There are eleven major functional areas of business. They are Management, Law, Human Resource Management, Leadership, Accounting, Finance, Economics, Research and Statistics, Operations Management, Marketing, and Strategic Planning.
The role of a manager within the functional areas of business is very important to how a business is being run and managed. Receiving an MBA is great, but does it really give you the full picture on how to manage a business?
While being educated in getting the MBA, one should learn about four major areas that I consider in my opinion are the benchmarks: Human Resource Management, Leadership, Operations Management, and Strategic Planning. While having great leadership, operations management and strategic planning are very good attributes, I believe that being a great human resource manager tops everything. According to Purcell (2008), “The employer needs to be able to attract and keep labor and ensure that labor power is utilized for productive purposes relevant to its business objectives.” If a human resource manager can amplify the company's employees to a scale that is consistent with the future goals and objectives of the company, then the manager is doing their job as best as possible for the good of the company, and with that the company as a whole can ensure it can run at its fullest capacity.
All eleven areas are important, of course, but of the others that I do not see as important, all of them serve a purpose to conduct their own specific role in the area of business. For instance, let us take Accounting. There are two types of accounting: financial and managerial. To be a proper manager, you must learn to understand both to be successful in business.
Most people analyze them as separate entities, but “we define the convergence of management accounting and financial accounting to be a contemporary phenomenon, in which both intentional integrating...and changes in contingencies are shifting MA and FA towards...
References: Purcell, J. (2008). Human resource management. In S. Clegg, & J. Bailey (Eds.), International Encyclopedia of Organizational Studies. (pp. 614-618). doi: http://dx.doi.org.ezproxy.apollolibrary.com/10.4135/9781412956246.n212
Taipaleenmaki, J. & Ikaheimo, S. (December 2013). On the convergence of management accounting and financial accounting – the role of information technology change. In Elsevier International Journal of Accounting Information Systems, (14)4. (pp. 321-348). doi: http://dx.doi.org/10.1016/j.accinf.2013.09.003.
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