Functions Of Management
- 1. Functions of Management Running the Business on a Daily Basis
- 2. Role of Management Management is the function of directing and administrating all or part of,a business. Managers set goals and handle the company’s human, financial, and productive resources to achieve it’s goals. Managers work to motivate and inspire change and creative problem solving to help continually improve an organizations success
- 3. 1. Planning Where the Business is (current market position) and Where the owner wants it to be. (vision) Strategic Planning How goals will be achieved Long Range objectives Short Term plans Policies, programs, budgets, procedures etc.
- 4. Strategic Planning Strategic planning is the formal consideration of an organization's future course. strategic planning deals with three key questions: "What do we do?" "For whom do we do it?" "How do we excel?" In business strategic planning, the third question is better phrased "How can we beat or avoid competition?". (Bradford and Duncan, page 1). In many organizations, this is viewed as a process for determining where an organization is going over the next year or more -typically 3 to 5 years, although some extend their vision to 20 years. In order to determine where it is going, the organization needs to know exactly where it stands, then determine where it wants to go and how it will get there. The resulting document is called the "strategic plan".
- 5. 2. Organizing Making optimum use of the resources required to enable the successful carrying out of plans. Finding the Right people to do the work delegating responsibilities Organizing human, financial, material and technological resources to reach goals. Staffing : Job Analyzing, recruitment, and hiring individuals for appropriate jobs.
- 6. 3. Leading/Motivating Motivating others to reach goals. Inspire people to give their best. Earning, maintaining respect of team. Providing direction, vision.
- 7. 4. Controlling Monitoring Employees performance and results Are goals being reached Measuring , controlling inventory and assets Production controls Preventing, correcting problems
- 8. 4 Functions of Management 1. Planning 2. Organizing 3. Leading 4. Controlling