Functions of Management

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 the manager has to study the market scenario and decide upon an action plan. Once identified, the manager assesses the different possibilities and arrives at a framework of action to materialize the corporate goals. Planning itself is a multistage process that includes analyzing the business trends and choosing between available options. Forecasting takes into consideration both external and internal factors affecting the business. The next step is determining alternative courses of action and the feasibility of the same. It is up to the manager to produce a good plan that provides for plenty of alternative methods. The final step in planning is to evaluate all the feasible options and identify the best solution.

Organizing

Organizing brings together people and systems in logical groupings to carry out plans. Traditionally, the organizing function is viewed as taking an overall task, analyzing it into component elements, and creating individual jobs with specific duties and responsibilities. However, less rigid structures such as project management or matrix structures are used to better meet the rapid changes encounter in today’s organizations (Anderson and Pulich, 2002. pg 3-4) Sound organization is no guarantee for success, but poor organization will usually bring about conflict and frustration.

Leading

The mark of an effective leader is his ability to foresee the business trends and stay ahead of his