Essay on Understanding Work Duties in Business Management

There are many different fields in the business world. Business Management is the largest field in the corporate world. It takes responsibility, skill and determination to form a successful business of any type. There are numerous areas within a business that need the skills of management. Control of expenses, payroll, time management, and to initially raise capital to start a business all are areas in which management has to play an important role. Any businesses main objective is to gain a profit. A profit is the amount of money a business earns after all of it debts are paid. The field of management is essential to organize the business in such a way that a profit is made. The business start up is the most important piece of†¦show more content†¦One type of cost is called fixed cost. This type of cost is the expense of a business that does not change and are always constant in a business. When money is made, debts are the first initiative to be paid off. Fixed costs include rent, wages to employees, and equipment needed to produce you good and or service. In for example a Flower shop, the fixed costs would be the rent on the building, the payment of the delivery vans, and employee salaries. The other type of costs is called variable cost. This type of cost is one that is ever changing. Again in a Flower shop the variable costs would be a dozen roses. One week a dozen roses may cost the flower shop five dollars to buy them and then they sell them for forty-five dollars. Then the next week the price of the roses my rise by five dollars now costing the flower shop ten so in order for the florist to make the same amount of money as last week he needs to increase his price to the consumer with the increase on price he is paying. The basic main idea of cost is to keep it as low as possible to gain the highest profits. Determining the profit of a business is another major part of management. Profit is the total income that you receive afte r paying all of your debts. All debts include for example rent, wages, and interest. A general formula to calculate profit is P = R - C. This says when total revenue is subtracted fromShow MoreRelatedThe Ethics Of Health Systems Management988 Words   |  4 PagesHaving a clear understanding of ethics is condusive to ones professional endeavors. According to Merriam Webster, one of the definitions of ethics is â€Å"rules of behavior based on ideas about what is morally right or wrong† (Merriam-Webster, 517). As professionals, we are expected to perform our duties and represent our professional concentration ethically. Before one can do this, a clear understanding of ethics, must be developed. Such as the understanding I gained upon completion of my EthicalRead MoreThe Human Resource Management ( Hrm ) Position Specific Education1595 Words   |  7 Pagesresource management (HRM) position specific education and requirements need to be meet. 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