Functions of management

Functions of management:

Management has been described as a social process involving responsibility for economical and effective planning and reoperations of an enterprise in the fulfillment of given purposes. It is a dynamic process consisting of various elements and activities are different from operative functions like marketing, finance, purchase etc. Rather these activities are common every manager irrespective of his level or status.

Planning:

It is the basic function of management. It deals with chalking (sketching) out a future course of action and deciding in advance the most appropriate course of actions for achievement of pre-determined goals.

Planning is a systematic thinking about ways and means for accomplishment (achievement) of pre-determined goals. Planning is necessary to ensure proper utilization of human and non-human resources.

Organizing:

It is the process of bringing together physical, financial and human resources and developing productive relationship amongst them for achievement of organizational goals. To organize a business involves determining and providing human and non-human resources to the organizational structure. Organizing process involves

Identification of activities

Classification of grouping of activities

Assignment of duties

Delegation of authority and creation of responsibility

Coordinating authority and responsibility relationships

Staffing:

It is the function of manning (handling) the organization structure and keeping it manned (handled). Staffing has assumed greater importance in the recent years due to advancement of technology, increase in size of business, complexity of human behavior etc.  The main purpose of staffing is to put right man on right job. Staffing involves:

Manpower planning (estimating man power in terms of searching, choose the person and giving the right place)

Recruitment (enrolment), selection, and placement

Training and development

Remuneration (reward)

Performance appraisal (judgment)

Promotions and transfer

Directing:

It is that part of managerial function which actuates the organizational methods to work efficiently for achievement of organizational purposes. It is considered life-spark of the enterprise which sets it is motion the action of people because planning organizing and staffing are the mere preparations for doing the work. Direction is that inner-personnel aspect (phase) of management which deals directly with influencing, guiding, supervising, motivating sub-ordinate for the achievement of organizational goals. Directions have following elements:

Supervision: it implies overseeing the work of subordinates by their superiors. It is the act of watching and directing work and workers.

Motivation: it means inspiring, stimulating or encouraging the sub-ordinates with zeal to work. Positive, negative monetary, non-monetary incentives may be used for this purpose.

Leadership: it may define as a process by which manager guides and influences the work of subordinates inn desired direction.

Communication: it is the process of passing information, experience, opinion etc. from one person to another. It is a bridge of understanding.

Controlling:

It implies measurement of achievement against the standards and correction of deviation if any to ensure achievement of organizational goals. The purpose of controlling is to ensure that everything occurs in conformities with the standards.  An efficient system of control helps to predict deviations before they actually occur.

Therefore controlling has following steps:

Establishment of standard performance

Measurement of actual performance

Comparison of actual performance with the standards and finding out deviation if any

Corrective action