Management can also refer to the person or people who perform the act(s) of management.
Basic functions of management
Management operates through various functions, often classified as planning, organizing, leading/motivating and controlling.
Planning: deciding what needs to happen in the future (today, next week, next month, next year, over the next 5 years, etc.) and generating plans for action.(What to do?)
Organizing: (Implementation) making optimum use of the resources required to enable the successful carrying out of plans.
Staffing: Job Analyzing, recruitment, and hiring individual for appropriate job.
Leading/Motivating: exhibiting skills in these areas for getting others to play an effective part in achieving plans.(To make individual work willingly in the organization)
Controlling: monitoring -- checking progress against plans, which may need modification based on feedback.
Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.
In contrast to financial accountancy information, management accounting information is:
usually confidential and used by management, instead of publicly reported;
forward-looking, instead of historical;
pragmatically computed using extensive management information systems and internal controls, instead of... [continues]
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