MBA Definition- What is Management

Definition 1

Organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives. Management is often included as a factor of production along with machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of a management is twofold: marketing and innovation. Practice of modern management owes its origin to the 16th century enquiry into low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535).
Definition 2

Directors and managers who have the power and responsibility to make decisions to manage an enterprise. As a discipline, management comprises of the interlocking functions of formulating corporate-policy and organizing, planning, controlling, and directing the firm's resources to achieve the policy's objectives. The size of management can range from one person in a small firm to hundreds or thousands of managers in multinational companies. In large firms the board of directors formulates the policy which is implemented by the chief executive officer. Some business analysts and financiers accord the highest importance to the quality and experience of the managers in evaluating an organizations current and future worth.

MBA Definition-What is Telecommunications

Science and technology associated, in general, with communications at a distance. A telecommunications system requires a analog or digital transmitter, a compatible receiver, and a physical (cable or wire) or non-physical (wireless) connection.

MBA Definition-What is Finance

Definition 1

A branch of economics concerned with resource allocation as well as resource management, acquisition and investment. Simply, finance deals with matters related to money and the markets.
Definition 2

To raise money through the issuance and sale of debt and/or equity

MBA Definition-What is Corporate Strategy

Approach to future that involves (1) examination of the current and anticipated factors associated with customers and competitors (external environment) and the firm itself (internal environment), (2) envisioning a new or effective role for the firm in a creative manner, and (3) aligning policies, practices, and resources to realize that vision.

MBA Definition-What is Entrepreneurship

Capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward. In economics, entrepreneurship is regarded as a factor of production together with land, labor, natural resources, and capital. Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation's ability to succeed in an ever changing and more competitive global marketplace.

MBA Definition- What is Operational Management

Design, execution, and control of a firm's operations that convert its resources into desired goods and services, and implement its business strategy.

MBA Definition-Human Resources Management-HRM

The division of a company that is focused on activities relating to employees. These activities normally including recruiting and hiring of new employees, orientation and training of current employees, employee benefits, and retention.

MBA Definition-What is Economics

Theories, principles, and models that deal with how the market process (price mechanism) works. It attempts to explain how wealth is created and distributed in communities, how people allocate resources that are scarce and have many alternative uses, and other such matters that arise in dealing with human wants and their satisfaction. However, in the words of the German-born UK economist E. F. Schumaker (1911-77) "... it is inherent in the methodology of economics to ignore man's dependence on the natural world.”

MBA Definition-What is International Business

Definition 1

The economic system of exchanging good and services, conducted between individuals and businesses in multiple countries.
Definition 2

The specific entities, such as multinational corporations (MNCs) and international business companies (IBCs), which engage in business between multiple countries

MBA Definition-What is Project Management

Definition 1

Approach to management of work within the constraints of time, cost, and performance requirements.
Definition 2

Body of knowledge concerned with principles, techniques, and tools used in planning, control, monitoring, and review of projects.

MBA Definition-What is Organizational Behavior

Actions and attitudes of individuals and groups toward one another and towards the organization as a whole, and its effect on the organization's functioning and performance.

MBA Definition-Information Technology-What is IT

Set of tools, processes, and methodologies (such as coding/programming, data communications, data conversion, storage and retrieval, systems analysis and design, systems control) and associated equipment employed to collect, process, and present information. In broad terms, IT also includes office automation, multimedia, and telecommunications.

MBA Definations-What is Marketing

Management process through which goods and services move from concept to the customer. As a philosophy, it is based on thinking about the business in terms of customer needs and their satisfaction. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy. Marketing differs from selling because (in the words of Harvard Business School's emeritus professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs.”

MBA Definition-What is Accounting

AccountingPractice and body of knowledge concerned primarily with (1) methods for recording transactions, (2) keeping financial records, (3) performing internal audits, (4) reporting and analyzing financial information to the management, and (5) advising on taxation matters. It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the (1) resources available to a firm, (2) the means employed to finance those resources, and (3) the results achieved through their use.

Definition