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Business studies is the academic discipline that studies commercial institutions and practices in order to advise management and policy-makers about issues such as performance, organisation and behavior (especially from a historical perspective). When offering online business students homework help, we study businesses as units of analysis:
Business administration can be defined as the art of maximizing organizational effectiveness by achieving goals with minimal use of resources via application of specialized knowledge on production, distribution, pricing decisions through scientific methods and social organization process .
As a practical discipline, business administration is concerned with the administration of business entities. It involves organizational theory and management practice, encompassing corporate governance and strategy, organisation structure, finance, human resource management (HRM) etc.
Business studies is a degree in some countries such as India but most universities offer courses related to this field that are usually taken by students seeking further education or professional development in fields like finance, insurance, and others. This means, that is you need help with business studies assignment, you might be interested in our homework writing services as a whole.
A university business studies project on "theories of organization" classified business administration under "management science & systems", e.g., it was seen as being "part of decision sciences" which deals with modeling and analyzing decision making processes in organizations . ["Decision sciences" uses the scientific method to study how decisions are made.]
The major subjects of analytical business administration are:
Business studies or business administration as it is often confused is a related field but distinct from other fields like accounting, finance, IT (information technology) or law. However it shares many principles with these fields in terms of looking at the core aspects of functioning using statistical tools for data analysis . Business Studies graduates can be employed in all sectors of business ownership ranging from large companies to small family owned enterprise. The academic discipline originated not only as a response to economic needs during turbulent times but also colonialism by European imperial powers that led to introduction of modern business management education and research in India.
Business studies as a discipline was first developed in the 19th century but can be traced back to the 16th century when it evolved from medieval trade skills, customs and guilds. Increasing industrialization required a new form of organization that focus on efficiency – promoting entrepreneurship, leadership and innovation by not only recognizing financial cost savings via economic planning (quantitative approach) but also qualitative improvements in employee behaviour (humanistic approach), resulting in development of modern management principles i.e., practice. Initially this trend was observed among German economists such as Friedrich List who suggested that state's role should include "the promotion of industries" involving "the application of science to existing establishments, especially in agriculture and manufactures". In the 19th century, there was a shift in focus from production to consumption as the growing middle class demanded more goods. Business schools appeared, as did business journals, including Forbes (1917).
Note: If you need to read more on the history of business studies, refer to history assignment help section of our website.
Business education is now highly standardized for most of the world's business education system; however there are different formats: case study versus textbook approach. The modern concept of business administration resulted from industrialization that had been occurring since the revolution in Great Britain around 1760-1840s. This revolution led to rapid expansion of mechanized factories with large numbers of unskilled workers. Industrialists needed new ways to organize people who were now working mostly in urban centers and also needed to find "scientific" ways to oversee complex operations which required technical training in engineering and applied science. This revolution also resulted in a need for control over workers which was handled by introducing the concept of bureaucracy. The large companies hired graduates from universities to work as managers, accountants, lawyers etc. These graduates were taught "scientific" principles such as rationalism (idea that human behaviour is orderly) and empiricism (idea that knowledge is based on experience) and the management practices like Taylorism i.e., breaking down jobs into parts or small tasks so they can be carried out by unskilled workers using scientific approach based on observation – e.g., study time spent at each task, recording best methods used by workers under specific conditions with data analysis to determine what is the best way for workers to achieve maximum results (i.e., finding right tools and work conditions) with minimum effort. This became known as scientific management.
These new graduates were taught courses on topics like accounting, finance and marketing which were applied sciences in nature i.e., they focused on applied knowledge using statistics and also practical steps in solving business issues by testing the idea through scientific method of observation – e.g., via case studies or real life examples based on data collected from experiments or observations that would be used for exploratory data analysis to find a solution to the problem studied followed by confirmatory data analysis for confirmation – e.g., study of sales figures within certain time period measured against advertising input such as posters, pamphlets, TV commercials and sales force such as door to door selling or direct marketing (like telemarketing) via phone.
These graduates made good managers because they were taught to think scientifically but in reality most businesses are too complex to be understood fully by one person so it is important that companies hire specialists like engineers, lawyers, accountants and market researchers who will work under the guidance of general manager e.g., chief executive officer (CEO). These experts need not only extensive knowledge of their own field but also well versed in other fields such as law, math & statistics etc. This is where business schools come in – universities now offer graduate level degrees in business which combine the applied science or engineering approach to business along with a basic theoretical discipline like economics which is said to be the most useful tool in solving managerial issues as every problem has an economic component.
Business education now focuses on how complex operations are coordinated by managers who must learn to explain themselves and their decision-making process because they work for many people including shareholders, investors etc. Business schools produce graduates who are able to manage large organizations using scientific method of analysing data – e.g., from experiments, surveys or research – and applying empiricism (i.e., experience) by testing ideas on small scale before scaling them up i.e., concept of pilot project where new idea is tested first in low cost/low complexity environment scaled up in future if found to be profitable (see second figure for a graphical representation of the above content).
