BUSINESS MANAGEMENT

 The purpose of management is to make the best use of available resources,
human, physical and monetary, in  order  to  achieve an objective. The work of
business management professionals covers basically all areas of work. They
can, however, train in several specialist areas. These could be in the areas  of  
International  management,  dealing  with  international trade and business, and
technology transfer ; Public   service   management,  which includes management
of  public enterprises, non- governmental  organisations  and  co-operatives ;
Hospital management,   responsible for the efficient running of   hospitals ;  Hotel
management concentrates   on   all   aspects   of   hotel administration ;
Technology management, which   specialises  in  all  aspects of technology,
including policy, financing and   marketing ;  and   Rural management,  which
is concerned with management of rural resources, environment, agricultural
produce and so on.
WORK
 There are broadly five functional areas of work for professional managers and
most students try and specialise in one of them. These areas are, personnel or
human resource development, finance, production or operations, marketing, and
information services.

The function of Personnel  Management / Human Resource Development (HRD)
is to make the most effective    use   of   an  organisation's   resources - it's people.  
This   means  handling recruitment, placement,   training,  as   also   manpower   
planning, staff    welfare, industrial legislation and labour relations. Other specialist  
areas   in  which  HRD personnel are involved, include compensation and
benefits   for   the   staff, health   and   safety, and   other  welfare aspects and
staff welfare schemes, handling management of change and so on.

Management executives in the area of Finance are responsible for their
organisation's financial health. They   handle budgets, execute financial
programmes and conduct profitability appraisals.

Production  is a vast area  that  directs, co-ordinates and controls the operational
aspect of an organisation, and  the  efficient  utilisation  of men, machines and
materials. It is the process by which the physical  output  of  an  organisation   is   
planned.  Depending on  the scope of operations of an organisation, production
can also  include planning, purchaseand control of materials used, and the
maintenance and running of equipment.

The Marketing   & Sales  department  directs the flow of goods and services  
from the producer to the end user. Marketing Management therefore involves  the
planning of strategy to deliver goods and services efficiently and at  the  least  cost
to  the customer. The work here also involves research and analysis, which would
include devising means for collecting information on current and future needs of
customers   and   interpreting  their   results,  planning, testing  of new products or
services and sales forecasting. Sales is linked to marketing in that it is responsible
for putting the marketing strategy into action. This means finding and dealing with
customers for the particular goods and services produced by an organisation.

Management Information Services is gaining in importance as it involves the
collection,processing and dissemination of information of significance to the
efficiency of an organisation
ENTRY
There are basically two ways of entering a career in management :
(a.) By becoming a specialist in any one of the cross-functional / specialist areas.
(b.) By starting as a trainee in an organisation that offers a career in management.
This, however, usually requires some previous qualification or experience.
Moreover, most organisations give  preference  to  qualified management
graduates. So, professional training is essential for entering the management
profession.
Eligibility:
 As far as eligibility for management courses is concerned, admission to the BBS
(Bachelors in Business Studies) is granted to students who have cleared the 10+2
examination.
Admission to an MBA course, however, requires a good undergraduate degree      (BA /
B.Sc./ B. Tech.) in any discipline and clearance of the entrance selection processes.
The  lower cut-off percentage  might  differ slightly  among  institutions,
but the minimum   aggregate   considered for admission is usually not less than
50%. Candidates in their final year of graduation may also apply for admission.
However, what is more important is the results of the entrance exam held  for
admission to all management institutes.
Selection:
Most business schools follow a standard selection pattern. A written examination
called  the Common Admission Test (CAT) is held in December every year by the
IIMs, and some management institutes ; other institutions hold separate entrance
exams, such as the Management Aptitude  Test or (MAT). Major newspapers carry
an advertisement stating the method of application and the place, date and time
of the test which gauges verbal and problem solving abilities, comprehension and
data interpretation.
  
The CAT, or MAT exam is essentially an elimination procedure that analyses the
candidates' personality and intelligence. There is no fixed structure to the papers
which are set in the objective type format. To help candidates prepare for the CAT
exam, a book called 'CAT' is published every year.   Local   coaching   schools
also  prepare  students for these tests held by the management institutions.

