various areas of business such as accounting, finance, marketing, human resources, and operations in a manner most relevant to management analysis and strategy. Most programs also include elective courses.
Doctor of Business Administration
Main article: Doctor of Business Administration
The Doctor of Business Administration (DBA, D.B.A., DrBA, or Dr.B.A.) is a research doctorate awarded on the basis of advanced study and research in the field of business administration. The D.B.A. is a terminal degree in business administration, and is equivalent to the Ph.D. in Business Administration.
PhD in Management
Main article: PhD in Management
The PhD in Management is the highest academic degree awarded in the study of business management. The degree is intended for those seeking academic research- and teaching-careers as faculty or professors in the study of management at business schools worldwide.
Doctor of Management
Main article: Doctor of Management
A newer form of a management doctorate is the Doctor of Management (D.M., D.Mgt., DBA, or DMan). It is a doctoral degree conferred upon an individual who is trained through advanced study and research in the applied science and professional practice of management. This doctorate has elements of both research and practice relative to social and managerial concerns within society and organizations.
Advanced Management Program
An Advanced Management Program (AMP) is an intensive non-degree senior executive education program often offered by elite business schools and aimed at senior managers and government officials. It is offered by business schools in several parts of the world, including North America, Europe, India, and Australia. Participants usually have at least 15 years of management experience and are within one or two levels of the C-suite.
Such programs include the core curriculum of MBA and Executive MBA programs because, according to the Wall Street Journal, “these students are well beyond that fare.” Instead, Advanced Management Programs focus on teaching “how to lead … and the fine art of executing a vision.” The Columbia Business School AMP, for example, is built on three pillars: Leading authentically, thinking strategically, and executing dynamically.
Advanced Management Programs are usually highly selective. Business schools only offer them at most twice per year and generally limit class sizes to no more than 50 students. Admission to Advanced Management Programs, rather than being based on academics or standardized test scores, is based instead on testing, management seniority, and workplace accomplishments.
In 2008, Advanced Management Programs generally cost within the range of US$50,000-$98,000 at top business schools, and 95% of students were sponsored by their employer. As of 2020, example AMP tuition prices were CHF 30,000 at IMD, €38,500 at INSEAD, US$78,450 at Columbia, US$79,500 at Wharton, US$65,000 at MIT, and US$82,000 at Harvard.
Some business schools offer alumni status to students who complete the school’s AMP, while other business schools do not.
History
The first Advanced Management Program began at Harvard Business School in 1945, which is considered a degree program at the conclusion of World War II. The forerunner to Harvard’s AMP was a series of seminars for New England businessmen taught by Harvard Business School professor Philip Cabot prior to the war. Professor Cabot’s seminars became more formalized during the war and turned into the Advanced Management Program at war’s end. Harvard’s AMP was a role model for similar programs elsewhere. By 1951, five more universities offered similar programs. By 1958, 39 additional similar programs had been created at other business schools.
