Chapter 2 Functions of Management
Open with Full Screen in HD Quality
Information on Management
Management is the process of coordinating and overseeing the work activities of an organization or group to achieve defined objectives efficiently and effectively. It involves planning, organizing, leading, and controlling resources such as people, finances, materials, and information. Here's a breakdown of these key functions:
Planning: Setting goals and determining the best course of action to achieve them. This involves forecasting future conditions, analyzing different strategies, and deciding on the actions necessary to reach the objectives.
Organizing: Arranging resources and tasks in a structured way to achieve the goals. This includes designing the organization's structure, allocating resources, and assigning tasks and responsibilities.
Leading: Directing and motivating people to work towards the organization's goals. This involves communication, motivation, leadership styles, and interpersonal skills to guide and inspire employees.
Controlling: Monitoring and evaluating the progress towards goals and making necessary adjustments. This includes setting performance standards, measuring actual performance, comparing it with the standards, and taking corrective actions if needed.
Management is applied at different levels of an organization:
- Top-Level Management: Includes executives and directors who set the overall goals and policies.
- Middle-Level Management: Managers who implement the policies and plans of top management and coordinate the activities of lower-level managers.
- Lower-Level Management: Supervisors who oversee the day-to-day operations and manage individual employees' work.
Effective management ensures that an organization can achieve its goals with optimal use of resources, adapt to changing environments, and sustain competitive advantage.