Managerial Functions: Plan, Organize, Lead, Control
Functions of Management
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The Functions of Management There are four key components involved in effective management. The components are planning, organizing, leading and controlling. Managers will be faced with multiple roles in their jobs; the roles they play are categorized as interpersonal roles, informational roles and decisional roles. Interpersonal roles are multifaceted and are geared at the accomplishment of tasks through the efforts of others. Among the interpersonal roles managers encounter are leaders to their employees and as liaisons to persons and groups both internal and external. In informational roles, managers gather information from a variety of sources and distribute it through the proper channels. The decisional role of management is the one most associated with the position. In this role, the manager makes decisions that affect the company and its stakeholders (Bovee, Thill & Mescon, 2007).
Planning
For managers, planning is the process of developing strategies for success, establishing goals and objectives for their organization and the development of courses of action based on their strategy. An important practice for managers is strategic planning. Strategic planning is the outlay of long term goals and planning the actions that will achieve those goals. Part of the strategic planning process is the development of a business model. The business model outlines how the company will generate revenue. There are additional items involved in the strategic planning process. The first of these is the development of a clear vision of how the company will grow and improve in the future. The second is the creation of a mission statement which lays out how to realistically achieve the vision of the company. Third is performing a SWOT (strengths, weaknesses, opportunities and threats) analysis. Fourth, a company develops forecasts or predictions of future occurrences involving what will occur and when and also
Your Name
Class Info
Instructor Info
Date
The Functions of Management There are four key components involved in effective management. The components are planning, organizing, leading and controlling. Managers will be faced with multiple roles in their jobs; the roles they play are categorized as interpersonal roles, informational roles and decisional roles. Interpersonal roles are multifaceted and are geared at the accomplishment of tasks through the efforts of others. Among the interpersonal roles managers encounter are leaders to their employees and as liaisons to persons and groups both internal and external. In informational roles, managers gather information from a variety of sources and distribute it through the proper channels. The decisional role of management is the one most associated with the position. In this role, the manager makes decisions that affect the company and its stakeholders (Bovee, Thill & Mescon, 2007).
Planning
For managers, planning is the process of developing strategies for success, establishing goals and objectives for their organization and the development of courses of action based on their strategy. An important practice for managers is strategic planning. Strategic planning is the outlay of long term goals and planning the actions that will achieve those goals. Part of the strategic planning process is the development of a business model. The business model outlines how the company will generate revenue. There are additional items involved in the strategic planning process. The first of these is the development of a clear vision of how the company will grow and improve in the future. The second is the creation of a mission statement which lays out how to realistically achieve the vision of the company. Third is performing a SWOT (strengths, weaknesses, opportunities and threats) analysis. Fourth, a company develops forecasts or predictions of future occurrences involving what will occur and when and also