FOUR FUNCTION OF MANAGEMENT
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INTRODUCTION
Every business entity or organization, whether big or small, needs to develop and implement the basic FOUR MANAGEMENT FUNCTIONS. The success of any business organization depends on how the four functions of management are implemented. These management functions allow an organization to handle its business strategy, tactical and operational decisions. The aim of the paper is to discuss the four functions of management namely; PLANNING, ORGANIZING, DIRECTING or LEADING and CONTROLLING.
A. PLANNING
This is the first management function and it is a very important area of all the four functions of management. This is the core foundation of management from which other management functions are derived and built. Planning requires the management of an organization to do thorough evaluation of the current state of the company and where the company will be in future. It involves setting goals and objectives to be achieved by an organization within a specified duration. During the planning process, management evaluation both internal and external factors that affect the company. It is a function of systematically making decisions about the activities of an individual, a group, or work unit or the overall organization will pursue in the future. Planning is also part of management concerned with creating procedures, rules and guidelines for achieving a stated objective. It is carried out at both the macro
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and micro level. Managers need to create broad objective and mission statements as well as look after the day to day running of the company.
Steps in Planning Function
Planning function of management involves following steps:-
1. Establishment of objectives
a. Planning requires a systematic approach.
b. Planning starts with the setting of goals and objectives to be achieved.
c. Objectives provide a rationale for undertaking various activities as well as indicate direction of efforts.
d.
INTRODUCTION
Every business entity or organization, whether big or small, needs to develop and implement the basic FOUR MANAGEMENT FUNCTIONS. The success of any business organization depends on how the four functions of management are implemented. These management functions allow an organization to handle its business strategy, tactical and operational decisions. The aim of the paper is to discuss the four functions of management namely; PLANNING, ORGANIZING, DIRECTING or LEADING and CONTROLLING.
A. PLANNING
This is the first management function and it is a very important area of all the four functions of management. This is the core foundation of management from which other management functions are derived and built. Planning requires the management of an organization to do thorough evaluation of the current state of the company and where the company will be in future. It involves setting goals and objectives to be achieved by an organization within a specified duration. During the planning process, management evaluation both internal and external factors that affect the company. It is a function of systematically making decisions about the activities of an individual, a group, or work unit or the overall organization will pursue in the future. Planning is also part of management concerned with creating procedures, rules and guidelines for achieving a stated objective. It is carried out at both the macro
2
and micro level. Managers need to create broad objective and mission statements as well as look after the day to day running of the company.
Steps in Planning Function
Planning function of management involves following steps:-
1. Establishment of objectives
a. Planning requires a systematic approach.
b. Planning starts with the setting of goals and objectives to be achieved.
c. Objectives provide a rationale for undertaking various activities as well as indicate direction of efforts.
d.
References: Bateman, T.S.,& Snell, S. (2009). Management: Leading & controlling in a competitive world (8th ed.) New York: McGraw- Hill. Retrieved July 21, 2010 from http:www.universityof phoenix edustudnetweb/html/portal Business Dictinary.com (2010). Definition of Management. Retrieved July 18, 2010 from, http://www.businessdictionary.com/ http://managementstudyguide.com/importance_of_directing.htm http://managementstudyguide.com/controlling_process.htm http://www.managementstudyguide.com/management_functions.htm