| Business management is one of the much | | | | the toughest jobs. In a small business, such as a sole |
| appreciated jobs positions in the world. The manager | | | | trader, the owner is the manager. This person will be |
| is required to have a keen eye so that he makes | | | | taking risks with their own capital or savings. These |
| sure that all the business in running smoothly and | | | | people are referred to as true entrepreneurs or risk |
| there are no stones on the way of success and no | | | | takers. If the decision goes wrong they could end up |
| decrease in the amount of profit earned each year. | | | | losing their own house and other assets. In a larger |
| All organizations, including business has managers. | | | | business such as a public limited company, the |
| They may not be called managers as different titles | | | | manager taking the decision in not risking his or her |
| can be used such as leaders, directors, and head | | | | own capital but that of the shareholders. Although |
| teachers and so on. A good business manager should | | | | the manager is still taking risks, the cost of poor |
| have abilities to plan, organize, co-ordinate, command | | | | decisions will be felt differently. The manager may |
| and control. In business management, the above | | | | lose his or her job but it is the shareholders capital |
| mentioned abilities are used a lot. Some examples of | | | | that is at stake. |
| these decisions areo Should we open a new factory | | | | These risks cannot be eliminated but can be reduced |
| in the north or south of a country?o What price | | | | by following some simple steps. These steps are |
| should we charge for the new product?o Do we buy | | | | sometimes called the decision-making process.o It is |
| the new machine even though this will involve job | | | | important to establish the objectives of the |
| losses for some of our workers?o Is expansion in | | | | organization.o Identify and analyze the problem to be |
| another country going to be profitable? | | | | solved.o Collect data on all possible alternative |
| In business management all the decisions are | | | | solutions.o The most important decision in business |
| important so it is common to divide these decisions | | | | management is to make the final decision and put it |
| into three types | | | | into effect.o Look back to see whether the right |
| Strategic decisions are very important which can | | | | decision was made. This is called review and |
| affect the overall success of the business. Tactical | | | | evaluation of the decision. |
| decisions are decisions which are taken more | | | | Each department has its own manager. Like the |
| frequently and which are less important. Operational | | | | manager of the human resource project will be |
| decisions are day-to-day decisions, which will be | | | | responsible foro Forecasting staff needso Recruiting |
| taken by a lower level of manager. | | | | staffo Preparing job descriptionso Keeping staff |
| Taking decision is always a risk. Time, money and | | | | records etc. |
| other resources will be used as a result of a decision. | | | | In business management it is the duty of the |
| In business management, taking decisions is one of | | | | managers to look over the departments. |