| Business organizations produce goods or | | | | convert ideas into achievements. Given money, |
| services. Though there are vast differences | | | | people, and materials, it is the quality of |
| in the functioning and approaches of these | | | | management that determines how well and how |
| organizations, they all strive to achieve | | | | far will a firm succeed in its work. |
| certain objectives. It must also be noted | | | | Management is the critical factor in business |
| that organizations cannot achieve the | | | | operations that is responsible for the |
| objectives effortlessly. They are achieved | | | | utilization of the resources through proper |
| through systematic effort. This whole process | | | | planning, direction and supervision. |
| is called business administration. | | | | |
| | | | It is the function of those responsible for |
| The most important objective that has to be | | | | the management of a firm to lay down |
| implemented when talking about business | | | | objectives and policies for the firm, plan |
| administration is the production and supply | | | | its operations, organize the resources and |
| of goods and services needed by the | | | | allocate duties among the staff, issue |
| community. To realize this objective of | | | | directions and guide and co-ordinate their |
| maintaining a continuous supply of goods and | | | | work and then check on the operations to make |
| services of a specific type for meeting the | | | | sure that these contribute to the realization |
| needs of the community, a business firm makes | | | | of objectives. The operations of a firm are |
| use of the four basic resources: Men, | | | | generally subdivided as production, finance, |
| materials, money and management. | | | | marketing, personnel, research and |
| | | | development. Generally, the functioning of |
| With the aid of money or capital, the | | | | an enterprise is conditioned by the |
| management makes use of human resources as | | | | availability of finance. |
| well as physical resources: materials to | | | | |