Business studies can now be divided into three areas:
Business schools have been criticized for their curriculum being too oriented towards practical skills i.e., teaching students how to apply knowledge on real life situations rather than teaching them theory behind that knowledge so they will understand it enough not just to apply it but also modify and improve it.
But in the end, business schools produce managers who are trained to be:
Managers are taught with examples and concepts and their real education lies in applying what they have learnt i.e., on the job training to solve problems placed before them by management of their firms. In my view this makes them only as good as their judgment which is affected not just by knowledge/experience but also by their own personal inclinations like fears or greed – see Peter Drucker quote below:
Business schools claim that they deliver management skills so students will be able to handle all situations thrown at them while running a firm; but management has been criticized for being too generalist and not enough specialist because its content tends to focus more on principles and concepts rather than actual methods to be used in real life so that students are not just well versed readers of management journals but also skilled practitioners who can apply what they learnt on the job and improvise where necessary.
It is important here to understand that 'theoretic' knowledge is 'not less valid and reliable than what we know via experience because in both instances the process of learning involved data collection and analysis which requires us to use our minds: it may be true that a doctor will have more empathy for his/her patients who are being operated upon, but at any rate he/she must rely on his brain power alone (plus whatever assistance is provided by assistants) when making decisions like whether or not to operate, how long it will take etc.
But this does not mean one should ignore business studies because problems faced by doctors too require some form of knowledge i.e., if you go under surgery to have a tumor removed from your kidney, you want the surgeon to know how to go about it – for this he needs knowledge of surgery and also human physiology.
So in short one cannot consider scientific methods as superior to business studies because their purposes are different i.e., business studies is meant to teach general management skills which any student can apply while learning technical skills (like surgery) requires years of training and practice.
What would be more correct is saying that students going into engineering or law need not spend 4-5 years on studying business at schools like Harvard or Stanford but they must get appropriate work experience before doing anything so they could deal with real life situations efficiently: In a way these criticisms betray a loss of confidence in the ability of the American business schools to train its graduates for a career in management – which is certainly not something that can be taken lightly.
When it comes to choosing between an MSc or MBA degree, we find that both require quite similar commitment and time (for example completing an MBA at London Business School requires two years of study including a month-long internship in a leading organization) while some top universities like MIT have degrees like MS Management whose content overlaps with that of MBAs. Especially if you are young and want to prove yourself in your career by acquiring second level education as soon as possible, this kind of double-graduation might just work out very well: if you feel you only need some specific skills like financial analysis or how to put together a marketing plan (both of which your MSc might teach you), then there is no need to spend two years out of your life on earning an MBA – but this still does not mean one should ignore the importance of business studies.
History of business management
If we take a look back at history, we find that great men like Georges Schumpeter and Joseph Schumpeter were against diplomas in management because they felt that the content taught in these programs was too theoretical and did not help students understand real life situations enough:
This view has been echoed again recently by some renowned scholars who have spoken about the importance of experience over so-called 'informal' education: for example Peter Drucker argued that when comes to management skills, teachers cannot teach you everything but they can only prepare you for the rest of your career by 'making you aware' i.e., telling a student that he/she should be bold and make decisions is fine but it's not going to help him/her much if he doesn't know what those decisions are supposed to achieve in practice.
What needs to be stressed here is the fact that no one can teach anyone (including professors at business schools) how to deal with specific situations – because they do not know all the facts about any given situation and therefore have been forced to analyze data from previous similar instances so as to give recommendations which would work most times, never all. To put it in simple: business studies are the way to help students understand management better and at least give them a set of tools which would make their decision making process easier.
Some famous critics of business schools have suggested that what schools like Harvard or Stanford teach is not applicable in real life situations and so it's better to get your education right after studying science (or even during your undergraduate years): according to this view, management skills i.e., knowing how to select able people from the pool of applicants, motivate them or train them properly does not require any theoretical knowledge because all you need is common sense – having said this, they still admit that such managerial skills might increase your chances for success in any industry if you know how to use them efficiently.
This criticism of business schools is quite widespread – but it's not fair to say that Harvard or Stanford don't teach any applicable skills: after all, if you take a look at some companies which have become household names in the area of management studies – McKinsey for example – their most famous clients include big corporations like IBM and Siemens.
Furthermore, we should not forget the influence management studies can have on our education as well (whether they are taught during undergraduate years or later becomes irrelevant): in fact, many lecturers argue that matters related to statistics and probability (which are vital in managerial decision making) cannot be emphasized enough when comes to understanding real life situations because even if one does gain experience over time i.e., not during one's education, you will not develop the sixth sense about how certain variables are interlinked.
Besides the fact that management studies might impact on our knowledge or can even make it easier for us to understand real life situations better and improve managerial skills, there is also another important reason why every student should at least take some business related courses: it seems that a high paying job in management does not necessarily require an MBA degree but rather a certain set of skills which most people would want to acquire anyway because those who have those skills tend to be more successful than everyone else. Put differently: good managers do not simply learn their trade – they are born with certain qualities (even though if we put effort into developing them further as well as making our life easier and more comfortable, they will definitely become even better).
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