The term “Management” refers to the act of managing people, resources, and things. It helps to manage the various activities in an organization and also helps to make effective decisions. Management is important for any business as it helps the business to function in the most effective and efficient manner. Without management, it would be almost impossible for any business to achieve their aims and objectives in order to become successful in the competitive market.
There are four basic functions that make up the management in any business. The four basic functions of management are described below:
Planning is the first basic function of management. This is an important function as it lays the foundation for the other three functions of management. Planning basically means to establish the aims and objectives of the organization and to create strategies that will help achieve the aims and objectives of the organization. Without establishing any aims and objectives, the employees in the organization will not have any idea about what they are working to achieve. Therefore, planning helps create a sense of direction within the organization so that the employees can work towards goal attainment.
There are two main types of plans namely, short-term plans and long term plans. Plans in which the aims and objectives are to be achieved within a year are called short-term plans. On the other hand, long-term plans are those whose aims and objectives are to be achieved after a long period or at least after one year.
The second basic function of management is organizing. Organizing means to arrange the people and resources so that the organization can achieve its aims and objectives. Organizing establishes the duties and activities that are to be performed in an organization, the individuals who have to perform them and the manner in which they are to be carried out.
This function also defines the chain of command in an organization. The chain of command is the authority hierarchy that specifies who reports to whom in the organization. The higher the authority an individual possesses the more responsible and accountable he becomes for the actions of people with lower authority than him within the organization.
Leading means to direct the activities in an organization and to motivate employees. It is very important to guide the employees so that they perform the activities assigned to them in the correct manner because if they don’t then it will hinder the organization in the achievement of its goals.
It is also important to motivate the employees because it helps them perform the activities more effectively and efficiently as well.
Controlling is the last function of management and it means to monitor the performance of the employees. Monitoring the performance of the employees is key because it informs the supervisors about whether the employees are performing their activities and duties correctly or not. This helps to make decisions about whether the employees need guidance, additional training or mentoring, or the employee needs to be fired and a new employee should be hired to replace him.
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