Management Functions and How They Manage a Business
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This document discusses the five functions of management - planning, organizing, staffing, directing, and controlling - and how they are used to manage a business. It explains the responsibilities of each function and their interrelation. The document also provides references for further reading.
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MANAGEMENT FUNCTIONS AND HOW THEY MANAGE A BUSINESS
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Table of Contents MAIN BODY...................................................................................................................................3 3) Management Functions and their usage in managing business:-............................................3 i) Management functions and their responsibilities-...................................................................3 ii) Functions of Management and their interrelation:-................................................................4 CONCLUSION................................................................................................................................4 REFERENCES................................................................................................................................5
MAIN BODY 3) Management Functions and their usage in managing business:- i) Management functions and their responsibilities- There are five functions of management as proposed by Henry Fayol. Planning- This is an important function wherein the managers think before acting or taking decisions. It is related to anticipating the future activities and designing statements for vision, mission, goals and objectives (Coleman and Stern, 2018). Organizing-Itisanotherfunctionofmanagementinwhichproperorganizational structure is developed and allocation of resources takes place. Its main responsibilities lie intakingeffectiveorganizationaldesigndecisionssuchthattheeffortscanbe coordinated and the chain of command can be established. Staffing- This function ensures that optimum human resource management can be achieved by giving right job to right person. Its responsibilities lie in recruitment, selection, training and development of employees based on their qualification, such that it can prove to be asset for the company (Kerzner, 2017). Directing- It is all about directing the workforce towards attainment of objectives through providing proper commands and supervising the course of action. It is a continuous process governing execution of plans smoothly and efficiently (Mijumbi, 2016). Controlling-Thismanagementfunctionisconcernedwithmeasuringtheactual performance against the set standards and then finding out the deviation between the both. It also is responsible for taking corrective actions in order to sort the deviations. ii) Functions of Management and their interrelation:- 1)Planning- It is a function which forecasts future, sets objectives and determines the course of action accordingly. Various other functions are dependent on this function as it sets out plans that are be followed by the lower departments. Effectively designed plans ensures success of the organization by achievement of goals and developing prospects of growth (Nunhes, Barbosa and de Oliveira, 2017). 2)Controlling- It is related to measuring the actual performance to what is planned. Further the gaps are found out and rectified to ensure fulfilment of objectives of the company. It is directly related to planning as plans are required in finding deviations.
REFERENCES Books and Journals Coleman, K. and Stern, M. J., 2018.Exploring the functions of different forms of trust in collaborativenaturalresourcemanagement.Society&NaturalResources,.31(1). pp.21-38. Kerzner, H., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Mijumbi, R. and et.al. 2016.Management and orchestration challenges in network functions virtualization.IEEE Communications Magazine.54(1).pp.98-105. Nunhes, T. V., Barbosa, L. C. F. M. and de Oliveira, O. J., 2017.Identification and analysis of the elements and functions integrable in integrated management systems.Journal of cleaner production.142.pp.3225-3235. Online Functions of Management Process: Planning, Organizing, Leading, Controlling. 2017. [Online]. Available through: <https://www.iedunote.com/function-of-management-process>
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