Running Head: FUNCTIONS OF MANAGEMENT
Functions of Management
July 13, 2009
Planning, organizing, leading, and controlling are interdependent core elements of successful management. Adequate attention needs to be spent on all four management functions to form a strong foundation for success.
Functions of Management
Four fundamental principles of management are planning, organizing, leading, and controlling. Established corporations as well as start-up businesses are dependent on management which is effective and efficient in these four areas. In the process of collaborating people and resources to execute company objectives, management strategizes these four elements to make the superlative use of materials, time, money, and skills. Planning, organizing, leading, and controlling are interdependent core elements of successful management. Planning
Planning delivers a strategic value through the specification of goals and the outlining of pertinent actions for achievement. Value is understood as the monetary gain associated with how well the supply (goods and services) meets the demand (user needs) in terms of efficiency, speed, and quality. Planning can be derived from various user sources such as customers, business owners, suppliers, employees, stakeholders, communities, and even whole nations. The objective of planning is to seize opportunities develop, fortify, and uphold competitive advantage. Planning sets the stage for project management (Bateman & Snell, 2009). Planning includes duties such as: 1. Analyzing current arrangement
2. Projecting future situations
3. Establishing objectives
4. Activity engagement
5. Corporate strategies
6. Resource management
Recently, my company decided to merge with a sister company to blanket more counties for health insurance coverage. My company is currently in the planning phase. The company has decided to merge one department at a time and reassess the scenario for...
References: Bateman, T.S., & Snell, S.A. (2009). Management: Leading and Collaborating in the Competitive World (8th ed.)[electronic version]. New York, NY: McGraw-Hill/Irwin.
Llorens, J. (2008, July). Management quagmire. T + D, 62(7), 14. Retrieved July 8, 2009, from ProQuest database.
Whitman, H. (2007, August). Pass it on! Home Furnishings Business, 2(9), 52. Retrieved July 8, 2009, from ProQuest database.
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