Business

Definition of management: Which is the process of coordinating a business’s resource to achieve its goals

Human resources: The employees of a business (aka HR) 

Information resources: The knowledge and data required by the business to function such as sale reports and research. 

Physical resources: These include equipment, machinery, building, etc 

Financial Resources: The fund the business uses to meet its obligations to its creditor 

Contemporary management:

• A more contemporary definition of management views management as the process of working with and through other people to achieve business goals in a rapidly changing environment. Crucial to this process is the effective and efficient use of minimal resources.

• Management is often also defined in terms of its functions: planning, organising, leading, controlling.

• Efficiency - Getting the most from those limited resources

• Effectiveness - Balancing both effectiveness and efficiency

Getting the most from limited sources 

• All businesses face the problem of limited resources or scarcity. Managers need to coordinate the resources efficiently.
• Successful managers are those who anticipate and adjust to changing circumstances.