The Five Functions of Management
Controlling a complex organisation so as to achieve desired goals resulted in the evolution of the concept management. Management include all those people who are concerned with managing an organisation. It is a sum of organised activities by a group of people. Management involves decision making at various levels of organisation for getting things done by others. It is both science and as well as an art, because the fundamentals of management are the same everywhere but the practices differ.
Definition of Management
"To manage is to forecast and plan, to organise, to command, to co-ordinate and to control."
- Henry Fayol
"Management is a distinct process consisting of planning, organising, activating and controlling to determine and accomplish the objectives by the use of people and resources."
- G.R. Terry
"Management is the development of people and not the direction of things. Management is the personnel administration."
- Lawrence A. Apply
"Management is the art of getting things done through and with the people in formally organised groups."
- Horold Kanontz
"Management is simply the process of decision making and control over the action of human beings for the express purpose of attaining pre-determined goals."
- Stanley Vance
Functions of Management
George and Jerry explained four fundamental functions of management. According to them functions of management are planning, organizing, actuating and controlling.
POSDCORB is the key word used by Luther Gullick to explain the functions of management In POSDCORB; P stands for planning, O for organizing, S for staffing, D for directing, Co for co-ordination, R for reporting and B for budgeting.
Newman and Summer gave the managerial functions which include organizing, planning, reading and measuring and controlling.
Koontz and O’Donnel explained five functions of management. They have become widely accepted functions of management everywhere. They are planning, organizing, staffing, directing and controlling.
Five Functions of Management by Koontz and O'Donnel
Five functions of management as explained by Koontz and O'Donnel are as follows;
The above five management functions as mention by Koontz and O'Donnel were briefly explained here under.
Deciding in advance what to do, how to do, why to do, where to do and who will be responsible for doing is planning. Determination of the objectives of business, splitting of objectives into goals for each department of the organization and formulating policies, programs, procedures rules and regulations and budget are the important steps involved in planning. Read More...
Division of work into functions and sub-functions, grouping of activities that are closely related in their nature, assigning of duties and responsibilities to the employees and finally delegation of authority and power to each employee or the group to discharge their duties accordingly are the processes come under the function of management organizing. Read More...
Communication, leadership and supervision and last but not the least motivation are the elements come under the function of management, directing. Directing is nothing but guiding and leading the people in an organization. It is not just giving instructions by a superior to the sub-ordinates but also is a process of supervising, guiding and motivating the latter to achieve the organizational goals. It is a complex function of management that ensures the employees work effectively and efficiently. Read More...
The process of making out, assessing, appointing, evaluating and developing the employees at work in an organization is staffing. In here the characteristics of a job are determined primarily. It is followed by ensuring of the right number of and kind of employees are placed at the right places and at the right time when organization is in need of them. Staffing function of management begins with notifying the vacancies in the organisation and selecting the best individuals as employees. Performance appraisal and manpower development are the other processes involved under staffing function of management. Read More...
It is the process that ensures whether the resources are obtained and used efficiently in achieving the organizational objectives. Controlling function of management is closely linked with the planning function because, it includes checking the performance of employees to see whether the planned performance is being achieved by them or not. Budgetary control, Inventory control, quality control, profit and loss control, Management audit, cost accounting and cost control, production control, financial control, break-even analysis and internal audit control are the important control devices of controlling techniques. Read More...
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Importance of Planning Function. Planning is a process which involves the determination of future course of action, i.e. why an action, how to take an action, and when to take action are main subjects of planning...
Principles of controlling; Controlling is a procedure of ensuring that satisfactory progress has been made in accordance with the plans and noting down the experience benefited for achieving forth coming goals.
Risk management is defined as the logical development and carrying out of a plan to deal with potential losses. The risks can be financial risks, process risks, intangible risks, time risks, human risks, legal risks,...