Functions of Management

Running the Business on a Daily Basis

Role of Management

Management is the function of directing and administrating all or part of,a business.

Managers set goals and handle the company’s human, financial, and productive resources to achieve it’s goals.

Managers work to motivate and inspire change and creative problem solving to help continually improve an organizations success

1. Planning

Where the Business is (current market position) and Where the owner wants it to be. (vision)

Strategic Planning How goals will be achieved Long Range objectives Short Term plans

– Policies, programs, budgets, procedures etc.

Strategic Planning

Strategic planning is the formal consideration of an organization's future course. strategic planning deals with three key questions:

1. "What do we do?" 2. "For whom do we do it?" 3. "How do we excel?" In business strategic planning, the third question is better phrased "How

can we beat or avoid competition?". (Bradford and Duncan, page 1). In many organizations, this is viewed as a process for determining where

an organization is going over the next year or more -typically 3 to 5 years, although some extend their vision to 20 years.

In order to determine where it is going, the organization needs to know exactly where it stands, then determine where it wants to go and how it will get there. The resulting document is called the "strategic plan".

2. Organizing

Making optimum use of the resources required to enable the successful carrying out of plans.

Finding the Right people to do the work delegating responsibilities Organizing human, financial, material

and technological resources to reach goals.

Staffing: Job Analyzing, recruitment, and hiring individuals for appropriate jobs.

3. Leading/Motivating

Motivating others to reach goals.

Inspire people to give their best.

Earning, maintaining respect of team.

Providing direction, vision.

4. Controlling

Monitoring Employees performance and results

Are goals being reached Measuring , controlling

inventory and assets Production controls Preventing, correcting

problems

4 Functions of Management

1. Planning 2. Organizing 3. Leading 4. Controlling