Business Administration Course - Fall 2024

Business Administration Course - Fall 2024

• Course Grading: Total 100 marks
  • Midterm: 20 marks
  • Assignments: 20 marks
  • Quizzes: 10 marks
  • Seminar: 15 marks
  • Final Exam: 35 marks

Introduction to Business Administration

• Business: An activity providing goods and services for profit. Defined as human activities focused on acquiring or providing wealth through buying and selling.
• Administration: Organizing resources efficiently for achieving goals.
• Business Administration: Managing all aspects of a business to ensure its success. Includes everything from marketing and advertising to staff management. This process keeps all areas monitored which prevents a lack of supervision and eventual breakdown.
• Management: Guiding, directing, and leading employees towards organizational goals.
• Administration: Establishing policies, rules, and regulations that guide employees' actions, leading to organizational efficiency.

Common Business Terms

• Nonprofit Organization: An organization not focused on personal profit, but rather on their set goals.
• Sole Proprietorship: One-person owned and managed business.
• Limited Liability: Partners are not personally responsible for business debts.
• E-commerce: Buying and selling of goods online.
• Need: Essential items for survival (necessary).
• Want: Desired items, beyond basic needs.
• Profit: Money left over after business expenses.
• Revenue: Total money taken in by a business over a period.
• Loss: When expenses surpass revenue.
• Competition: Businesses' rivalry for shared customers.
• Demand: The quantity customers are willing to buy at different prices, at a specific time.
• Resources: Factors needed to achieve goals (Land, Labor, Capital, Energy, Entrepreneurship, Information, Expertise, Management, Time).

Concept of Administration

• Goods: Tangible products satisfying needs.
• Services: Activities consumed simultaneously with their production.
• Importing: Buying products from another country.
• Exporting: Selling products to another country.
• Natural Resources: Raw materials from nature (Earth, water, air).
• Productivity: Output produced per worker.
• Efficiency: Maximum output with minimal resources.
• Monopoly: A single seller in the market for a certain product or service.
• Universal Business Functions: (a) Planning (b) Organizing (c) Staffing (d) Directing (e) Controlling (f) Budgeting, as these are universal responsibilities for business managers, according to the document.

Importance of Management

• Planning: Preparing the organization for the future (Budget, market, strategic planning).
• Organizing: Creating the suitable work environment for efficiency and results. Prioritizing goals before organizing.
• Staffing: Managing staff needs (Determining needs, descriptions, interviews, training).
• Directing: Balancing staff needs with the goals of the business.
• Controlling: Evaluating the organization, tracking progress for the strategic plan and minimizing deviations or problems from the plan.
• Budgeting: Forecasting, tracking, and reviewing budgets for success.

Knowledge for Business Administrators

• Statistics
• Marketing
• Human Resources
• Economics
• Decision-making
• Logic
• Problem-solving
• Interpersonal Skills

This quiz covers key concepts in Business Administration, including the definitions of business, administration, and management. It aims to assess your understanding of how to manage resources effectively and ensure organizational efficiency. Prepare for a mix of topics that form the foundation of successful business operations.