January 17, 2015
Function Areas of Business
When deciding to pursue an MBA degree to further one's career. There will be different functional areas of business that one has to become familiar with. There are various organizational structures of business, which will be discussed in this paper. There are several functions of business that are fundamental to a business achieving its goals. This paper will focus on several areas of the function of business. This paper will focus on finance and accounting, human resources, production and operation, marketing and sales, and research and development. One will become an ...view middle of the document...
Every successful company has a pool of cash that is used to sustain its day-to-day operations. Understanding the cash management cycle is a basic business knowledge, and helps a business run sufficiently. Cash management is composed of four steps. Financing is when decisions are made on where cash can and should come from. Investing is another step, and this is where managers must determine how to invest the cash, usually in ongoing operations and projects that may arise. The next step is operating. This determines if the ongoing operations of any successful company is being sustained. The final step is returning, this is where one must determine where the money should go, either to stakeholders, or to pay down debts Heerkens, G. 2006).
Human resources is another fundamental of business. Human resources in business is where the selecting, orienting, training, coaching, and evaluating performance of the companies employees is taken place. The human resources department has other functions, such as creating job descriptions, developing job specification, managing payroll, and benefits and also handling grievances. The human resources department in businesses also consists of financial management, community involvement and where federal and state requirements are being followed. The human resource sets the overall tone of how employee relations are being conducted. The human resources department does the interviews of the prospective employee and also does reference checks on the employees prior to the hiring process. The human resources department ensures that all employees receive the appropriate benefits that relate to their particular position in the company. Recruitment is another part of the human resources department in business. The human resources department reviews job applicants and resumes for accuracy and to see if the person passes the legal requirements of employment. Human resources department does the interviewing and looks at the perspective employees dress, mannerism, attitude, and interest in the company. The human resources department has the job of selecting the best-qualified candidate for the available position. The human resources department provides personality, skill, and aptitude testing to decide if the person has the ability to do the job. The human resources department is in charge of the orientation and training and development process of employment Walker, 2006).
Production and Operations
Production and operations is another fundamental of business. Production and operations in business is how an organization which intermingles with the market and based on demand and prices, designates essential resources to manufacture goods and services. Operations in business management have constraints that occur in the business, this consists of the requirement for their goods and services, considered as marketing and cost, competence, and capability of their resources. A close...