Definition

“We recruit for attitude and train for skill”. ~Atul Gawande

“Human Resources isn’t a thing we do. It’s the thing that runs our business”. ~Steve Wynn, Wynn Las Vegas

Human Resource Management (HRM) is the management of human resources. The HR Department attempts to maximize employee performance in service of an employer’s strategic objectives. HR is primarily concerned with the management of people within organizations, focusing on policies and systems. HR departments are responsible to oversee employee-benefits design, recruitment, training and development, performance appraisal, and compensate (e.g., managing pay and benefits systems). HR also concerns itself with organizational change and industrial relations, that is, the balancing of organizational practices with requirements arising from collective bargaining and from governmental laws.
Human resource focuses on maximizing employee productivity. HR professionals manage the human capital of an organization and focus on implementing policies and processes. They can specialize on recruiting, training, employee-relations or benefits. Recruiting specialists find and hire top talent. Training and development professionals ensure that employees are trained and have continuous development. This is done through training programs, performance evaluations and reward programs. Employee relations deals with concerns of employees when policies are broken, such as in cases involving harassment or discrimination. Someone in benefits develops compensation structures, family-leave programs, discounts and other benefits that employees can get. On the other side of the field are Human Resources Generalists or business partners. These human-resources professionals could work in all areas or be labor-relations representatives working with unionized employees.
In startup companies, trained professionals may perform HR duties. In larger companies, an entire functional group is typically dedicated to the discipline. The staff specializes in various HR tasks and functional leadership engages in strategic decision-making across the business. To train practitioners for the profession, institutions of higher education, professional associations, and companies have established programs of study dedicated explicitly to the duties of the function. Academic and practitioner organizations may produce field-specific publications. HR is also a field of study that is popular within the fields of management and industrial /organizational psychology, with research articles appearing in a number of academic journals, including those mentioned later in this article.
The Human Resource Officer is responsible for providing support to various human resource functions, which include recruitment, staffing, training and development, performance monitoring and employee counseling.

Definition

It’s not the organizations that are competing, it’s the supply chain that are competing.” ~ Wael Safwat

Logistics is about getting the right product, to the right customer, in the right quantity, in the right condition, at the right place, at the right time, and at the right cost. Supply Chain Management (SCM), the management of the flow of goods and services, involves the movement and storage of raw materials, of work-in-process inventory, and of finished goods from point of origin to point of consumption.

Definition

“Success in management requires learning as fast as the world is changing”. ~Warren Bennis

“Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them”. ~Paul Hawken

Management is about persuading people to do things they do not want to do, while leadership is about inspiring people. Social scientists study management as an academic discipline, investigating areas such as social organization and organizational leadership. Some people study management at colleges or universities; major degrees in management include Bachelor of Commerce (B.Com.) and Master of Business Administration (MBA.) and for the public sector, they study Master of Public Administration (MPA). Individuals who aim to become management specialists or experts, management researchers or professors may complete the Doctor of Management (DM), the Doctor of Business Administration (DBA), or the PhD in Business Administration or Management.

Definition

“Great things in business are never done by one person. They are done by a team of people.” ~ Steve Jobs

“If you don’t drive your business you will be driven out of business.” ~ B.C. Forbes

International business encompasses all commercial activities that take place to promote the transfer of goods, services, resources, people, ideas, and technologies across national boundaries. International business” can also be defined as the study of the internationalization process of multinational enterprises. A multinational enterprise (MNE) is a company that has a worldwide approach to markets, production and/or operations in several countries.

Definition

“People are always going to go shopping. A lot of our effort is just: ‘How do we make the retail experience a great one?” ~Philip Green

Retailing is a convenient, convincing and comfortable method of selling goods and services. Retailing, though as old as business, trade and commerce has now taken new forms and shapes. This is because of new management techniques, marketing techniques and due to ever changing and dynamic consumer psychology. Retailers should make the purchase of goods easy for the consumer. That’s why retail stores have salespeople, Internet shopping websites have customer service instant chat popups, and catalogs have descriptions, photos, and toll-free phone numbers.

Definition

Success in management requires learning as fast as the world is changing.” ~ Warren Bennis

The administration of a business includes the performance or management of business operations and decision making, as well as the efficient organization of people and other resources, to direct activities toward common goals and objectives. In general, administration refers to the broader management function, including the associated finance, personnel and MIS services. BBA course teaches students the basics of business administration with respect to all the functions of a business-like marketing, finance, human resource management, etc. so that they can successfully manage all aspects of a business. BBS course is similar to BBA course but its focus is majorly in practical exposure rather than a theoretical study. In this degree, various business courses are integrated with a realistic and industry-based focus to build sound business ideas within the aspirants. The main aim of BBM course is to make the student competent to take major managerial decisions, handle teams and manage the administration of a company on managerial level. It helps to develop skills required to deal with personnel and clients.

Definition

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” ~Peter Drucker

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business, and the people who create these businesses are called entrepreneurs. Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit”. While definitions of entrepreneurship typically focus on the launching and running of businesses due to the high risks involved in launching a start-up, a significant proportion of businesses must close due to “lack of funding, bad business decisions, an economic crisis, lack of market demand—or a combination of these.