What are the roles played by a business administrator?
Business Administrator is someone who handles all the financial management of a business. His specific role varies from one company to another.
A business administrator understands the business operations and processes. His roles may involve accounting, finance, marketing, economics, statistics, human resources, and decision-making. In small organizations, business administrator manages administrative support services but in large organizations, there are several levels of managers who specialize in different areas from human resources to facilities management.
What is the difference between administration and management?
Management and administration are two different words but mean almost the same apart from some slight differences.
- 'Administration' deals with the setting up of objectives and crucial policies for every organization, whereas 'management' is the act of putting the policies and plans decided upon by the administration into practice.
- Administration is a decision-making body, while management executes those decisions made by the administration.
- Administration works at the top level, whereas management operates in the middle level.
How does business contribute to economic development?
Economic growth is measured by the changes in the gross domestic product of a country over a year. The growth of the economy is related to business as business involves money. Real economic development can be seen from the major improvements in living standards, expansion of the existing market and the opening of new ones. Therefore, when a business enterprise is setting objectives and planning strategies for the future, economic growth is an important aspect to consider.
Is management a profession? Give reasons.
Yes, management is considered a profession as it has the following features:
Well defined body of knowledge: In management, there is a systematic body of knowledge which is an important feature of any profession.
- Restricted Entry: You can enter any profession through an examination or degree. In case of management to companies prefer to appoint candidates only with an MBA degree.
- Presence of professional associations: In every profession, you need to get registered to special associations that are established for that particular profession and very soon it will be mandatory for management also.
- Existence of ethical codes: For every profession, there is a set of ethics fixed by professional organizations which is to be followed by all the employees and employers of that profession. In case of management, there is a growing emphasis on the ethical behavior of managers.