Functions of Management
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Functions of management
Management, or the successful operation of a business or organization, can be simply described as the implementation of processes and procedures in order to solve problems in a productive and resourceful manner. This process can be carried out by means of what are commonly designated as the utilities or functions of management. The four common functions are: planning, organizing, leading and controlling which have the projected outcome of making use of any businesses available assets and resources in such a way that its mission statement and goals can be acceptably accomplished.
The first and possibly most important step of managing an organization or business is the planning step. This function of management involves predicting the potential course the organization will be directed toward in upcoming months and years and coordinating specific routes that need to be followed in order to reach the businesses full potential. Planning is a methodical activity that establishes who will carry out a specific job, when that job or task needs to be performed and the manner in which it should be carried out. The planning phase of business management is a comprehensive program that concerns impending plans for specific actions. “Planning is concerned with the future impact of todays decisions. It is the fundamental function of management from which the other four stem. The need for planning is often apparent after the fact. However, planning is easy to postpone in the short-run. Postponement of planning especially plagues labor oriented, hands on managers” (Erven, n.d.).
The second step in a business management plan is referred to as organizing. This is the step or function in which the bringing together and grouping of available resources occurs. The three most vital resources which must be combined and utilized are financial, physical and human. Every one of these resource types is extremely important in order to achieve the desired outcome of the initial business plan and must be properly implemented in order to get results. Accordingly the managerial function of organizing facilitates the accomplishment of desired results and is crucial to the success of the entire business plan. Fiscal preparation and accounting matters can additionally be categorized under the organizing function of business management. Mangers must be extremely knowledgeable of the procedures used in regards to the financial planning methods of their business or organization. They must be aware of expenditures and resources in order to better facilitate and comprehend how to assign those resources to ultimately guarantee the greatest yield.
The next function of management is known as “leading”. Individuals in management positions must make every effort to develop into motivational role models for their employees. Workers will abide by the rules and regulations a manager sets, simply because he or she is their superior. On the other hand, a manager who has motivational qualities compels employees to respect them for the reason that they have faith in their ideas and attitudes and realize that this type of manager is making every effort to assist the business accomplish its ultimate goals. The manager who succeeds at leading his team is able to motivate and encourage workers