Management is basically a systematic way of getting people together for the achievement of organizational goals. The purpose of management is to make an effort for directing the resources of the organization for achieving organizational goals. These resources include technological resources, human resources, financial resources and natural resources.
Functions of Management:
Following are the four functions of Management:
Planning is the key area of management. It is administration of activities. Planning involves finding an appropriate course of action and then finding methods to accomplish that course of action.
Organizing involves getting prepared and organized for the challenges that companies have to face while implementing their planned strategies. The task is to organize all the resources for appropriate implementation of planned strategies.
Leading or Directing is the third function of Management. A quality leadership is essential for organizing and mobilizing the resource. The managers in this activity control and supervise the actions of the staff. They make sure they are directed towards the right path.
In this function, the management sets performance standards that would evaluate whether the company has achieved the desired objectives.