Fundamentals of Management

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Functions of Management:

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Planning:

  • Deciding in advance what is to be done, when it is to be done, how it is to be done.

  • Basically concerned with the selection of goals to be achieved.

  • This involves:

    • Forecasting

    • Establishing targets

    • Developing the policies and programming

    • Scheduling the action

    • Procedure, etc.

Organising:

  • After the plan management has to organise the activities, and physical resources of the firm.

  • To carry out the selected programmes successfully.

  • Primarily concerned with identifying the tasks.

  • Defining the duties and responsibilities of people in various positions within each department.

Staffing:

  • Concerned with employing people for the various activities to be performed.

  • Objective is to ensure that suitable people have been appointed for different positions.

  • Includes the functions of:

    • Recruitment

    • Training and development

    • Placement and remuneration

    • Performance appraisal of the employees

Directing:

  • Manager should be a good leader.

  • He should be able to command and issue instruction.

  • Managers should also understand the needs of subordinates.

  • Also, inspire them to do their best and encourage initiative and creativity.

  • It includes:

    • Guiding the subordinates

    • Supervising their performance

    • Communicating effectively and motivating them

Controlling:

  • Function of management consists of the process.

  • Taken to ensure that the performance of work is in related with the plans.

  • It involves:

    • Establishing performance standards

    • Measuring the actual performance with the standards set

  • Some corrective steps are taken it includes:

    • Revision of standards

    • Regulate operations

    • Remove deficiencies

    • Improve performance

Co-Ordinating:

  • To achievement of the objectives of the business.

  • It requires integration of activities and synchronisation of efforts.

  • Work of every department is significant for the organisation as a whole.

  • It consists of harmonising group effort so as to achieve common objectives.

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