Business administration is an organizational method and practice based on the management of commercial companies with the aim of bringing them to the highest possible optimization.
With the development of the concept of enterprise and the emergence of new models, business administration has been consolidated in recent decades as a business you or economic science itself.
That is, based on existing characteristics or conditions and with which a particular company has, it is possible to draw a path and ends. These goals can be efficiently achieved thanks to the application of a correct and adequate business administration for these conditions.
Business administration is also known as a field of study. In fact many degrees, degrees or modules of studies bear this name. A very studied university career is that of business administration.
Main features of business administration
This economic methodology arises from the combination of different points of study and application, such as the mathematical field, the application of marketing to the company, taxation or cost control as in the case of industrial accounting.
On the other hand, the concepts of administration and management are widely applicable to economic reality, since their development is common in both the public and private sectors .
The administrative tasks of the State or of large public companies are also subject to the application of this science.
In that sense, the basic business management action map could be established at:
- Statement of objectives that the company pursues with its economic activity. It is also known as planning
- How you will use your structure and resources to achieve them. At this point, the different departments that you have and the way in which they interact (Human Resources, Marketing, Production, Sales …) would be the organizational and management steps
- In the last place it is necessary the constant supervision of the operation of the company and the action in case of needing corrections or changes of marked objectives. It is the control of the company and its subsequent evaluation