Catnduanes State University

Laboratory Schools
Virac, Catanduanes

FINAL TERM PAPER

IN BUSINESS ENTERPRISE
SIMULATION

Submitted by:
Vamie M. Samas
12- Tangerine

Submitted to:
Mr. Marko Rey Tapel
Subject Teacher

 I. INTRODUCTION

Business management is the process of planning, organizing, directing, and controlling

the activities of a business or organization to achieve its goals and objectives. It
involves overseeing all aspects of a business, from finance and operations to marketing
and human resources. Business managers must be skilled in leadership,
communication, and problem-solving, and must be able to make strategic decisions that
drive the success of the organization. Business management is an umbrella term that
encompasses the management of various business departments and activities, including
finance, human resources, sales and marketing, and administration. Effective business
management requires adapting to changing business trends and industry requirements,
fostering strong relationships with customers and service providers, and promoting a
positive workplace culture. To sum up, business management is about understanding
and managing business activities to improve business growth and revenue.

The core responsibility of a business manager is to ensure that a business remains both
operational and profitable. This is achieved through improved financial performance,
increased productivity, enhanced customer satisfaction, increased employee
engagement, and better risk management. Effective business management involves
planning and implementing financial policies for controlling costs, boosting revenue,
and increasing profitability. It also focuses on improving workplace communication and
promoting a collaborative environment, which helps companies retain talent.
Additionally, it enables the implementation of processes to identify and mitigate
potential risks.

Business Management is the process of planning, deciding what is to be done,

organizing, staffing, directing, monitoring, controlling, taking action to help reply hold
ups, innovation, representing, and liaising with users. Managers are responsible for
combining and using organizational resources to ensure that corporations achieve their
purposes. They strive to encourage one activity that leads to reaching organizational
goals and discourage one activity that hinders them. Efficient Management leads to
better economic production, which helps to increase the welfare of people. Good
Management makes a tough career much easier by avoiding the wastage of scarce
resources, improving established living, increasing revenue, and creating task
possibilities that create dollars with hands.

Business brings new solutions and research that are very helpful for society. The
objectives of Management include establishing a sound organizational structure,
creating effective authority and responsibility relationships, filling up positions with the
right personnel, reducing expenses, optimizing physical, human, and financial
resources, and using experts, professionals, and solutions to maximize efficiency and
avoid wastage. Management is responsible for ensuring that all positions are filled with
the right personnel, possessing the right skills, training, and qualification. It also
reduces expenses by utilizing physical, human, and financial resources in a way that
results in the simplest combination. Finally, Management utilizes all physical and human
resources productively, selecting the least difficult possible alternate work within the
industry by outlining different uses.
Business Management is an important concept that enables businesses to survive in a
changing environment. It helps by maximizing resources, motivating employees,
expanding the business, team spirit, effective use of managers, and smooth functioning.
It also helps by achieving grouping goals, which arrange production points, assemble
and organize resources, integrate resources effectively, and direct group efforts to the
achievement of per-determined goals. Business Management converts disorganized
resources such as men, machines, and cash into practical enterprises, which are
coordinated, sent, and controlled in such a way that the enterprise performs towards the
attainment of goals.

II. DISSCUSSION

Business management is the process of planning, organizing, directing, and controlling

the activities of a business or organization to achieve its goals and objectives. It
involves overseeing all aspects of a business, from finance and operations to marketing
and human resources. Effective business management involves adapting to changing
business trends and industry requirements, fostering strong relationships with
customers and service providers, and promoting a positive workplace culture. It also
involves planning and implementing financial policies for controlling costs, boosting
revenue, and increasing profitability. Good management leads to better economic
production, improving established living, increasing revenue, and creating task
possibilities that create dollars with hands. Business management is an important
concept that helps businesses survive in a changing environment by maximizing
resources, motivating employees, expanding the business, and achieving grouping
goals.
 III. BODY

LEVELS OF MANAGEMENT
The three levels of management in larger companies are top-level management, middle-
level management, and lower-level management. Top-level management is responsible
for overseeing all operations, middle-level management for executing plans and policies,
and low-level management for direct task execution and deliverables. The exact set of
tasks that each level of management is responsible for depends on the organization's
size and scope, and proper coordination between them is essential for success.

Top management refers to the leaders of an organization who have the highest
positions in the hierarchical order, such as the CEO or COO. They are responsible for
setting the objectives and overall direction of the organization and making decisions for
the organization as a whole. This includes developing strategies, policies, and rules,
creating the company's mission, objectives, and vision, forecasting and planning, and
designing the implementation of policies, practices, and programs.

Middle management positions are responsible for leading, controlling, and motivating
divisions of the company and reporting to upper management. They are not responsible
for making broad, directional decisions like senior management, but rather make sure
the directions coming from top management are implemented.

