7 E.F.L. To understand the functions of management, you must first examine what management is about. Looking ahead into the future and predict possible trends or occurrences which are likely to influence the working situation is the most vital quality as well as the job of a manager.Planning means setting an organization’s goal and deciding how best to achieve them. It is the basic function of management. According to KOONTZ, Planning is deciding in advance - what to do, when to do & how to do. It involves responsibility to achieve the objectives and to fulfill specific organizational purposes through economical and effective planning and regulation. To organize a business involves determining & providing human and non-human resources to the organizational structure. It is the basic function of management. �!�a}�7��dbu�ҋ��Y)ؗ7�=��r��1�r�Л�g�w3��ms���n������묾C1�=���b������� �t�]��1,Ȑ��En/C�r��%�Xm���.�B�đI+��$�^����b�� �������\T� T&���9�_F��!�W�#� 0�VQ �q�͈U��ã-~4:啽�O�+�;V�k�n�y]U����A\_��gU����:�����~F��\�$_�C��J�t��AZh7����)XYAyh� Z��X¤aL]�}�P�Y4���x��"CI�Z���˼���"�P+vV���h�L-b^y3:I=.M ��B�+��Y�i�� �NC�K ]vdx����>.���O�b�����Ǭ%�]��zY�1�{ԩ����:�@� /a~��'!�(�ܛ;���罪���혛��$[���ES�k�|��(�Fˢ��=�Xt� �D ��8 ����a'�UKU���B�F�z��ڐL5o���@�NP4G�E?�j%b ��-U5 n���uK?i��1�*�M�. These activities are different from operative functions like marketing, finance, purchase etc. According to KOONTZ, “Planning is deciding in advance - what to do, when to do & how to do. It is the act of watching & directing work & workers. Whereas Luther Gullick has given a keyword ’POSDCORB’ where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting. Staffing has assumed greater importance in the recent years due to advancement of technology, increase in size of business, complexity of human behavior etc. Planning is future-oriented and determines an organization’s direction. %PDF-1.4 According to Henry Fayol, “To organize a business is to provide it with everything useful or its functioning i.e. In Webster’s New 20th Century Dictionary (unabridged), “management” is defined as follows: s฀ the act, art, or manner of … It is a kind of organized foresight as well as corrective hindsight. %PDF-1.4 they are highly inseparable. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. Thus, planning is a systematic thinking about ways & means for accomplishment of pre-determined goals. The purpose of controlling is to ensure that everything occurs in conformities with the standards. Koontz and O'Donnel, "Management is the creation and maintenance of an internal environment in an enterprise where … According to Henry Fayol, “To manage is to forecast and plan, to organize, to command, & to control”. It is the process of bringing together physical, financial and human resources and developing productive relationship amongst them for achievement of organizational goals. Planning is determination of courses of action to achieve desired goals. It deals with chalking out a future course of action & deciding in advance the most appropriate course of actions for achievement of pre-determined goals. Therefore controlling has following steps: Learn management concepts & skills rapidly with easy to understand, richly illustrated self-paced learning modules & downloadable powerpoint presentations. The main purpose o staffing is to put right man on right job i.e. It is all pervasive, it is an intellectual activity and it also helps in avoiding confusion, uncertainties, risks, wastages etc. It is an exercise in problem solving & decision making. As a premium member, you get access to view complete course content online and download powerpoint presentations for more than 200 courses in management and skills area. 7 0 obj How do you define management?Management is a process with a social element. Successful managers will assure you that their employees are their most important asset. FUNCTIONS OF MANAGEMENT The term managementhas been defined in many ways. It is considered life-spark of the enterprise which sets it in motion the action of people because planning, organizing and staffing are the mere preparations for doing the work. Management has been described as a social process involving responsibility for economical and effective planning & regulation of operation of an enterprise in the fulfillment of given purposes. <> According to Theo Haimann, “Controlling is the process of checking whether or not proper progress is being made towards the objectives and goals and acting if necessary, to correct any deviation”. By far the most important is the mission. E��2�K��2��ִ��fA�� e��nK1�*�ѝ��/m2^:@R�h��q��.�I�!k�znQ��4l(����vk��%�R��?�]gx�ZT����7=����Y�d~5�&�ژ#N��e�)P�:���x�䆧$�&O$J���ac�x2�r�.