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The Four Functions of Management - Essay Example

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Human capital is the most valuable asset of a firm. The professionals responsible for the performance of the workforce are the managerial staff…
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The Four Functions of Management
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Download file to see previous pages Planning is the process of developing the business mission and objectives and determining how they will be accomplish (Evron, 1994). The planning function allows managers to create business strategies to determine the long term objectives of the company. This function is very important because a manager that does not adequate plan the business trajectory of a company can expose the company to business risks. Planning involves the evaluation of internal and external factors. Forecasting methods such as the Delphi method can help a manager determine the future demand of the company’s product. Based on this information a manager can plan the future equipment, labor, and inventory needs of the enterprise.
The second managerial function is organizing. Organizing involves allocating and configuring resources to accomplish the goals and objectives established during the planning process (Mcnamara, 2009). The function involves determining the best organization structure to optimize the work performance of the workers. As organizations get larger the organizing function becomes more important. A lack of organization can lead to business chaos. An example of a company whose managerial staff failed to perform the organizing function adequately is Enron Corporation. A manager that organizes well the company’s resources is able to increase the work performance of the employees. The nature of a business influences the way a manager organizes an organization. The matrix organization structure is better suited for innovative companies. In business environments in which the customers expect fast results a manager can empower the employees to make their own decisions.
The third managerial function is leading. Leading involves influencing people’s behavior through motivation, group dynamics, communication, and leadership (Rane, 2007). There is a direct correlation between motivation and employee performance. A ...Download file to see next pagesRead More
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