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FUNCTIO
NS OF
MANAGEMENT
INTRODUCTIONFirms have goals to achieve. Some of these include:• Maximising sales• Earning profits
Management is the process of achieving the major goals of a firm with the best use of available resources.
FUNCTIONS OF MANAGEMENTThere are basically seven functions of management (podccdm).
Planning
Organising
Directing
Controlling
Coordinating
Delegating
Motivating
1. Planning - developing proposals for future activities and operations of the firm
• Analyse future strategies• Deciding on the direction that the firm should take• Preparing the resources that are needed
2. Organizing - ensuring that resources are in place at a particular time
• Grouping similar activities together• Thinking ahead to decide who is going to do which job• Fixing deadlines for jobs
3. Directing - developing goals and objectives , and giving instructions
• Once management knows what they want to achieve they communicate it to workers and attempt to get them to understand
• This is the only way that workers at all levels will know what is required
4. Controlling – establishing systems which monitor performance
• Performance is analysed to see if objectives are being achieved• This allows problems to be detected and measures are put in place
to reduce any problems
5. Coordinating – ensuring that all functional areas work cooperatively and support for each other
• If the marketing department wants to develop a new promotion they will have to liaise with the finance department to ensure funds are available
6. Delegating – giving responsibility for specific areas to subordinates
• Management cannot do everything and will have to give subordinates responsibilities for which they will be held accountable
• Management should receive reports from those who were delegated the authority
7. Motivating – encourage staff to do the jobs that management wants them to do
• Make the staff feel as though they want to do the job • Provide incentives for employees (not only pay)