MANAGEMENT

ENGINEERING
REACTION PAPER: BUSINESS MANAGEMENT
Coordinating and organizing corporate activities is known as business
management. Business managers supervise operations and support workers in achieving
their highest productivity levels. A manager can assist a company in achieving its
operational and financial goals by managing/training new staff.
There are four branches of business management discussed in the presentation:
financial, production, information technology, and design management.
Financial management implies that a strategy manages money flows. Financial
management is a valuable guide for allocating an organization's future resources.
Financial management is the preparation and execution of some plans. In other words,
financial management refers to raising money and using it wisely to run a business or
organization. The handling of finances affects every aspect of an organization's
operations. Therefore, it can be considered crucial. Its primary duty is to execute the
finance function successfully. Additionally, it connects to other company operations.
Financial considerations are included in every business choice.
Making decisions while producing goods or services is known as production
management. Both the manufacturing and service sectors utilize production management
strategies. Production efficiency, which includes inventory management and employee
training, is one of the critical goals of production management. Product managers must
conduct inventory control or keep track of all production inputs, including raw materials
and finished goods. The evolution of the production method and the product itself is also
to consider. Research and development must be a cornerstone of production
management for businesses aiming to grow, reduce expenses, and create newer, better
products.
Information technology management is the practice by which all resources linked
to information technology are managed following the goals and requirements of a
business. This comprises physical resources such as computers, networking devices, and
people and intangible resources such as software and data. The primary goal of IT
management is to create value by utilizing technology. Technology and business
strategies need to work together for this to happen.
Design management is the general concept for the continuing procedures,
commercial judgments, and business plans that foster creativity and produce well-
designed goods, services, communications, settings, and brands that improve our quality
of life and lead to organizational success. It includes everything from the tactical
management of corporate design functions and design agencies to the strategic
promotion of design throughout the organization as a significant factor in organizational
success. It incorporates design thinking, which is the application of design methodologies
to broader business issues.