Administration, Business & Organization

 

Task 1 Definitions

 

Administration

Provide a definition of administration.

Administration is a process to design and organize the different capitals of a company or organization (financial, human, technological capital, among others). According to Stoner, Freeman and Gilbert Jr, administration is the process of planning, organizing, directing and controlling the work of the members of the organization, and likewise the use of available resources to achieve the established goals. (Stoner, Freeman and Gilbert Jr., p. 7)

The nature of the administration lies in creating structured processes, a good delegation of tasks and activities, maximizing the quality of the links and internal processes, optimizing resources, and minimizing errors. 

Concepts of Administration

·         Authority: It is the power and capacity that is given to a person to carry out the management and administration of an organization, carrying out certain tasks, in order to streamline and improve the internal processes of a company

·         Efficiency: Efficiency is the quality of the processes to meet the goals and reach the objectives, with the minimum amount of errors or there in the attempt

·         Effectiveness: Effectiveness arises when, through efficiency and effectiveness, the internal processes of the company are ironed, improving them and requiring less time

·         Efficacy: effectiveness is simply achieved when objectives are achieved in the manner determined or indicated

·   Hierarchy: It is the order that is indicated in a structure, according to its value or importance

·         Organizational climate: It is the work atmosphere created through the way of working and performing of the company's workers, as well as the principles and values ​​that govern the corporate essence

·         Method: it is the most correct and effective way to carry out a certain activity

·         Leadership: It is the quality that a person has to motivate a group of people to carry out certain activities, to achieve objectives; It also positively influences co-workers, prevents corporate coercion, and promotes work synergy

·         Coordination: is the harmonization of activities and tasks so that corporate objectives are achieved

·         Performance: refers to fulfilling an obligation or a task, also representing a position and complying with the indications that imply

·         Structure: is the organization and order of the parts that make up something

·         Mission: is the main goal of an organization, by which they govern their future activities and action strategies

·         Vision: It is the future visualization of an organization, as well as the plans that are expected to be fulfilled in a certain period of time

·         Organization chart: It is the instrument that allows organizing, classifying and structuring the positions of an organization, allowing to understand the activities delegated in each position

Universal functions in Administration

The main functions of the administration is the control, direction and execution of processes, activities, strategies, and tasks, in certain periods of time, using material resources, financial and human capital, efficiently and effectively, to satisfy the needs and objectives of the corporation.

Business

Define Business

It is a business activity that consists of managing a product or service, in exchange for a valuable currency; that is, the purchase / sale in which the parties involved benefits between themselves

Concepts of Business. (Define them in detail)

·         Business plan: set of tasks, information, projections, strategies and investments, planned for the future of a business

·         Strategy: smart action that allows the improvement of a process or activity

·         Strategic plan: set of strategies planned for the future to be carried out to benefit a company or business

·         Marketing plan: set of marketing strategies for various time frames, in order to position a product or service and promote its acquisition

·         Investments: the deposit of financial capital in business plans, so that the business has solvency for its future activities and needs, in order to become a stable business

Objective of Business.

Achieve a monetary transaction for the acquisition of a product or service, which satisfies the needs of whoever acquires it, and to generate income to whoever offers it

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

·         Sole proprietorship: A sole proprietorship is an unincorporated business that is owned by a single person. While it is the simplest of the business types, it also offers the least amount of financial and legal protection for the owner.

·         Partnership: It is a type of business that can be carried out together with another person, taking the role of a colleague or business partner

·         LLC (Limited Liability Company): Is a structure for private companies, it also combines different aspects of the partnership and Corporations. LLC benefit from the flexibility and flow-through taxation of partnership and sole proprietorship

·         Corporations: It is the most solid form of a business, it is legally, financially and fiscally solved and, in general, the size of these businesses is large, with higher rates of demand and therefore supply

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

It refers to the type of business that is going to be built, or the way in which a business is going to act in the future, depending on the size, social function, volume of the target market, among other factors.

Management

Define management.

Management is the pure action of controlling, directing and managing the resources of the organization, according to the needs that arise, in order that they are desired and adequate, to achieve the objectives that each organization can set itself

Functions of management. (Describe them in detail)

Direct and administer a business or a company, as well as analyze the constant contexts in which businesses or companies are involved, and the resolution of problems that threaten the stability and integrity of projects

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

Business administration, Finance, Marketing, public accounting, international trade, etc

Organization

Provide a definition of organization. Be extensive.

With all the prior knowledge of the concepts already mentioned in the paragraphs above, we can define that an organization is a set of people with common interests, specific goals and clear objectives. For the effective functioning of an organization, a good administration of resources must be carried out, such as human capital (the workforce), the money and investments that are necessary for the projects, and the necessary technology to carry out certain tasks or activities. An organization is successful when it manages to interconnect the above factors, as well as the achievement of a complete structuring of the people who make up the organization, and with it the tasks and responsibilities delegated according to the positions that are going to be performed in the areas of the organization 

Bibliographic References

CFI ™. (2018). Types of Business. https://corporatefinanceinstitute.com/resources/knowledge/strategy/types-of-businesses/

David, F. R. (2003). Conceptos de administración estratégica. Pearson Education.

Sanabria, M. (2007). On the concepts of administration, government, management, management and management: some epistemological elements and contributions for a better understanding. University & Business, 6 (13), 155-194.

Stoner, J. A. F., Freeman, R. E., & Gilbert, D. R. (1996). Management. Pearson education.