Functions of management Flashcards
Management
Management refers to the process of organizing and supervising the work of individuals or groups in order to achieve a specific goal or set of goals. It involves planning, organizing, leading, and controlling resources such as people, time, and money to achieve an organization’s objectives.
What are the functions of management
Planning: This involves setting goals and objectives, identifying and analyzing possible alternative courses of action, and selecting the most appropriate course of action. Planning also includes decision making, risk assessment, and contingency planning.
Organizing: This involves arranging and coordinating resources, such as people, materials, and finances, in a way that supports the achievement of the organization’s goals. Organizing involves creating structure, allocating resources, and establishing relationships among the different parts of the organization.
Leading: This involves inspiring and guiding individuals and groups to work towards a common goal. Leadership involves communicating the vision and goals of the organization, motivating and inspiring employees, and creating a positive work environment.
What are the constraints of management
Time: Time is a precious resource for managers and there is never enough of it to complete all the tasks and activities that need to be done. Managers must prioritize their time and make difficult choices about what tasks and projects to focus on.
Budget: Most organizations have limited financial resources, and managers must make decisions about how to allocate those resources in the most effective way. Budget constraints can limit a manager’s ability to purchase equipment, hire additional staff, or pursue new projects.
Organizational culture: The culture of an organization can also act as a constraint on a manager’s ability to make decisions and take action. For example, a highly bureaucratic culture might make it difficult for a manager to implement new ideas or take risks.
How is the success of management for a business important.
Increased productivity: Good management practices can improve the efficiency and effectiveness of the organization, leading to increased productivity and higher levels of output.
Better decision making: Effective management can help ensure that the organization makes informed and effective decisions, which can have a positive impact on the organization’s financial performance and competitiveness.
Improved employee morale and motivation: Good management practices, such as clear communication, effective leadership, and a positive work environment, can help improve employee morale and motivation, leading to increased engagement and better performance.
Improved customer satisfaction: Effective management can help ensure that the organization provides high-quality products and services that meet the needs of its customers, leading to increased customer satisfaction and loyalty.
Management by objectives (MBO)
the importance of setting specific, measurable goals for individuals and teams within a business and then aligning their efforts with these goals
