Functions of Management || Co-ordinating Controlling & its Importance business studies #ocm #hsc

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Functions of Management
2.2.1 Planning
2.2.2 Organising
2.2.3 Staffing
2.2.4 Directing
2.2.5 Co-ordinating
2.2.6 Controlling


FUNCTIONS OF MANAGEMENT
According to L.A.Allen, "Management is what manager does". This definition focuses on the role of manager in the form of different functions. The functions of manager start with planning and end with controlling. But every function is interrelated with other function. They are inseparable in nature. Management functions concern with all levels of management. Different management thinkers have classified functions of management differently.
According to Henry Fayol, "To manage is to forecast and to plan, to organize, to command and to control."

Luther Gullick has given a keyword 'POSDCORB' for management functions where P standsfor Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting. Reporting and Budgeting functions are summarized in the function called as Controlling.

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Co-ordinating:
Henry Fayol: "To co-ordinate is to harmonise all the activities of a concern to facilitate its
working and its success."

Importance of Co-ordinating:
1) Encourages Team Spirit:
2) Gives Proper Direction:
3) Facilitates Motivation:
4) Optimum Utilization of Resources:
5) Achieve Organizational Objectives:
6) Improves Relation:
7) Leads to Higher Efficiency:
8) Improves Goodwill:
9) Unity of Direction:
10) Specialization:

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Controlling:

Philip Kotler: "Control is the process of taking steps to bring actual results and desired results closer together."

Importance of Controlling:

1) Fulfilling Goals of Organization:
2) Making Efficient Utilization of Resources:
3) Accuracy of Standards:
4) Motivates Employee:
5) Ensures Order and Discipline:
6) Facilitates Co-ordination:
7) Psychological Pressure:
8) Ensures Organizational Efficiency and Effectiveness:
9) Builds Good Corporate Image:
10) Acts as a Guide:

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Summary
Every type of organization needs to focus on effectiveness of managerial functions. These are pervasive in nature. Managing all business activities with the help of employees is a decision making process. The starting point of cycle of management functions is planning and last point is controlling which is again the basis of next plan of organization. The goal of organization can be achieved
within predefined period with the help of proper applications, reviews and revisions of application of plans and policies. Management functions are listed in short as follows:

1. Planning: It is the fundamental function which gives an outline about where to go, how to go and reduces the risk of uncertain future with the help of forecasting.

2. Organizing: The synchronization and combination of workforce, physical, financial and information resources are established in the process of organizing.

3. Staffing: It is the process of attracting, recruiting, selecting, placing, appraising, remunerating, developing and retaining the best workforce.

4. Directing: It refers to a process or technique of instructing, guiding, inspiring, counselling, overseeing and leading people towards the accomplishment of organizational goals.

5. Coordinating: It is the integration and synchronization of the efforts of group so as to provide unity of action for organizational goals.

6. Controlling: It is a process of comparing the actual performance with the predetermined standard performance. It measures deviation if any, identifies the cause of deviation and suggests corrective measures.