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Difference between revisions of "Management"

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'''Management Concepts<ref>Management Concepts [https://www.indeed.com/career-advice/career-development/what-is-management Indeed]</ref>'''<br />
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'''Fayol’s 6 Functions of Management<ref>Fayol’s 6 Functions of Management [https://theinvestorsbook.com/henri-fayols-14-principles-of-management.html he Investors Book]</ref>'''<br />
The management concepts are essential for Managers to ensure their team comes together to reach the business’ goals:
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Henry Fayol gave six managerial functions, which are performed in almost every organization. Therefore we can say that these functions are universally applicable. Let us now understand each of these in detail below:
*Control: Employees of an organization need to understand the goals that they are aiming for as well as the measurement that will be used to determine whether they have been successful. Different staff members in a company have different roles that entail separate levels of responsibility. A manager must have control over what the members do, how they do it and how to measure their progress. Control over these factors helps a manager reach success.
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*Planning: The best managers know that planning is critical before the implementation of any strategy, but it is also an ongoing activity. Planning does not end when implementation begins. Rather, management needs to be prepared to answer the questions of who, what, when and where a team is working to implement the organization’s mission. Planning should include selecting objectives as well as implementing them.
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*Staffing: Staffing is an underappreciated but crucial function of management. Managers need to ensure that they have the right people for the job, but they also need to pay attention to issues like organizing workplace policies. The company needs to retain the best talent by providing incentives such as benefits, paid time off and a thorough training program.
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[[File:Features of Principles of Management.jpg|400px|Features of Principles of Management]]<br />
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source: The Investors Book
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*Forecasting: The first function is to analyze the present and past information to predict the future and plan accordingly.
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*Planning: The top management plans a suitable course of action, based on the business forecast.
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*Organizing: The management next needs to systematically arrange the resources, i.e., raw material, capital and human resource as per the planning.
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*Commanding: The managers give instructions, directions and orders to the subordinates in this function.
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*Coordinating: In this function, the management should ensure proper synchronization among all the departments. For this purpose, weekly meetings can be held with the managers of all the departments.
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*Controlling: The managers need to evaluate the performance of the personnel by establishing the standards, comparing the actual performance with the desired one and implement the corrective measures accordingly
  
  

Revision as of 17:44, 4 February 2021

Management can be viewed as an effort made for accomplishing the organizational goals, objectives and vision through planning, organizing, staffing, directing and controlling all the business activities accordingly.[1]


Fayol’s 6 Functions of Management[2]
Henry Fayol gave six managerial functions, which are performed in almost every organization. Therefore we can say that these functions are universally applicable. Let us now understand each of these in detail below:


Features of Principles of Management
source: The Investors Book


  • Forecasting: The first function is to analyze the present and past information to predict the future and plan accordingly.
  • Planning: The top management plans a suitable course of action, based on the business forecast.
  • Organizing: The management next needs to systematically arrange the resources, i.e., raw material, capital and human resource as per the planning.
  • Commanding: The managers give instructions, directions and orders to the subordinates in this function.
  • Coordinating: In this function, the management should ensure proper synchronization among all the departments. For this purpose, weekly meetings can be held with the managers of all the departments.
  • Controlling: The managers need to evaluate the performance of the personnel by establishing the standards, comparing the actual performance with the desired one and implement the corrective measures accordingly


See Also

14 Principles Of Management
Management Accounting
Management Buy-Out
Management Concepts Top-10
Management Consulting
Management Development
Management Metaphors
Management Model
Management Style
Management Succession Planning
Management by Exception (MBE)
Management by Objectives (MBO)
Management by Wandering Around (MBWA) IT Strategic Planning
e-Business Strategic Planning
Governance of Information Technology (ICT)
What is Enterprise Architecture Planning
Information Technology Sourcing (IT Sourcing)
Information Technology Operations (IT Operations)
Chief Information Officer (CIO)
Leadership

  1. Definition - What is the meaning of Management The Investors Book
  2. Fayol’s 6 Functions of Management he Investors Book