FUNCTIONS OF MANAGEMENT

F.Y.B.F.M

INTRODUCTION TO MANAGEMENT:-

Definition:Harold Koontz defines management as “the art of getting things done through and with people in formally organized groups”

Meaning:Management is an art of getting things done by a group of people with the effective utilization of the available recourses. An individual cannot be treated as a managing body running any organizations.

FUNCTIONS

PLANNING

ORGANISING

STAFFING

DIRECTING

CO-ORDINATI

ON

CONTROLLING

1)PLANNING:-

James Stoner states “Planning is a Process of establishing goals and a suitable course of action for achieving those goals.”

Definition:

FEATURES OF PLANNING:-1. Planning is Goal-Oriented2. Future-Oriented3. Continuous Activity4. Link between Past, Present, and

Future5. Primacy Of Planning6. Intellectual process7. Integrated process

IMPORTANCE OF PLANNING:-

1.Minimizes Risk2.Facilitates Co-ordination3.Facilitates Organizing4.Facilitates Control5.Facilitates Proper Direction

6.Generates Efficiency7.Encourages Innovation8.Focus on Goals

IMPORTANCE OF PLANNING (contd.)

The main steps in planning are as follows:-

1.Analyzing the internal environment2.Analyzing the external environment3.Setting of clear and realistic goals4.Framing alternative plans5.Studying the alternative plans6.Selections of best suitable plans7.Implementation of the plans 8.Review

2)ORGANIZING:-Louis Allen states, “organizing is a process of identifying and grouping of the work to be performed, defining and delegating authority and responsibility, and establishing relationships to accomplish objectives.”

FEATURES OF ORGANIZING:-1. Structure of relationship2. Common objectives3. Group of individuals4. Division of work5. Authority6. Responsibility7. Rules and regulations

IMPORTANCE OF ORGANIZING:-

1. Ensures co-ordination2. Optimum utilization of resources3. Encourages initiative and

innovation4. Goodwill5. Reduces absenteeism6. Reduces labour turnover7. Better relations

The main steps in organizing are as follows:-

1. Determining goals of the organization2. Identifying the activities to be

performed to achieve goals3. Grouping of the related activities into

department4. Making arrangement of resources

5. Defining authority and responsibility

6. Delegating authority to managers

7. Establishing superior-subordinates relationship

8. Coordination of activities in the organization

STEPS OF ORGANIZATION (CONTD.)

3)STAFFING:-

Harold Koontz defines staffing as “filling and keeping filled, positions in the organization structure.”

FEATURES OF STAFFING

1. Continuous process2. Multi-dimensional in nature3. Factors4. Result-oriented functions5. Systematic approach6. Long-term benefits

IMPORTANCE OF STAFFING:-1. Helps to achieve objectives2. Labour relations3. Reduces absenteeism and

employee turnover4. Team work5. Corporate image6. Optimum use of resources.

The main steps in staffing are as follows:-

1. Placing the right person at right job

2. Performance appraisal3. Promotion and transfer4. Training and development5. Motivating and rewarding the

employees

4)DIRECTING:-J.L.Massie states “directing concerns the total manner in which a manager influences the actions of subordinates. it is the final action of a manager in getting others to act after all preparation have been completed.”

FEATURES OF DIRECTING:-

1. Continuous process2. Focus on goals3. Creativity activity4. Individual approach5. Psychological factor6. Linking function7. Chain of command8. Facilitates coordination

IMPORTANCE OF DIRECTING:-

1. Facilitates innovation2. Corporate image3. Team work4. Optimum use of resources5. Motivation6. Reduction in wastages7. Reduces absenteeism8. Higher efficiency

The main steps in directing are as follows:-

1. Communicating effectively.2. Leading the subordinates.3. Motivating the employees.4. Maintaining discipline.

5)CO-ORDINATION:-

Theo Haimann defines," co-ordination as the orderly synchronizing of efforts of the subordinates to provide the proper amount, timing and quality of execution so that their unified efforts lead to the stated objective, namely the common purpose of the enterprise.”

FEATURES OF COORDINATION:-

1. Essence of management2. Managerial responsibility3. Deliberate effort4. Creativity5. Continuous process6. Required in group activity7. Systems concept

IMPORTANCE OF CO-ORDINATION:-1. Motivates subordinates2. Better relations3. Optimum use of resources4. Higher efficiency5. Reduces wastages6. Encourages initiative7. Corporate image

The main steps in coordination are as follows:-1. The top level coordinates the

activities of the middle level2. The middle level coordinates the

activities of lower level3. The lower level coordinates the

activities of the subordinates

4)CONTROLLING:-

George Terry defines “controlling is determining what is being accomplished, that is evaluating the performance, and if necessary applying corrective measures so that the performance takes place according to the plan.”

FEATURES OF CONTROLLING:-

1. Focus on objectives2. Continuous process3. Suggestive in nature4. Critical point control5. Control by exception6. Forward looking7. Variety of techniques

IMPORTANCE OF CONTROLLING:-1. Guide to operation2. Performance appraisal3. Improves morale4. Facilitates co-ordination5. Optimum utilization of resources6. Minimization of wastage7. Higher efficiency

The main steps in controlling are as follows:-1. Setting of standards or targets.2. Implementation of tasks.3. Measuring actual performance.4. Comparing actual performance with

plans or targets.5. Find out causes of deviations if any.6. Listing out various corrective

measures.7. Implementation and review of

corrective measures.

PRESENTED BY:-

ASHWINI MODALEBHAKTI SATHESAILI SARMALKARPRIYANKA KADAMSAYALI KOCHAREKARSAMIDHA AREKAR