How to complete business management assignment: Topics to take your scores and grade high up

06 Dec How to complete business management assignment: Topics to take your scores and grade high up

An assignment can be defined as an expressive tool which can be used for describing the facts and findings related to a specific topic. It also provides the students with an opportunity to understand the subject in detail and improve their grades. Compiling an assignment for business management requires a lot of patience and hard work supported by detailed research and tenacity. A business management assignment has the ability to talk about the criteria and the facts which are associated with managing a business activity or any organization. However, when you write an assignment, it is advised to seek business management assignment help from the business management assignment experts to know more about the process and fundamentals of writing the assignment.

The course of business management provides a broad understanding of managing and regulating the process of management of a business organization or any group of individuals who are involved in performing any business activities. It is also regarded as the element which creates the strategy of maintaining a business and the process of executing the best practices through it. Although there are numerous different activities and functions that fall under the process of business management, the most significant departments and functions of business management are:

  • Production management
  • Research and development
  • Operations management
  • Marketing management
  • Human Resource Management
  • Accounting and Finance Management

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The processes and functions included in each of the above departments of business management are explained below.

  • Production management

The production function of the business organisation include the activities that are necessary for producing the products and services that are sold by the business organisation. The main responsibilities of this function include the planning and scheduling of the production process, controlling and supervisor the production workforce and managing the quality of the product which includes process control and monitoring. The production management process has become even more important for the profit organisations as it is very difficult to standardise the service as compared to the manufactured products. Therefore, the quality of service produced by a business organisation is more variable and is dependent upon the human resource and their level of motivation along with the business environment. Along with this, it is also difficult to store the services, unlike the manufactured products. They are simultaneously produced and consumed and therefore the productive capacity of the business organisation has to be prepared and altered to ensure that proper services are provided to the customers as per their requirements.

  • Research and development

The Research and Development (R&D) function is concerned with developing new products or processes and improving existing products/processes. R&D activities must be closely coordinated with the organisation’s marketing activities to ensure that the organisation is providing exactly what its customers want in the most efficient, effective and economical way. It is the R&D function that provides a platform for creativity and innovation to flourish in an organisation. Innovative breakthroughs have happened only because of painstaking efforts of the R&D function. Perseverant efforts are needed when one is in pursuit of research. Every failure in a R&D effort increases the pressure to perform.

  • Operations management

The operations management function of the business organisations includes the management of the overall operations and running of the business organisation. This includes the best operational method and factory layout depending upon the requirement of the business organisations, maintenance of the plant and equipment of the organisation and control of inventory. Also required close collaboration with the other functions of the business organisation including resource and development, marketing and Finance. The operations function is also concerned with acquiring goods and services for use by the organisation. These will include, for example, raw materials and components for manufacturing and also production equipment. The responsibilities of this function usually extend to buying goods and services for the entire organisation including office equipment, furniture, computer equipment and stationery.

  • Marketing management

Marketing is concerned with identifying and satisfying customers needs at the right price. Marketing involves researching what customers want and analysing how the organisation can satisfy these wants.

The marketing activities range from the ‘strategic’, concerned with the choice of product markets (and how to compete in them on the basis of price, product differentiation etc.) to the operational including arranging for the sales promotions (e.g. offering a 25 per cent discount), producing literature such as product catalogues and brochures, placing advertisements in the appropriate media and so on. A fundamental activity in marketing is managing the Marketing Mix consisting of the ‘4Ps’: Product, Price, Promotion and Place.

  • Human Resource Management

The human resource function of an organisation involved in the management of the most valuable resource with the company that is its people. The primary activities of the human resource function include recruitment and selection, training and development, maintaining employee relations, taking care of the disciplinary matters, holding grievance procedures, supervise the health and safety matters and administrative system for redundancy procedures. In recent years, the Human Resources function has attained a more important status as there has developed an increasing need (especially in service organisations) to ‘get the most’ from employees, in terms of customer service, for the benefit of the organisation.

  • Accounting and Finance Management

The accounting and Finance function of an organisation involved keeping the record of all the financial transactions which involve the inflow and outflow of money for the organisation. This department prepares the financial statements of the organisations including the income state, balance sheet and cash flow statement so that the same can be reported to the external parties and all the stakeholders of the business. The financial statements are also used as the starting point for calculating taxes and business profit. The accounting and finance department carries out payroll administration for the business by maintaining proper records for income tax and National Insurance. They are responsible for paying the wages and salaries of all the employees of the business organisation. In addition to this, the accounting and finance department also has to prepare and maintain the management accounting information and carry out analysis to provide the decision makers of the organisation with the necessary information related to planning and control of the business activities.

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