Functions of Management
The success of any business venture relies upon effective management and the responsibility of the manager to ensure the stability of the organization. The enormous changes associated with the information revolution have posed new problems for today's managers necessitating a fundamental restructuring of the business methodology. The emergence of the global economy has impressed upon the management to spurn away the traditional hierarchical organizational model towards network and virtual organizational setups. Survival in this global competition depends largely on good management skills and hence it is incumbent upon managers to master the people management skills. A brief analysis of the different managerial functions would present us with a better picture as to their importance in contributing to the success of the business.
Over the years, researchers have identified the following managerial functions as vital for the success of any business. They are Planning, coordinating, Organizing, Staffing, Communicating, Motivating, Training, leading, controlling. In spite of the changing business environment, these managerial functions constitute the basis for successful management irrespective of the nature of the business. As a future manager, I will need to recognize market trends and business practices of our competitors and device suitable action plans. It is also my responsibility to ensure co-ordination within the different branches.
Planning
Planning is basic to all managerial functions. Planning is the process of selecting the course of action towards the fulfillment of the company's objectives. There is the strategic phase of the management functions wherein ...