management

Functions of Management What do Managers do? According to James A. Stoner managers performs the following functions: 3. Managers work with and through other people. 4. Managers bear the final responsibility for results. 5. Managers balance competing goals and set priorities. 6. Managers think analytically and conceptually. 7. Managers make difficult decisions and assume risk.Approaches to look into the managerial performance in organisation:  The Functions approach (What managers are supposed to do).  The Activities or roles approach (what managers actually do).Functions Approach  Originated by Henri Fayol  Functions are broadly classified into four categories: 3. Planning 4. Organising 5. Leading 6. ControllingPlanning  Planning is concerned with future.  Concerned with determining the objectives of the firm and the means for achieving them.  Planning process starts with the selection of goals for the organisation from among several alternatives.  Top level plans for longer period and decides the future course of action for the organisation.Plan Permit: 1. The organisation to obtain and commit the resources needed to reach its objectives. 2. The members of the organisation to carry on activities consistent with the objectives chosen. 3. The progress towards the objectives to be monitored and measured. Organising  Organising includes the provision of physical facilities, capital and personnel.  Concerned with the determination of relationship among functions, jobs and personnel.  It is the process of identifying and grouping the work to be performed, defining and delegating responsibility and the authority and establishing relationship for the purpose.Leading  Concerned with directing and supervising the employees towards organisation goals.  It involves the leader’s qualities, styles and power as well as the leadership activities of communication.Controlling  Ensuring that the objectives and plans of the organisation are achieved is “Controlling” function.  It is a tool to keep the organisation on the right track.  Controlling can be positive and negative.Three elements of Controlling 1. Establishing standards of performance. 3. Measuring current performance and comparing it against the established standards. 5. Taking action to correct any performance that does not meet those standards.Relationship among the management functions Staffing Organising Controlling Directing Planning