Management Functions and How They Manage a Business

MANAGEMENT
FUNCTIONS AND HOW
THEY MANAGE A
BUSINESS

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- It is another function of management in which proper organizational
structure is developed and allocation of resources takes place. Its main responsibilities lie
in taking effective organizational design decisions such that the efforts can be
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- This management function is concerned with measuring the actual
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.