Management can be seen as the method of organizing, guiding, strategizing and supervising the work of team members and leveraging organizational resources to achieve specific goals.
- Planning involves determining what needs to be done and who is responsible for doing it in advance. This means setting goals beforehand and creating a plan to achieve them in a productive and efficient manner. For instance, if a company's goal is to sell eco-friendly products, the plan may include sourcing materials, identifying target markets, setting price points, and developing marketing strategies.
- Organising is the management process of defining and grouping tasks, assigning responsibilities, granting authority, and allocating resources necessary to implement a specific plan. Once a clear plan has been established, the organizing function examines the tasks and resources required to execute the plan. It determines what tasks and resources are needed and assigns specific tasks to individuals or teams.
- Staffing involves finding the right people for the right job. A crucial part of management is ensuring that the right people with the right skills are available at the right places and times to accomplish the company's goals. This process, also known as human resource management, includes activities such as recruitment, selection, placement, and training of employees.
Related Read: What are the 3 Levels of Management?
- Directing involves guiding, leading, and motivating employees to accomplish assigned tasks. This requires creating an environment that encourages employees to give their best. Effective communication, motivation, and leadership are key elements of direction. Motivating employees means creating an atmosphere that makes them eager to work. Leadership involves inspiring others to accomplish the tasks set by the management.
- Controlling is the management function of steering the organization's performance towards the achievement of its goals. The controlling function includes setting performance standards, measuring current performance, comparing it with set standards, and taking corrective action if any discrepancies are found. Management must determine which activities and outputs are crucial for improvement, how and where they can be measured, and who should have the authority to take corrective action.
The above information provides a detailed understanding of the Functions of Management for commerce students preparing for their class 12 exams. Stay tuned for more insights.