Basic Terms in Business Studies
Management
Management is an art of getting things done through others. It is a group of persons responsible for carrying on a business. It is a separate subject of study.
Administration
It is responsible for overall policy making after fixing the objectives and framing the plans.
Management has broadly three levels
Top level is concerned with framing plans and policies.
Middle level is concerned with implementation of plans.
Lower level is concerned with getting the work from workers by giving them instructions.
Coordination
It means integration of activities and efforts for the achievement of group goals.
Planning
Planning involves taking decisions regarding what, why when, how etc.
Organizing
Organizing means bringing together all the resources to utilize for the achievement of goals. It also means designing a structural framework of employees for achieving the goals of an enterprise.
Formal: It means under rules and regulations, planned.
Informal : Unplanned, automatic and spontaneous.
Authority means the right to take decisions.
Responsibility  is an obligation to do the work.
Line officers
Persons having decision making authority and having direct control over the subordinates.
Staff officers
These are the specialists or experts attached to the line officers for the purpose of giving suggestions.
Basic Terms in Business Studies
Delegation
Delegation is handing over task, giving authority and creating responsibility for doing the work.
Centralization
Concentration of authority at top level management.
Decentralization
Dispersal of authority at different levels of management.
Staffing
Staffing is the function of management concerned with acquiring, maintaining and developing the workforce of an enterprise.
Recruitment
Informing and stimulating the prospective candidates to apply for the job in an organization.
Selection
It is choice of the best possible candidate to fill a vacant job in an organization.
Training
Imparting knowledge in a particular skill relating to the job.
Remuneration
It is the reward for the services rendered by the employee to the organization.
Incentive
It is the technique used to encourage employees for better performance.
Motivation
It is the process to encourage employees for better performance.
Direction
It means giving instructions, supervising, motivating, leading and communicating, for activating the plans.
Supervision
Overseeing the employees at work.
Leadership
Influencing the other persons to get the work done.
Communication
Exchange of ideas, information, opinions etc.
Controlling
Controlling means to check whether the work has been done according to the plans, objectives achieved, if not, finding causes and taking corrective actions.