Management

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.

Fayol’s 6 Functions of Management
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:

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