Business operation and business management?
What is the differences between business operation and business management ?
- 1 decade agoFavorite Answer
"Management" (from Old French ménagement "the directing", from Latin manu agere "to lead by the hand") characterises the process of leading and directing all or part of an organisation, often a business, through the deployment and manipulation of resources (human, financial, material, intellectual or intangible). Early twentieth-century management writer Mary Parker Follett defined management as "the art of getting things done through people."
One can also think of management functionally, as the action of measuring a quantity on a regular basis and of adjusting some initial plan, and as the actions taken to reach one's intended goal. This applies even in situations where planning does not take place. From this perspective, there are five management functions: planning, organizing, leading, co-ordinating and controlling. For others though, this definition, while useful, is far too narrow. The phrase "management is what managers do" is also prevalent, conveying the difficulty with which management is defined, the shifting nature of definitions, and the connection of managerial practices with the existence of a managerial cadre or class.
Management is known by some as "business administration", although this then excludes management in places outside business, eg charities and the public sector. University departments that teach management are nonetheless usually called "business schools". The term "management" may also be used as a collective word, describe the managers of an organization, for example of a corporation.
From the most general systemic perspective , management is a high level mental and communication activity (by tasks emission), of the indirect goal-oriented control of the domain of interest using autonomous execution and information entities/agents/units. The main management generic missions are: confrontation of objectives with the possibilities, planning, and leading of autonomous human units to the goal achieving. In every such situation, a continuous decision-making is required.
Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets owned by a business. Assets can be either physical or intangible. An example of value derived from a physical asset like a building is rent. An example of value derived from an intangible asset like an idea is a royalty. The effort involved in "harvesting" this value is what constitutes business operations.
Business operations encompasses three fundamental management imperatives that collectively aim to maximize value harvested from business assets (this has often been referred to as "sweating the assets"):
1. Generate recurring income.
2. Increase the value of the business.
3. Secure the income and value of the business.
All three imperatives are mutually dependent. The following basic tenets illustrate this interdependency:
* The more recurring income an asset generates, the more valuable it becomes. For example, the products that sell at the highest volumes and prices are usually considered to be the most valuable products in a business's product portfolio.
* The more valuable a product becomes the more recurring income it generates. For example, a Mercedes Benz can be leased out at a higher rate than a Toyota Corolla.
* The intrinsic value and income-generating potential of an asset cannot be realized without a way to secure it. For example, petroleum deposits are worthless unless processes and equipment are developed and employed to extract, refine, and distribute it profitably.
The business model of a business describes the means by which the three management imperatives are achieved. In this sense, business operations is the execution of the business model.
- Anonymous6 years ago
Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets owned by a business. Assets can be either physical or intangible. An example of value derived from a physical asset like a building is rent. An example of value derived from an intangible asset like an idea is a royalty. The effort involved in "harvesting" this value is what constitutes business operations.Source(s): http://www.allegiancecompanyinc.com/
- 6 years ago
Business management and operation involves the planning and execution of strategies and systems to make a business or corporation work properly. Read on to find out more about the field of business management and operations.
- 6 years ago
Operations management refers to the administration of business practices to create the highest level of efficiency possible within an organization. Operations management is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.
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- Anonymous7 years ago
Great service is always expected by the finest hotels and restaurants, but by great nonprofits? Absolutely, according to Pamela Grow. The fundraising coach and consultant writes in the recently published “The Essential Fundraising Handbook for Small Nonprofits,” that nonprofits too should strive to provide exemplary service, i.e., stewardship, to their donors. Charms is a complete financial package as well! It will help you track fundraisers and disburse profits. You can manage local and international trips with ease. Charms helps you create fixed billing items and knows who paid them, who still owes for repairs, and can give you a running balance of your activity fund and booster club bank accounts. Parents can even pay for trips and fees online with credit cards through our exclusive Parent/Student Area.Source(s): http://charmsoffice.loginq.com/
- 6 years ago
With the business environment in a constant state of change, it has become increasingly important that business processes adapt to new conditions quickly. BPM helps make processes more agile through a framework that requires rigorous documentation of the steps in a process. The rigor of the BPM process helps provide a clear comprehension of each step in the workflow process. Detailed knowledge can allow organizations to understand the impact that change may have on their business processes. An organization that understands the impact modifying its business processes may have on the organization’s profitability may be better able to adapt to change and rapidly deploy the best option.Source(s): https://tr.im/Lmgiz
- haslingerLv 44 years ago
actual something a sprint different would be right for you — a level in "technologies administration" (BSTM), called "business technologies" (BSIT). those tiers combine company classes with technical classes. those tiers are accepted via ATMAE. See the record of accepted tiers below. Graduates can notice for Certification as CTM (qualified technologies supervisor).
- Anonymous7 years ago
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