What business involves
UNB Fredericton MBA students are exposed to the business foundations they will need to meet the challenges of the fast-paced world of business.
Students take introductory and specialized courses in the following subjects:
Accounting - all about information and providing it to those who need it. Primarily it involves the recording, interpreting and reporting of economic data of an organization. It tells managers investors and others how well a company is doing, how it is allocating its resources, and what the effects of different courses of action may be. The data also gives a reliable indication of how well a company may do in the future, and provides a level of assurance to investors.
Business communications - probably the single most important aspect of business. In order to do business you need to communicate with others and it is imperative that you are able to convey your message clearly. Failure can result in communication breakdown, which translates into wasted time, effort and missed opportunity. This can lead to huge implications for your organization.
Business law - knowledge of the law can help protect you and prevent problems from arising. It is important to stay up to date on the law, because every decision can change the way your business thrives. Another benefit of being familiar with the law is that it can help you take advantage of opportunities and resolve disputes.
Entrepreneurship - all about recognizing opportunities, and taking advantage of them. Sometimes there is a lot of risk involved in creating your own business; entrepreneurship courses will equip you with the skills to assess risk and make business decisions. This is why so many business owners look for employees with entrepreneurial skills.
Finance - deals with how individuals or businesses use their resources over time. It is about finding the most effective way to use the money you have, the money you'll make, and the money you'll spend. Knowledge of finance will tell you what investment opportunities will earn you the most money and how you can maximize your profit.
Human Resources (HR) - all about people, specifically, employees. The primary concern of HR is to handle employee relations, contracts, performance reviews, benefits, and pension plans as well as developing and enforcing the rules of an organization. They establish the workplace ethics, code of conduct, employee handbooks/training programs, and reward programs.
Industrial Relations (IR) - related to Human Resources. They are both about people, specifically employees. It involves handling employee conflicts and establishing rules, but from a more "external" perspective than HR. IR's primary focus is on improving relationships between labour and management by providing neutral third-party support.
Management Information Systems (MIS) - technology is the backbone to a business's communications and transactions. MIS focuses on integrating technology with the overall objectives of an organization. One major field of MIS is strategic support. This involves using computers and information technology to take raw data and turn it into invaluable reports that identify patterns and trends. All of this helps managers to understand the effects of different strategies and make informed decisions.
Marketing – the responsibilities of a marketer are usually varied, depending on the type of organization and what they are trying to promote or sell. The main aspects of marketing include public relations, advertising, promotions, product development and pricing, distribution, and many more.
Organizational Behaviour (OB) - how people, individuals and groups, interact in an organization. OB involves analysing people on an individual basis, a group's dynamics, and the organization's dynamics .The main purpose is to determine the factors that influence people so organizations achieve their mission by increasing performance and efficiency.
Organization Theory - how an organization functions. Studying OT will allow you to have a more in-depth view of how an organization operates, giving you insights on how you can make it more efficient. What you learn from OT can be applied to every aspect of business, including marketing, accounting, finance, human resources, and strategy.
Quantitative methods – the mathematical side of business. It involves calculating and graphically presenting statistical data to be used by management for important business decisions.
Strategy - all about identifying a company's core values and vision, and developing a mission to achieve short term and long-term goals. A company's strategic plan identifies how an organization will use its tools and resources to achieve its goals. It involves mixing the different areas of business into one (this includes marketing, accounting, finance, HR, and more).
