Business Administration Past Paper PDF - ASU x45s - Fall 2024

Business Administration ASUx45s FALL 2024 Lecture 1 Grades: Total (100 marks) = Midterm = 20 marks Assignments = 20 marks Quizzes = 10 marks...

Business Administration ASUx45s FALL 2024 Lecture 1 Grades: Total (100 marks) = Midterm = 20 marks Assignments = 20 marks Quizzes = 10 marks Seminar = 15 marks Final Exam Grade = 35 marks  Introduction to Business Administration 1. Business Business – Activity that seeks to provide goods and services to others while operating at a profit. “Business may be defined as human activities directed toward providing or acquiring wealth through buying and selling of goods.” 2. Administration Administration can be defined as the process of organizing resources efficiently to accomplish a goal. 3. Business Administration The concept of business administration is the process of managing every different angle of a business so it can run, expand, grow and succeed. Without business administration, all areas of the business would go unmonitored and would eventually break down. Business administration, in simple terms, is everything that encompasses a business. The administration of a business includes managing and monitoring absolutely everything to do with a business, from marketing, advertising, to the hiring and the management of staff. Administration and management Management involves guiding, directing, and leading employees toward achieving organizational goals. Administration involves establishing policies, rules, and regulations that guide the actions of employees and ensure organizational efficiency.  4. Common Business Terms Nonprofit organization – An organization whose goals do not include making a personal profit for its owners and organizers. Sole proprietorship – ‫ الملكية الفردية‬Business owned and managed by one person. (Taxed Once) Limited Liability – Partners are not responsible for debts of the business. e-commerce – Buying and selling of goods over the Internet. Need – Necessary wants (things you need in order to survive.) Want – Things you wish you could have Profit – The amount of money left over a business has paid for the cost of producing its goods & services Revenue – Total amount of money a business takes in during a given period by selling goods and services Loss – Occurs when expenses are more than revenues Competition – Rivalry among business who share target customers to sell their Demand – The amount of a good or service that customers are able and willing to buy at various possible prices during a specified time period. Resources – economic or productive factor required to accomplish an activity or achieve a desired outcome. Three most basic resources are: Other resources include: Land Energy Expertise Labor Entrepreneurship Management Capital Information Time Goods – Tangible products that are used to satisfy our needs. Services – Activities that are consumed at the same time they are produced. Importing – Buying products from another country Exporting – Selling products to another country Natural Resources – Raw materials supplied by nature that come from earth, water, air and are used to produce goods. Productivity – measurement of production per worker Efficiency – Producing goods and services using the least amount of resources Monopoly – a market in which there is only one seller for a product or service. 5. Concept of Administration A business manager may have a wide variety of responsibilities depending on the organization they are employed with. Universal functions include: Planning Organizing Staffing Directing, Controlling Budgeting 3.1 Importance of management Management is the process of getting things completed effectively and efficiently with and through other people. Planning A business manager is responsible for looking down the road and preparing the organization for what lies ahead. Involves:  Budget projections  Market research  Strategic planning. Organizing The purpose of organizing is to create the optimal environment for workflow efficiency and results. Goals must be defined first prior to Organizing Business administrator then:  Identifies responsibilities to be performed  Analyzes the human resources and tools needed  Delegates the responsibilities This may involve reorganizing or developing new departments or creating new roles. Staffing This role is a large part of any business administrator’s job.  Determining staffing needs  Preparing job descriptions  Interviewing  Training An effective manager understands issues such as:  Diversity  Ethics  Politics Directing The “sweet spot” of directing is finding the balance between staff needs and economic production. This involves:  Allocating resources properly  Providing a support system that responds to problems quickly  Motivating employees  Lead staff towards a common goal with strong interpersonal skills. Controlling Controlling involves evaluating quality at all levels of the organization. By tracking work and comparing it to the strategic plan, a business manager can minimize deviations from the plan. Controlling tasks include analysis of:  Business expenses  Information management  Performance measurement Budgeting Critical to any business manager’s success are:  Projecting  Tracking  Reviewing the budget Important areas of knowledge for a business administrator include:  Statistics  Marketing  Human resources  Economics  Decision-making  Logic  Problem-solving  Interpersonal skills