Low Management or department heads or supervisors. They are responsible for making
sure company policies, procedures, and job functions are followed by frontline workers.
They report to middle management and perform employee interviews, training,
scheduling, discipline, and other tasks.

CAREERS IN MANAGEMENT

Businesses offer a variety of management opportunities, which require specialized

knowledge, skills, and experience. Good managers have two things in common: the
ability to get productivity out of their subordinates and manage the demands of those
they are responsible for. A college education is important when applying for a
management position, with most corporations requiring at least a bachelor's degree and
upper-level managers holding an advanced degree. Management hopefuls can gain
experience by taking an entry-level position within the organization and working their
way up from the bottom. Colleges work closely with local businesses to assist students
in transitioning from learners to employees, and many institutions have placement
programs that help graduates obtain jobs. However, management positions will be
almost impossible to get without managerial experience.

FUNCTIONS OF MANAGEMENT

Business management requires skills in five key areas: planning, organizing,

commanding, coordinating, and controlling. These are derived from the five functions
described by Henri Fayol in the early 20th century.
Planning is the process of establishing business goals, developing strategies, and
creating actionable steps to achieve objectives in a competitive market. It is a kind of
organized foresight and corrective hindsight that involves predicting the future and
controlling events. Management is responsible for choosing the best course of action to
achieve the goals, which vary from one company to another.

The planning function can be divided into three major areas: strategic planning, tactical
planning, and operational planning. Strategic planning involves setting up
manufacturing capacities in newer markets or entering contracts for the procurement of
lithium. Tactical planning is relatively short-term, less than a year, and is managed by
middle management. Operational planning is very short-term or daily basis planning and
is mostly taken care of by low-level managers. It includes daily targets and other daily
goals.

Organizing is an important part of the business management process, as it requires a

formal structure of authority and the direction and flow of such authority through which
work subdivisions are defined, arranged, and coordinated. It involves the determination
of activities that need to be done to reach the company goals, assigning these activities
to the proper personnel, and delegating the necessary authority to carry out these
activities in a coordinated and cohesive manner. This includes identifying tasks that
must be performed and grouping them whenever necessary, assigning these tasks to the
personnel while defining their authority and responsibility, delegating this authority to
these employees, establishing a relationship between authority and responsibility, and
coordinating these activities.

Staffing is the process of hiring and retaining a suitable workforce for the enterprise. It
involves the process of recruiting, training, developing, compensating, and evaluating
employees and maintaining them with proper incentives and motivations. The human
element is the most important factor in the process of management, so it is important to
recruit the right personnel. Management must understand the sociological and
psychological structure of the workforce in addition to technical and operational
competence.

Directing function involves leadership, communication, motivation, and supervision to

ensure employees perform their activities efficiently. Leadership involves issuing
instructions and guiding subordinates about procedures and methods, while
communication must be open both ways. Motivation is important as highly motivated
people show excellent performance with less direction from superiors. Supervising
subordinates would lead to continuous progress reports and assure the superiors that
the directions are being properly carried out.
 Controlling is related to monitoring and evaluation. It involves establishing standards
for work performance, measuring performance and comparing it to these set standards,
and taking corrective actions as needed. Effective business management involves
constantly monitoring and evaluating business processes and controlling them to
ensure the effective consumption of all resources. The controlling function involves
establishing standard performance, measuring actual performance, measuring actual
performance with the predetermined standard, and taking corrective action. All five
functions of management are closely interrelated, but it is necessary to put each
function separately into focus and deal with it.

IV. CONCLUSION

Business management is the process of planning, organizing, directing, and controlling

the activities of a business or organization to achieve its goals and objectives. It
involves overseeing all aspects of a business, from finance and operations to marketing
and human resources. Effective business management requires adapting to changing
business trends and industry requirements, fostering strong relationships with
customers and service providers, and promoting a positive workplace culture. It is about
understanding and managing business activities to improve business growth and
revenue.

Business management is an important part of an organization's success. Managers are

responsible for combining and using organizational resources to ensure that
corporations achieve their purposes. Efficient Management leads to better economic
production, which helps to increase the welfare of people. Business Management is an
important concept that enables businesses to survive in a changing environment by
maximizing resources, motivating employees, expanding the business, team spirit,
effective use of managers, and smooth functioning. It also helps by achieving grouping
goals, which arrange production points, assemble and organize resources, integrate
resources effectively, and direct group efforts to the achievement of per-determined
goals.

The three levels of management in larger companies are top-level, middle-level, and
lower-level. Top management is responsible for setting the objectives and overall
direction, while middle management positions are responsible for leading, controlling,
and motivating divisions. Department heads or supervisors are responsible for making
sure company policies, procedures, and job functions are followed by frontline workers.
Management requires skills in five key areas: planning, organizing, commanding,
coordinating, and controlling. All five functions are closely interrelated, but it is
necessary to focus on each function separately.