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MBA or Masters in Business Administration is a business degree that offers individuals vast knowledge in business management. It is one of the most interesting academic areas because it can be useful to everyone no matter the life interests. Some of the MBA areas that our experts address include; principles of management, managerial economics, consumer behavior, project management, organizational behavior, and strategic management.
Principles of Management
Management is an art and a science that requires managers to develop essential skills for managing themselves and others in an organization. Managers get things done through other people to ensure that there is input and output. In this case, there must be effort for results to be realized. Accordingly, skills such as planning and forecasting, problem-solving, coordinating, organizing, controlling, commanding, and creativity are very important. Most of these skills fall under the skills of management. They allow managers gain control over human, material, financial, and other resources so that they lead enterprises into achieving their set goals and objectives. Managers participate in all the activities that affect the operations of an organization. Therefore, the principles of management affect everyone and every activity in an organization.
Managerial economics brings the concepts of economics and managerial practice together. Management is the aspect of business that focuses on control and planning of people and other resources. It involves the coordination of different activities to achieve specific goals and objectives. Economics is a social science that concerns the concept of choosing scarce resources in the presence of multiple alternatives to foster continuity of production for the sake of economic growth. Managerial economics involves the integration of some economic concepts in managerial decisions.
Consumer behavior is concerned with the consumption and purchase patterns of consumers. It explains the logic underlying their purchasing decisions and factors that influence it. Understanding consumer behavior requires a clear analysis of the social, economic, and psychological factors that affect consumers. This allows organizations to lay out production and marketing strategies that generate value for consumers while fostering sustainable business at the same time. Consumers are individuals who purchase and use goods and services. The consumption process brings together three forces that include behavior, affect, and cognition. Therefore, it is both a mental and physical process. For example, a customer has to analyze a product mentally and probably make a comparison before making a physical choice. The study of consumer behavior is fundamental because it influences consumption units. Customers strive to make the right product choices among highly competitive alternatives whereas marketers struggle to make more sales.
Project management can be defined as the process of applying the necessary skills, techniques, knowledge, and resources with the aim of achieving the goals and objectives of a project. A project is a defined but temporary activity that comes with requirements and goals. Each project is unique and has a beginning and end date. Despite a definite end date, the true ending of a project is determined termination or attainment of its requirements and objectives. Projects are specifically designed to influence change in an organization either by solving a problem or exploiting an existing opportunity. All projects are risky because they have hidden elements that only manifest during the implementation stage. Project management allows project managers to bring together different resources for the success of the project. The process involves identification of the requirements, concerns and expectations so that they can be addressed on time. There are three important issues that come up during project management and they include; scope, budget, and schedule. If this factors are not balanced, it is impossible to go through the project cycle (identification, preparation, appraisal, implementation and monitoring, and evaluation) successfully. Despite all the efforts that managers and organizations put into projects, in most cases, projects do not meet the target goals within the scheduled time and set budget. There are many factors that influence the success or failure of a project but the common ones include; undefined risks and opportunities, poor prioritization within an organization, inaccurate requirements and data, failed communication, and undefined project objectives and goals.
As a social entity, an organization is guided by goals and objectives that link its internal objectives to the external environment. These collective goals call for an elaborate system of management where activities such as planning, organizing, controlling, and leading are well defined. The nature of the operations of an organization creates the need for qualified human resources. Human resources ensure that work is executed effectively and in an efficient manner. Organizational behavior is concerned with how people work together as a teams in an organization. It is the systematic study of people’s behavior in organizations to acquire knowledge that can be applied to foster positivity within the same or similar settings. Wort attitude is one of the most important components that arise during the study of organization behavior. It covers issues such as commitment to an organization and job satisfaction. Since people comprise the primary part of an organization, their ability to commit and perform various tasks and responsibilities is fundamental. The factors that influence commitment and performance are also very important. Organizational behavior matters because it provides insights on issues concerning better management of employees. Making effective decisions concerning employees and lower their stress level and improve their performance and overall satisfaction at work.
The concept of strategic management focuses on effective planning and systematic implementation and evaluation of a plan. Therefore, it involves identification of realization of the necessary changes while analyzing organizational performance in relation to the defined goals and vision. The role of strategic management belongs to managers and senior employees and it is a continuous process. Strategic management allows organizations to focus more on the future and become more flexible. it shifts attention from inputs to results and outcomes. It also enables organizations to optimize performance by embracing changes that lead to quality improvement
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