Business Functions Flashcards
General management
It is a process to get things done through people and other resources and consists of the management tasks POLC
Marketing management
Determine the needs and preference of consumer and develops suitable products or services for the needs in the market
Human resources
Is concerned with providing a service to the other business functions by the provision, maintenance and development of employees
Financial management
Has to do with the investment decision, the financing decision, the working capital decision and the income appropriation decision
Information management
Embraces a formal method to provide timely and accurate information to managers to facilitate their decision making
Operations management
Has to do with the manufacturing of goods and the provision of services and includes, among others, the planning, manufacturing and control of the product, product design, choice od the manufacturing process, factory layout, choice of machinery and qualiity control
Logistics management
Refers to the tatol optimal cost effective POLC of the flow and warehousing of raw materials, half manufactured products and final products
Purchasing management
It encompasses all activities that have to do with procurement and making available of all necessary supplies at the right price, quality and quantity on the right tine, from the right supplier and delivered at the right place
