Master of Business Administration – Industry 4.0

Master of Business Administration - Przemysł 4.0

Language: Polish Studies in Polish

Subject area: economy and administration

University website: www.wsb-nlu.edu.pl/en

Business

Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.

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Business Administration

Business administration is management of a business. It includes all aspects of overseeing and supervising business operations and related field which include Accounting, Finance and Marketing.

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Industry

Industry is the production of goods or related services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This came through many successive rapid advances in technology, such as the production of steel and coal.

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Industry

Big industry, competition and generally the individualistic organization of production have become a fetter which it must and will shatter.

Friedrich Engels, Principles of Communism (1847)

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Business

Business has to be fun. For too many people, it's "just a job."

Jack Welch (2001) Jack: Straight from the Gut Ch. 24.

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Business Administration

The administrative function has many duties. It has to foresee and make preparations to meet the financial, commercial, and technical conditions under which the concern must be started and run. It deals with the organization, selection, and management of the staff. It is the means by which the various parts of the undertaking communicate with the outside world, etc. Although this list is incomplete, it gives us an idea of the importance of the administrative function. The sole fact that it is in charge of the staff makes it in most cases the predominant function, for we all know that, even if a firm has perfect machinery and manufacturing processes, it is doomed to failure if it is run by an inefficient staff.

Henri Fayol (1900). "Henri Fayol addressed his colleagues in the mineral industry 23 June 1900." Translated by J.A. Coubrough. In: Fayol (1930) Industrial and General Administration. pp. 79-81

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