Functions of management
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Management is the process of guiding resource allocation to achieve organizational goals, performed by managers through five key functions: planning, organizing, staffing, directing, and controlling. Each function is critical for effective management and involves specific activities such as goal-setting, resource coordination, personnel selection, employee motivation, and performance measurement. Effective management ensures optimal use of resources, contributes to profit maximization, and enhances overall organizational efficiency.
Functions of management
- 1. Management is the process of guiding the development, maintenance, and allocation of resources to attain organizational goals. Managers are the people in the organization responsible for developing and carrying out this management process. In a nutshell, we can say that Management is the process of getting things done through others. This process is identified in a set of functions performed by managers to accomplish the goals. Management in an organization plays a dominant role to achieve the targeted goals of profit maximization and increased market share. The main aim of management is to achieve the organizational goals while using the organizational resources most effectively. To be an effective manager, you’ll need extensive knowledge of the company’s goals and how to direct employees, sales and other operations to accomplish them. For this purpose, the manager performs some fundamental functions. They are called managerial functions and basically consist of five elements, these are: 1. Planning 2. Organizing 3. Staffing 4. Directing 5. Controlling PLANNING1. Planning is concerned with the determination of the objectives to be achieved and the course of action to be followed to achieve them. Planning implies decision-making as to what is to be done, how it is to be done, when it is to be done and by whom it is to done. Planning helps in achieving the objectives efficiently and effectively. Planning involves selecting of objectives and strategies, policies and programs and procedures for achieving them. Planning function is performed by managers at every level because planning may either be for the entire enterprise or for any section or department, the managers at the top level devote more time on planning, the managers at the lower level follow the policies, programs and procedures laid down by the top management. Planning is a requirement for doing anything and also is a key component to ensure the proper utilization of the resources of the business concern to achieve the desired goals. N.B//Plans can be classified into standing plans and single-use plans. ****Standing plans include objectives, policies, procedures, methods and rules. ****Single-use plans include budgets, programs, strategies and projects. ORGANIZING2. According to Fayol, “to organize a business is to provide it with everything useful to its functioning — raw materials, tools, capital and personnel.” Thus, organizing involves bringing together the manpower and material resources for the achievement, of objectives laid down by the enterprise. Organizing involves the following processes; FUNCTIONS OF MANAGEMENT Sunday, November 8, 2020 10:19 AM New Section 1 Page 1
- 2. (a) Determining and defining the activities involved in achieving the objectives laid down by the management (b) Grouping the activities in a logical pattern (c) Assigning the activities to specific positions and people (d) Delegating authority to people so as to enable them to perform the activities assigned to them. Organizing function helps in increasing the efficiency of the enterprise; by avoiding repetition and duplication of activities, it reduces the operation cost of the enterprise. N.B//Organizing function can be useful to the enterprise only when there are clear and verifiable objectives and clear understanding of the activities needed to achieve the objectives of the authority assigned to the managers at every level. STAFFING3. Every enterprise is very much concerned with the quality of its people, the staffing function is concerned with this aspect of management. The managerial function of staffing involves manning the organizational structure through proper and effective selection, appraisal and development of personnel to fill the roles designed into the structure. The staffing function involves the following; (a) Proper selection of candidates for positions (b) Proper remuneration (c) Proper training and development so as to enable them to discharge their organizational functions effectively (d) Proper evaluation of personnel N.B//Staffing function is a difficult managerial function because it is concerned with the selection of persons who are properly qualified and mentally well-adjusted to the situations. DIRECTING4. Directing is one of the important functions of management and is the art and process of getting things done, the directing function actually starts the work. Directing involves the manager telling the subordinates how they have to perform jobs assigned to them. It is concerned with; -guiding -supervising -motivating the subordinates for achieving the enterprise objectives. Directing consists of the following four sub-functions, namely; - Communication or issuing of orders and instructions to subordinates. A manager has to New Section 1 Page 2
- 3. - Communication or issuing of orders and instructions to subordinates. A manager has to instruct the subordinates what to do, how to do it and when to do it. -Guiding, energizing and leading the subordinates to perform the work systematically and also building up among workers confidence and zeal in the work to be performed. -Inspiring the subordinates to do work with interest and enthusiasm for the accomplishment of the enterprise’s objectives. -Exercising supervision over the subordinates to ensure that the work done by them is in conformity with the objectives that are determined. CONTROLLING5. It is concerned with seeing whether the activities have been or are being performed in conformity with the plans. Control is the process of checking to determine whether or not, proper progress is being made towards the objectives and goals-and acting if necessary to correct any deviation. Controlling involves the following sub-functions, namely; (a) Determination of standards for measuring work performance. (b) Measurement of actual performance. (c) Comparing actual performance with the standards. (d) Finding variances between the two and reasons for variances. (e) Taking corrective actions to ensure attainment of objectives. N.B// For control to be effective and fruitful, it must be based on a plan; there must be measurement of actual performance to ascertain deviations and to take action to remedy the deviations. New Section 1 Page 3