What is Business Administration? What is Business Management? SBA, Refi Online Colleges

1. What is business administration? In this
quick video, I will answer that question and tell you what you need to know about Business administration.
Business administration basically means all the activities that are needed to keep a business
running. This includes organising the right people by giving them specific tasks, managing
business assets and making decisions that drive the business to meet its goals. Business
administrators are key to ensuring that the business adapts to external changes by implementing
internal reorganisation. Two schools of thought for Business Administration and Management
are Fayolism and Taylorism. Fayolism is named after the 20h century French mining engineer
Henri Fayol. His 5 elements of management are
1. Planning: Which involves creating a plan of action for the future.
2. Organizing: Ensuring that the people and resources required are available
3. Commanding: Which is leading employees to fulfil the plans
4. Coordination: Making sure all parts of the business are working well towards the
goals 5. Control: Reviewing
the organization’s performance. The other theory of Taylorism, also known
as Scientific Management was developed by Frederick Winslow Taylor, an American mechanical
engineer in the late 19th Century. Taylor’s main aims were to improve economic efficiency
by getting the most output from workers, reducing waste, mechanization and enhanced sharing
of information. Some of his principles were not considered humane treatment of workers
and are now disregarded. However many still underlie the modern field of Industrial engineering.
For more information about a Business Administration bachelor’s degree or MBA click on the link
to the left. For a list of the best business schools click on the link to the Right. Thank
you as ever for sharing, liking and subscribing.

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9 thoughts on “What is Business Administration? What is Business Management? SBA, Refi Online Colleges

  1. With the Fayolism, there are five elements; planning, organizing, commanding, coordination and control but with your explanation, you explained all but control and as well added reviewing

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