4 Methods of Management

Topics: Management, Factor analysis, Goal Pages: 2 (554 words) Published: May 22, 2013
4 Major Functions of Management
When running a business, it is important to consider all the variables that aid in the success and growth of that business. The four major functions of management include planning, controlling, organizing and leading. These functions can be affected by the internal and external factors in a business environment. The internal and external forces that affect the functions of a business include globalization, technology, diversity, innovation and ethical standards. Internal factors, or the environment of a business, consist of the organizational resources available to accomplish its goals. The task of management is to acquire technological, financial and physical resources and make efficient and effective use of them within the business. Globalization is “the increasing interdependence, integration and interaction among people and corporations in disparate locations around the world” (Webster 2007). is an important aspect for success, growth and survival of a business in the world market and can be implemented in both the controlling and leading functions of management. Each business is in competition with all other businesses in their category, therefore, “resources are scarce and management success depends on how well these resources are both acquired and used” (Montana & Charnove 2000). In an attempt to reach the outside world, it is important to explore the sourcing of materials and other manufactured goods offered at a lower cost. Global networking allows for new ideas and planning which goes hand and hand with innovation and the expansion of ideas and concepts. Technology refers to the applied techniques which make operations easier. Diversity, as an internal factor, can also affect the four functions of management. Diversity is the difference among people and cultures. Employing a diverse group of employees can be utilized in the planning and organizing functions of management. Planning is used by management to identify...
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