Is there any relationship between the four functions of management? Explain your answer.
Is there any relationship between the four functions of management? Explain your answer.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Is there any relationship between the four functions of management? Explain your answer.
Transcribed Image Text:FUNCTIONS OF MANAGEMENT
• Planning is a formal process whereby managers choose goals, identify actions to
attain those goals, allocate responsibility for implementing actions to specific individuals
or units, measure the success of actions by comparing actual results against the goals,
and revise plans accordingly. Planning takes place at multiple levels in an organization
and is an ingrained part of a manager's job. Planning is used by senior managers to
develop overall strategies for an organization. A strategy is an action that managers take
to attain the goals of an organization. Strategizing is the process of thinking through on a
continual basis what strategies an organization should pursue to attain its goals.
• Organizing - refers to the process of deciding who within an organization will perform
what tasks, where decisions will be made, who reports to whom, and how different parts
of the organization will coordinate their activities to pursue a common goal.
• Controlling - is the process of monitoring performance against goals, intervening when
goals are not met, and taking corrective action. Without control systems to verify that
performance is hitting goals, an organization can veer off course. Controlling is also
linked to planning and strategizing and to organizing. Drafting plans is the first step in
controlling an organization. Controlling requires managers to compare performance
against the plans to monitor how successful an organization is at implementing a
strategy.
This instructional material was compiled as reference of PUP San Juan BSHM 2nd year students for their subject
HORE 40043- Cost Control.
Compiled by: Anna Margarita C. Quibot
HORE 40043 - COST CONTROL
• Leading is the process of motivating, influencing, and directing others in the
organization to work productively in pursuit of organizational goals. Leading also entails
articulating a grand strategic vision for an organization and becoming a tireless advocate
for that vision. An important aspect of leading is developing employees. Developing
employees refers to the task of hiring, training, mentoring, and rewarding employees in
an organization, including other managers. It is often said that people are the most
important asset of an organization.
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