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Functions of Management
There is a statement: “Management is getting work done through people.” Most of achievements in any society take place because groups of people get involved in joint effort. Almost everyone is, was, or someday will be a manager, i.e. the person who coordinates human, information, physical, and financial resources of an organization. In order to perform their functions adequately, managers need interpersonal, organizational, and technical skills.
Management is a team of managers who are in charge of the organization at different levels. Regardless of the specific job, most managers perform five basic functions:
Planning involves determining overall company objectives and deciding how these goals can best be achieved. Managers consider alternative plans before choosing a specific course of action at all managerial levels. Planning is listed the first management function because the others depend on it. However, even as managers move on to perform other functions, planning continues as goals and alternatives are further evaluated and revised.
Organizing, the second management function, is putting the plan into action. Organizing involves allocating resources, especially human resources, so that the objectives can be attained; creating new positions and determining responsibilities. Staffing, i.e. choosing the right person for the right job, is also a part of the organizing function.
Fourth is the day-to-day direction and supervision of employees. In directing, managers guide, teach, and motivate people so that they reach their potential abilities, and at the same time achieve the company goals set in the planning stage.
At last managers control and evaluate how well overall company objectives are being met. If there are any problems and objectives are not being met, changes need to be made in the company’s organizational or managerial, structure. In making changes, managers might have to go back and replan, reorganize, and redirect. Effective managers achieve the goals of the company through a successful combination of planning, organizing, staffing, directing, and controlling.
Personal business management is a one-semester course for the high school students. Its purpose is to provide students with a variety of tools necessary to meet future needs — making career decisions, managing money, providing economic security, managing credit, and keeping up to date with technology. It is useful for all the students for better understanding and adaptating to the financial world they will enter. A student examines his or her societal and personal expectations, needs and wants, controls and restraints both for the present and future. The emphasis is made on decision-making skills, planning and analysis. The informed person is better able to draw maximum benefit and is well-adjusted to the social, economic, and technological changes.