Economics and Business Management
What Is Business Management?
Business management is a rigorous and dynamic discipline that examines business decision-making processes and how these decisions impact on and are affected by internal and external environments.
It is the study of both the way in which individuals and groups interact in an organization and of the transformation of resources.
Why Study Business Management?
Business Management provides students with the skills to make sense of the circumstances that drive change in an interdependent and multicultural world. Emphasis is placed on the ideals of international cooperation and responsive citizenship.
Management jobs are typically complex and require a range of different skills. Certainly it is crucial that managers are able to communicate with, motivate and develop their staff successfully because human beings are quite literally an organisation’s most important resource.
Quantitative ability in terms of producing or interpreting accounts, running budgets, making investment decisions and monitoring headcount is also important for managerial work. A grasp of the relevant legislation also helps managers to ensure that their organisation is always functioning well within legal limits.
Finally, the only certainty in a global and highly competitive economy where developments in information technology have arguably rendered geographical distance irrelevant, so sensitivity to the environment and the ability to manage change are also key competencies in the managerial portfolio.
The Importance of Business Studies
Business Studies looks at the way Businesses work, thrive and become successful. It is one of the most interesting subjects in that it combines theory with real life case studies. Indeed, the proliferation of business news on TV, newspapers and other media has made this one of the most important areas in today’s world. Most people either consciously or unconsciously have a vested interest in the business world and this highlights the importance of Business Studies as a subject.
The study of Business provides the opportunity to understand how businesses work and why some businesses succeed and others fail. Business Studies allows students to become discerning and logical in their thinking. It gives them the ability to pursue independent research in a meaningful way and make reasoned judgments.
Aims of Business Management
The aims of the business management course are:
· promote the importance of exploring business issues from different cultural perspectives
· encourage a holistic view of the world of business
· enable the student to develop the capacity to think critically about individual and organizational behaviour
· enhance the student’s ability to make informed business decisions
· enable the student to appreciate the nature and significance of change in a local, regional and global context
· promote awareness of social, cultural and ethical factors in the actions of organizations and individuals in those organizations
· appreciate the social and ethical responsibilities associated with businesses operating in international markets.