Functional Areas of Business Essay - 1117 Words

Analyzing the functional areas of Management Adrean D.Thomas MGT/521 September 3, 2013 Dr. Machen Analyzing the functional areas of Management In all types of businesses (big or small), managers play a key role in the efficiency, profitability, and functionality of how the business meets its goals and successes. The purpose of managers are to oversee and coordinate the work of others. As managers, it is important that ensure that the business’ greatest resource, which are its employees, are used effectively. There are several functional areas within business that managers play a role in one way or another. These functional areas are business law, human resource management, leadership, accounting, finance, economics, research†¦show more content†¦Managers who are good leaders can to use their leadership skills to handle and resolve conflict that may arise, and solicit cooperation through organizational change. Management and leadership are skills that go hand in hand. As a manager, one must organize the work of personnel not just to maximize efficiency, but lead them by nurturing skills to develop talent and inspire results (Murray, 2009). Accounting is a critical function in management. Whether a for profit business or nonprofit business, both need and use money to survive and succeed. It is important that managers understand the fiscal competencies within their area of responsibility to be good stewards of the funds or profits they are accountable for. There are two components to accounting financial and managerial. Managers in financial accounting create financial documents, such as balance sheets and income statements through the tracking of expenses and profits within a business. Managers in managerial accounting use these statements created by financial managers to in their decision-making processes to make efficient use of funds and control costs. Finance is a function of business that concentrates on the fiscal properties of a business, such as revenue, loans, grants, and subsidies. Like accounting, finance is critical to any business if it wants to succeed in a competitive business word. Managers must be able to identify how and whenShow MoreRelatedFunctional Areas of Business1107 Words   |  5 PagesFunctional Areas of Business Management MGT/521 Functional Areas of Business The functional areas of business are areas that allow the organization to operate, develop, and progress abiding by laws and regulations when implementing policies and procedures in the organization to all employees and management. 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Although, all of the functional areas are essential to the success of a organization, two areas stand out as key to getting the business startedRead MoreFunctional Areas in Business1844 Words   |  8 PagesTask 1: Research different functional areas, provide definitions of each of these functions: * Customer Servise Customer service is the provision of service to customers before, during and after a purchase. Customer service is a series of activities designed to enhance the level of customer satisfaction – that is, the feeling that a product or service has met the customer expectation. 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These areas frequently, if not constantly, interact with one another to ensure that the organization succeeds. This paper will summarize two of these functional areas: Operations and Project Management. We will also review theRead MoreFunctional Areas of Business Essay1174 Words   |  5 PagesFunctional Areas of Business MGT/521 October 12, 2012 Functional Areas of Business The pursuit of the MBA focuses  on developing  leaders in the area of business administration. 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With regard to price, firms with a low-price-differentiation with focus strategy mustRead MoreFunctional Areas of Business Paper917 Words   |  4 PagesFunctional Areas of Business Paper Takeia A. Arkwright MGT/521 Management December 5, 2012 Dr. Irvin Clark    Different operational functions are always in place when dealing with business. Healthcare Management and Human Resource are 2 points of interest that are a direction I would like to achieve. Coordinating the work of the department, work activities of a team of people. Finding out the direct purpose of the organization organizing people or department to performRead MoreFunctional Areas in a Business Organization Essay1975 Words   |  8 PagesFunctional Areas in Business Organisation In all industrial companies there are a number of key tasks or function that must be carried out regularly. Stock must be bought, the bills must be paid, the customers have to be served and the customer enquiries have to be dealt with. In a small organisation all the jobs may be done by one or two people occasionally, however in a large organisation people have to be specialised in many different individual tasks. A big company is usually easier to identifyRead MoreManagerial Roles Within the Functional Areas of a Business1026 Words   |  5 Pages ï » ¿Managerial Roles within Functional Areas of Business Adriana Tovar For a business to succeed there are lots of things and people required but among the most important people needed, the managers are the most essential and can make a difference between losing money and making profit. CieÅ›liÅ„ska describes a manager as â€Å"a person who fulfills the primordial managerial functions (planning, organizing, motivating and controlling) and is the superior of given human team† (2007). There are managers