The functions of management describe specific kinds of work processes in organizations. Management comprises the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing an organization’s resources to achieve the objectives of that policy. They are the roles that ensure any organization – big or small— maintains structure, efficiency, and momentum. The functions of management are thus essential to enable managers to make an organization successful and responsive.
What is Management?
Management is the directing and controlling work for other individuals or organizations to accomplish organizational goals effectively and efficiently. It is making use of resources (people, money, technology, etc) in such a way that the organizations reach their goals and objectives with minimum waste of resources. The ultimate goal of management is balancing and rationalizing the operations and sustainability of the business.
Examples of the five functions of management show how the elements of planning, organizing, staffing, directing, and controlling are applied in a company’s work. Here are some of the basic concepts that are included in functions of management.
- Planning: Creating a vision and strategic goals for the organization.
- Organizing: Resources and activities required for the implementation of the plans.
- Leading: The process of influencing and inspiring others to accomplish the shared goals of an organization.
- Controlling: Checking results against plan and making adjustments as needed.
Management, as known, is the central element of any kind of organization and can drive value for the same only when the influence brings in these 3 essential elements in a systematic and piercing manner. The 10 functions of management are the vehicle that keeps everything in sync.
Types of Management
A variety of types of management based on the function or industry with which an organization competes. Each kind of resource necessitates a concrete approach and is oriented towards different operation aspects. Of course, there are different skills, knowledge, and abilities required for each type of management, but the goal should be to increase the performance and sustainability of the organization. Students usually prepare with the help of functions of management Class 12 PDF to have a better clarity of these differing.
- Strategic Management: Concerns the general orientation and long-term goals of the company. Strategic management takes place at the highest levels in order to establish the long-term direction of the organization.
- Operations Management: The administration of the activities that create goods and services. Leadership of this kind is about efficiency, it’s about supply chain management, it’s about leveraging resources.
- Human Resource Management: Covers the hiring, training, and management of staff members. HRM’s task is to make sure the employees are motivated, competent and in line with the objectives of the organization.
- Finance: Associated with budget allocations, financial planning and investment decisions. Managers of finance manage the availability of funds for the organization by using them effectively.
- Marketing Management: Centers on planning, developing, and implementing the selling strategies of a product or service. Marketing managers analyze market conditions, formulate marketing plans, and oversee advertising campaigns.
Levels of Management
Management levels refer to a specific category of management, the order of management in the hierarchy of an organization that sees each manager given a relative rank in the organization’s management and has their own requirements, outlook, and responsibility. It makes sure obligations and authority is clearly delineated, thereby making whoever is in charge responsible and doing job assignation effectively. Each level of management is defined by the role it plays within the organization to guarantee the functioning of the same. Interfacing and communicating between these levels is thus needed to meet broader company aims. Knowledge of levels is necessary to the correct understanding of the 5 functions of management.
- Top-level managers (Management level): These management positions include the chief executive officer, the chief financial officer, the President and other top executives who focus on market strategies, set policies and interest themselves in the organisation’s performance. They have an eye on the horizon and the success of the company.
- Middle-Level Management: This level between top-level and lower level management includes department and division heads. They are responsible for putting the policies developed by top executives into action and for overseeing the use of resources in their departments to achieve goals.
- Lower-Level Management (Supervisory Management): The lower-level management includes supervisors and team leaders, they mainly look after day-to-day operations and see that tasks are completed on time. They’re down on the floor with the employees, and take care of the day-to-day operations, tracking performance and quality, etc.
Planning Function of Management
Planning is the first and the most critical function of management. Planning consists of establishing goals and deciding how to do them, i.e., selecting the objectives and identifying the methods to get there. It is also one of the 7 functions of management in education.
- Setting Objectives: It forces the organization to set measurable objectives during a short period of time.
- Strategy making: Once set, managers must then develop strategies for objectives. This involves working out the resources necessary and allocating tasks and schedules.
- Alternative Thinking: Managers are required to consider various courses of action and select the most appropriate based on resources, risk and rewards.
- Preparing action plans: After choosing the most effective course of action, specific plans are formulated with reference to tasks, schedules and responsibilities.
- Control and Correct: Managers must continuously control the implementation of the plan and take corrective actions to ensure the objectives are being met.
Importance of Planning
Planning will give the employees a clear direction or focus. Planning enables managers to expect some of those unknowns in advance. Planning has been fundamental because a well-specified plan sets the directions on which all the other management functions are set. Without it, organizing, leading, and controlling become fragmented and redundant.
Planning is much stressed in functions of management Class 12 topics.
- Minimizes Indeterminacy: Although we cannot foretell the future, quality plans can help managers cope with change.
- Eases Decision Making: Planning serves as a manual for day-to-day decisions.
- Fosters coordination: Supports working with other departments in escalating achievements.
- Boost in Efficiency: A well-planned schedule keeps you away from wasting resources.
Planning has been vital because the plan determines the directions in which all the other 5 functions of management depend. Without it, organizing, leading and controlling are disjointed and repetitive.
Functions of Management FAQs
1. What are the 7 key functions of management?
The functions of management are planning, organizing, staffing, directing, coordinating, reporting, and budgeting. These helps maintain effective and efficient control of the organization services.
2. What are the 5 functions of management?
5 key functions of management are planning, organizing, staffing, leading and controlling. These core functions enable businesses to do their objectives more effectively.
3. What are the 4 types of management?
The four management functions are planning, organizing, leading, and controlling. These guide the managers on systematic accomplishment of organizational goals.
4. What is management, and what are its functions?
Management is the art of making best use of available resources to get desired results. The core elements of management are planning, organizing, directing, staffing, and controlling.
5. What is one of the key functions of management?
Production planning is the most critical decision. It is the key that opens all doors, because it gives us direction, it allows us to focus.
