Assigment #9 Definitions  Student's name: Giselle Rivas Alcantar 

                                                                                                                                NUA: 415485

Task 1 Definitions

Administration

Provide a definition of administration.

They are the processes and activities carried out by a group of people in order to achieve a short or long-term goal.

Concepts of Administration

Organizational culture: Set of the different ways of acting derived from the values and beliefs present in an organization.

Departmentalization: Structure that establishes the coordination relationships in the subdivisions of a company.

Efficiency: State that reflects the positive results in a cycle of resources-process-result

Manager: Person in charge of keeping the activities in an organization in order and under control.

Mission: It is the reason for being of an organization because it explains its existence.

Vision: They are the aspirations of the organization.

Quality control: Set of actions that aim to guarantee the quality of the products or services offered by the organization.

Aptitude: Potential Skill

Decentralization of authority: Delegation of authority among a number of people within an organization for decision-making.

 

Universal functions in Administration

• Planning
• Organization
• Direction
• Control

Business

Define Business

It is an organization dedicated to commercial activity, it can be for-profit or non-profit.

Concepts of Business. (Define them in detail) Objective of Business.

Business model: Method by which an organization generates income.

Business plan: Scheme in which the aspects of a business are evaluated.

Company profile: Precise description of the desired business in which it is explained how it plans to be carried out.

Capital: They are the assets invested in a business by its owners.

E-commerce: Method used to buy and sell products or services with the use of the internet.

Competitive advantage: Defining an area in which you will compete and choosing something that will put you ahead of the market.

Customer service: These are all actions aimed at customers before, during and after the purchase to ensure them a good experience.

Types or classification of business. (Define each in detail)

#1 Sole Proprietorship

It is a company that is owned by a single person, that is, one person has total control of an organization. In it, the owner and the company itself share the same identity in the eyes of the law.

#2 Partnership

It is a company that is owned by two people who are known as partners.

In these types of companies you can find different types:

·       General Partnerships: In it, each partner has the same responsibility and both participate in the operations of the business. If one of the partners makes a mistake, both partners must pay for the mistake.

 

·       Limited Partnerships: In them there is a majority partner or general partner who is in charge of most of the operations of the company and on whom most of the responsibility falls, and there are limited partners who only assume a responsibility equivalent to their financial participation in the business.

 

·       Limited Liability Partnerships (LLP): they are similar to general partnerships, because there are several partners in charge of business operations. The difference is that in this partnership each partner is responsible for his own actions in case of debts or situations that damage the business.

#3 Limited Liability Company (LLC)

They are flexible companies in which companies can have their own legal entity in order to protect their owners from being personally responsible for damaging operations for the company such as debts.

#4 Corporation

A corporation is more difficult to be created because there is an obligation to write articles of incorporation where the name, purpose and location of the company are disclosed.

Unlike partnerships, when an owner dies or goes bankrupt, the corporation does not cease to exist because the owner and the corporation are separate legal entities.

There are three main types of corporations:

·       C Corporation: It’s the most common form of incorporation in which the corporation is taxed as a purely commercial entity.

·       S Corporation: It’s almost the same as a C corporation with the difference that in this there is a limit of 100 shareholders per corporation.

·       Non-Profit Corporation: These are usually used by charities and therefore are tax-free.

 

What does “form of business ownership” refer to? Provide definitions.

It refers to the way the following happens in a business:

·       Capital contribution.

·       The way the profits are divided.

·       Who takes care of the debts and legal problems of the company.

·       Whether the company can continue in existence even without its owner.

·       In how the business is managed.

·       Whether the company has legal entity or not.

·        

Management

Define management.

It is a process by which people are managed through planning, organization, staffing, direction, coordination and control through a leader or person in command.

 

Functions of management. (Describe them in detail)

1. Planning

It is deciding what is going to be done, how it is going to be done and when. It is necessary to ensure proper use of resources.

 

2. Organizing

It is the process in which the resources are obtained to carry out what is planned.

In this process:

·       Activities are identified

·       Roles are assigned

·       Authority is delegated

·       Relationships of authority and responsibility are coordinated

 

3. Staffing

The structure of the organization is managed so that suitable people are positioned for the different positions.

Staffing involves:

•          Manpower Planning .

•          Recruitment, Selection & Placement.

•          Training & Development.

•          Remuneration.

•          Performance Appraisal.

•          Promotions & Transfer.

· 

4. Directing

It is that part of the administration in charge of guiding, supervising and motivating the staff to achieve the goals of the organization.

Direction has following elements:

•          Supervision

•          Motivation

•          Leadership

•          Communication

 

5. Controlling

It is based on redirecting deviations in the process before they represent a real problem and thus be able to continue advancing towards organizational goals and objectives.

Controlling has the following steps:

• Establishment of standard performance.

• Measurement of actual performance.

• Comparison of actual performance with the standards and finding out deviation if any.

• Corrective action.

 

Important areas of knowledge for a business manager. Mentions as many as you know or find.

·       Communication. Communication skills in business management are key.

·       Management & Leadership.

·       Financial Intelligence.

·       Technology.

·       Critical Thinking & Problem-Solving.

·       Creativity and Innovation.

 

Organization

Provide a definition of organization. Be extensive.

Organizations are human groupings that work together under the direction of the same hierarchical organizational structure in which there are specific roles to achieve specific objectives. An example of an organization would be any company because they all have a mission and a vision.

Bibliography

Basic Functions of Administration: Planning, Organizing, Directing and Controlling (2021). O Reilly. Retrieved from: https://www.oreilly.com/library/view/educationaladministration -and/9788131771624/xhtml/chapter005.xhtml

Krakoff, S.(n.d.). Top Business Management Skills Companies Look For. Champlain College Online. Retrieved from: https://online.champlain.edu/blog/top-business-management-skills

Concept of Administration, Management and Organization. (n.d.). Inflib Net. Retrieved from: http://epgp.inflibnet.ac.in/epgpdata/uploads/epgp_content/S000012ED/P001887/ M032084/ET/1541496101Note_ConceptofAdministration,ManagementandOrganization.pdf

What is Business: Definition, Concepts, and Characteristics. (November 15 2020). Business Yield. Retrieved from:  https://businessyield.com/bs-business/what-is-business/

Setting business objectives. (2021). Hitachi Capital. Retrieved from: https://www.hitachica pital.co.uk/business-finance/business-resource-centre/smart-business-planning-for-smes/setting-business-objectives/

Types of Businesses: Different ways to run your business. (n.d.). Corporate Finance Institute. Retrieved from: https://corporatefinanceinstitute.com/resources/knowledge/str ategy /types-of-businesses/

Define the Term Business Ownership: What You Need to Know. (n.d.). upcpunsel. Retrieved from: https://www.upcounsel.com/define-the-term-business-ownership

Forms of ownership. (n.d.). Hsel Spark. Retrieved from: https://news.hselspark.co.za/wp/ wp-content/uploads/2020/06/Forms-of-ownership-Gr10-2020.pdf

Functions of Management. (n.d.). Management Study Guide. Retrieved from: https://ww w.managementstudyguide.com/management_functions.htm