After clearing the written exam, candidates may apply on prescribed forms to one
or more institutions of their choice. They are generally selected on the basis of their
participation in group discussions (GDs), which are followed by a personal interview.
Duration:
The duration of undergraduate courses is 3 years. However, the duration of
postgraduate courses is 2 years.
INSTITUTIONS
The great demand for MBA degrees / diplomas has spawned a mushrooming of
business schools around the country. However, among the leading institutions
offering courses in business management are :

  1. -- The Indian Institutes of Management located at Ahmedabad, Calcutta,
    Bangalore,Lucknow, Indore   and Kozhikode (Calicut).
  2. -- Jamnalal Bajaj Institute of Management Studies, Mumbai.
  3. -- Xavier's Labour Relations Institute, Jamshedpur.
  4. -- International Management Institute, New Delhi.
  5. -- Faculty of Management Studies, Delhi University (South Campus), New Delhi.
  6. -- Narrsee Monjee Institute of Management Studies, Vile Parle (West), Mumbai.
  7. -- Symbiosis Institute of Business Management, Senapati Bapat Marg, Pune.
  8. -- Institute of Business Management, National Council of Education, Bengal,
    Calcutta.

List of Abbreviations of Courses in Management Degrees
M.B.A.-Master of Business Administration
M.M.S.- Master of Management Studies
B.M.S- Bachelor of  Management Studies
B.B.A-Bachelor of Business Administration  
B.B.M- Bachelor of Business Management
B.B.S-  Bachelor of Business Studies

Some Fields in Management

Agriculture :      P.G.D.A.B.M.-Post Graduate Diploma in Agricultural Business
Management.   P.G.D.A.E.M.-Post Graduate Diploma in Agricultural Extension   
                        Management.
Finance:           P.G.D.B.F.-Post Graduate Diploma in Business Finance
                      M.B.F.-Management of Business Finance
                      B.B.F.-Basic Business Finance
Hotel Management and   
Catering Technology        BHM - Bachelor of  Hotel Management
                                         DHM - Diploma in Hotel Management
                                         BHMCT - Bachelor of Hotel Management and         
                                         Catering  Technology
                                         DHMCT - Diploma in Hotel Management and Catering
                                         Technology
                                         PGDHM - Post Graduate Diploma in Hotel Management

Human Resources  : MHROD-Master of Human Resource and Organizational
                                   Development
                             PGDHRM-Post-Graduate Diploma In Human Resource Management
                             PGDHRD- Post-Graduate Diploma in Human Resource
                              Development (Equivalent to MBA)
                             H.R.M.-Human Resource Management

International Trade /
International Business /    P.G.D.I.M.-Post Graduate Diploma in International
                                            Management
Management                       P.G.D.I.M.-Post Graduate Diploma in International
                                           Management

Materials Management  :P.G.D.M.M.-Post Graduate Diploma in Materials
                                           Management.
                                        G.D.M.M.-Graduate Diploma in Materials Management
                                        S.M.M.-Studentship Course in Materials Management
Personnel / Industrial Relations:   M.P.M- Master Of  Personnel Management
                                                    IR & PM-Industrial Relations & Personnel
                                                   Management
Rural Management:   P.G.D.R.M.-Post Graduate Diploma in Rural Management
Sales / Marketing Mangement: P.G.D.M.M.-Post Graduate Diploma in Marketing         
                                                     Management
Shipping / Export Management:P.G.D.S.E.M.-Post Graduate Diploma in Shipping &
                                                       Export Management
Travel & Tourism Management

JOB PROSPECTS
For Management graduates :
* Business houses / corporations,
* Multinational corporations,
* Industrial houses / manufacturing companies,
* Export organisations / trading companies,
* Marketing organisations,
* Financial concerns,
* Banks,
* Public sector enterprises,
* Advertising agencies,
* Hotels,
* Corporate hospitals,
* International development agencies / non-governmental organisations, including
agencies such as  the
World Bank, UNICEF and other UN bodies, OXFAM, etc.
* Consultancy / self-employment
* Teaching / research
  Home
  Careers