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A board of directors is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency.
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, which is the study of production, distribution, and consumption of goods and services; the discipline of financial economics bridges the two. Financial activities take place in financial systems at various scopes; thus, the field can be roughly divided into personal, corporate, and public finance.
Management is the administration of organizations, whether they are a business, a nonprofit organization, or a government body through business administration, nonprofit management, or the political science sub-field of public administration respectively. It is the process of managing the resources of businesses, governments, and other organizations.
Management science is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is closely related to management, economics, business, engineering, management consulting, and other fields. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms and aims to improve an organization's ability to enact rational and accurate management decisions by arriving at optimal or near optimal solutions to complex decision problems.
Corporate governance are mechanisms, processes and relations by which corporations are controlled and operated ("governed").
The following outline is provided as an overview of and topical guide to academic disciplines:
Managerial economics is a branch of economics involving the application of economic methods in the organizational decision-making process. Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. It guides managers in making decisions relating to the company's customers, competitors, suppliers, and internal operations.
Managerial finance is the branch of finance that concerns itself with the financial aspects of managerial decisions. Finance addresses the ways in which organizations raise and allocate monetary resources over time, taking into account the risks entailed in their projects; Managerial finance, then, emphasizes the managerial application of these finance techniques and theories.
Governance is the process of making and enforcing decisions within an organization or society. It encompasses decision-making, rule-setting, and enforcement mechanisms to guide the functioning of an organization or society. Effective governance is essential for maintaining order, achieving objectives, and addressing the needs of the community or members within the organization. Furthermore, effective governance promotes transparency, fosters trust among stakeholders, and adapts to changing circumstances, ensuring the organization or society remains responsive and resilient in achieving its goals. It is the process of interactions through the laws, social norms, power or language as structured in communication of an organized society over a social system. It is done by the government of a state, by a market, or by a network. It is the process of choosing the right course among the actors involved in a collective problem that leads to the creation, reinforcement, or reproduction of acceptable conduct and social order". In lay terms, it could be described as the processes that exist in and between formal institutions.
An agency cost is an economic concept that refers to the costs associated with the relationship between a "principal", and an "agent". The agent is given powers to make decisions on behalf of the principal. However, the two parties may have different incentives and the agent generally has more information. The principal cannot directly ensure that its agent is always acting in its best interests. This potential divergence in interests is what gives rise to agency costs.
Michael Cole "Mike" Jensen is an American economist who works in the area of financial economics. Between 2000 and 2009 he worked for the Monitor Company Group, a strategy-consulting firm which became "Monitor Deloitte" in 2013. He holds the position of Jesse Isidor Straus Professor of Business Administration, Emeritus, at Harvard University.
Organizational effectiveness is a concept organizations use to gauge how effective they are at reaching intended outcomes. Organizational effectiveness is both a powerful and problematic term. It may be used to critically evaluate and improve organizational activities; this is one of its strengths. However, the term has been noted as problematic as it means various things to different individuals. Furthermore, there are alternative methods for measuring organizational performance. Organizational effectiveness embodies the degree to which firms achieve the goals they have decided upon, a question that draws on several different factors. Among those are talent management, leadership development, organization design and structure, design of measurements and scorecards, implementation of change and transformation, deploying smart processes and smart technology to manage the firm's human capital and the formulation of the broader Human Resources agenda.
The following outline is provided as an overview of and topical guide to business management:
Managerialism is the reliance on professional managers and organizational strategies to run an organisation. It may be justified in terms of efficiency, or characterized as an ideology. It is a belief system that requires little or no evidence to justify itself. Thomas Diefenbach associates managerialism with a belief in hierarchy. Other scholars have linked managerialism to control, accountability, measurement, strategic planning and a belief in the importance of tightly-managed organizations.
Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. A professional focus of the journal Business Economics has been expressed as providing "practical information for people who apply economics in their jobs."
Management cybernetics is concerned with the application of cybernetics to management and organizations. "Management cybernetics" was first introduced by Stafford Beer in the late 1950s and introduces the various mechanisms of self-regulation applied by and to organizational settings, as seen through a cybernetics perspective. Beer developed the theory through a combination of practical applications and a series of influential books. The practical applications involved steel production, publishing and operations research in a large variety of different industries. Some consider that the full flowering of management cybernetics is represented in Beer's books. However, learning continues.
Management is a type of labor with a special role of coordinating the activities of inputs and carrying out the contracts agreed among inputs, all of which can be characterized as "decision making". Managers usually face disciplinary forces by making themselves irreplaceable in a way that the company would lose without them. A manager has an incentive to invest the firm's resources in assets whose value is higher under him than under the best alternative manager, even when such investments are not value-maximizing.
Fredmund Malik is an Austrian economist with focus on management science and the founder and chairman of a management consultancy in St. Gallen.
Anup Agrawal is a professor of Finance and Powell Chair of Finance at the University of Alabama. He is known for his research in Corporate Finance and Investments, including Corporate Governance, Mergers and Acquisitions, Executive Compensation, Corporate Innovation, Corporate Fraud, Insider Trading, Security Analysts, and Market Efficiency.
References
- ↑ Taylor III, Bernard W. (2019). Introduction to Management Science (PDF) (13 ed.). Pearson Education Limited. ISBN 978-1-292-26304-5.
- ↑ Beer, Stafford (1972). Brain Of The Firm. ISBN 978-0471948391.
- ↑ Wißotzki, Matthias (2017). Capability Management Guide (1 ed.). Springer Vieweg Wiesbaden. doi:10.1007/978-3-658-19233-4. ISBN 978-3-658-19232-7.
- ↑ Fayol, Henri (1949). General and industrial management.
- ↑ Berkes, Fikret (1998). Linking Social and Ecological Systems. Cambridge University Press.
