Functions of Management
Management concepts must be put into operation for any type of business to achieve a set of goals and objectives. Excellent supervisors and managers work with personnel and assured resources to attain organizational purposes and objectives. In accomplishing these goals, four functions of management are put into place to guarantee effectiveness. Though the structure has advanced for the four management functions, they continue to be as significant as always, and persist in providing the ground rules that are required in start-ups as well as established corporations (Bateman & Snell, 2007).
Planning, Organizing, Leading and Controlling
All areas of management should be built on the foundation of planning. A business knowing where they currently are, and where they are going in the future should be a basic requirement for any administrative team while assessing a course of action to determine and implement a company’s goals and intentions (Pakhare, 2007). Thomas Bateman and Scott Snell (2007), authors of the 7th edition of Management: Leading and Collaborating in a Competitive World, say that “plans set the stage for action and for major achievements” (Bateman & Snell, 2007). Planning is never-ending; a company should continuously examine existing conditions, expect potential for what’s coming, establish goals, plan and strategize for activities and figure out what type of resources are needed to meet their goals (Bateman & Snell, 2007). Planning is essential in the financial industry due to the never-ending changes around the world. A bank must be prepared for the down times during the up times, and vice versa. Budgets and allocations are a major part of planning for financial institutions and should be as well for all other organizations.
Before putting a course of action in place, being prepared and organized is vital when determining the direction in which to arrange and assign required resources. Management...