GW MMM Week-2 Management Functions

8/22/2019 GW MMM Week-2 Management Functions

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WEEK-2

FUNCTIONS OF MANAGEMENT

Media Management & Marketing


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Planning

Organizing

Implementing / DirectingControlling


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FUNCTIONS OF MANAGEMENTPLANNING

It is the process of thinking about and organizing the activities required to

achieve a desired goal.

It involves the creation and maintenance of a plan. It deals with who, what, how, when and where of goal achievement.

Managers can outline exactly what is necessary for an organization to

achieve its goals.

It includes both short term and long term thinking.

It involves a consideration of key organizational resources, such as

human resources, monetary resources, raw material resources and

capital resources.


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FUNCTIONS OF MANAGEMENTSTAGES IN PLANNING PROCESS

1. Goal Setting

2. Developing the Planning Premises

3. Reviewing Limitations4. Deciding the Planning Period

5. Formulation of Policies and Strategies

6. Preparing Operating Plans7. Integration of Plans


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FUNCTIONS OF MANAGEMENTADVANTAGES OF PLANNING

It increases the efficiency of an organization.

It reduces the risks involved in modern businessactivities.

It facilitates proper coordination within anorganization.

It aids in organizing all available resources.

It gives right direction to the organization.

It is important to maintain a good control. It helps to achieve objectives of the organization.

It motivates the personnel of an organization.

It encourages managers creativity and innovation.

It also helps in decision making.


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FUNCTIONS OF MANAGEMENTORGANIZING

It involves the delegation of tasks developedduring planning to various individuals and orgroups within the organization.

The assignment of these tasks turns plans intoaction.

Ideally each persons work will contribute to thedepartments process.

All departments will work together to make adivision successful.

All of these organized contributions leadultimately to the success of the entireorganization.


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CHARACTERISTICS OF ORGANIZATION Specialization and division of work

Orientation towards goals

Composition of individuals and groupsDifferentiated functions

Continuity


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FUNCTIONS OF MANAGEMENTAUTHORITY, RESPONSIBILITY AND ACCOUNTABILITY

Authority is a manager's formal and legitimateright to make decisions, issue orders, andallocate resources to achieve organizationallydesired outcomes.

Responsibility means an employee's duty toperform assigned task or activities. A personwho is given the responsibility should ensurethat he accomplishes the tasks assigned to him

Accountability means that those with authorityand responsibility must report and justify taskoutcomes to those above them in the chain ofcommand.


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FUNCTIONS OF MANAGEMENTTYPES OF AUTHORITY

Line Authority

Functional Authority

Staff Authority


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Line Authority

Managers have the formal power to direct and

control immediate subordinates.The superior issues orders and is responsible for

the result and the subordinate obeys and is

responsible only for executing the orderaccording to instructions.


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Functional Authority

Functional Authority is where managers have formalpower over a specific subset of activities.

For example the Production Manager may have the lineauthority to decide whether and when a new machineis needed but the controller finance can demand that aCapital Expenditure Proposal must be submitted first,

showing that the investment will have a yield of at leastx%.


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Staff Authority

Staff Authority is granted to staff specialists in their areas

of expertise.

It is not a real authority in the sense that a staff manager

does not order or instruct but simply advises,

recommends, and counsels in the staff specialists area

of expertise and is responsible only for the quality ofthe advice.


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FUNCTIONS OF MANAGEMENTIMPLEMENTATION

It is the carrying out, execution, or practice of aplan, a method, or any design for doingsomething.

It is the action that must follow any preliminary

thinking in order for something to actuallyhappen.

It is the process of encouraging appropriatebehavior in organizations by providing an

environment in which people can satisfy groupgoals and their own needs through work and the

work environment.

Usually plans are implemented as planned bymanagers with the help of middle and lower

management. Workers follow the instructions


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FUNCTIONS OF MANAGEMENTCONTROLLING

It helps to check the errors and to take the

corrective action so that deviation from

standards are minimized and stated goals of

the organization are achieved in a desiredmanner.


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FUNCTIONS OF MANAGEMENTCONTROLLING-MODERN CONCEPT

According to modern concepts, control is a

foreseeing action whereas earlier concept of

control was used only when errors were

detected.

Control in modern management means:

Setting standards

Measuring actual performance and

Taking corrective action


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FUNCTIONS OF MANAGEMENTMANAGEMENT CONTROL PROCESS

A typical process for management control includes

1) Actual performance is compared with planned

performance.2) The difference between the two is measured.

3) Causes contributing to the difference areidentified.

4) Corrective action is taken to eliminate orminimize the difference.


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FUNCTIONS OF MANAGEMENTNATURE OF MANAGERIAL WORK

In for profit organizations management has asits primary function to the satisfaction of a range

of stakeholders.

It typically involves making a profit for the

shareholders, creating valued products at areasonable cost for customers, and providing

rewarding employment opportunities foremployees.

In for nonprofit management shareholders votefor the board of directors, and the board then

hires senior management.


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FUNCTIONS OF MANAGEMENTBRANCHES OF MANAGEMENT

1) Human Resource Management

2) Operations / Production Management

3)

Strategic Management4) Marketing Management

5) Financial Management

6) Information Technology Management


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FUNCTIONS OF MANAGEMENTBASIC FUNCTIONS OF MANAGEMENT IN MODERN ERA

1. Planning

2. Organizing

3.

Staffing4. Leading / Directing

5. Controlling / Monitoring

6. Motivation


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STAFFINGIt is the process of acquiring, deploying, andretaining a workforce of sufficient quantity and

quality to create positive impacts on the

organizations effectiveness.It includes human resource planning to identify

what the organization requires in terms of thenumbers of employees needed and their

knowledge, skills and abilities in order toeffectively meet job requirements.


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Motivation

It is one of the basic functions of managementbecause without motivation, employees

cannot work effectively.If motivation does not take place in anorganization, then employees may not

contribute to the other functions which areusually set by top level management.


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THANK YOU

Documents

GW MMM Week-2 Management Functions