Management Functions
Planning
Introduction
In this assignment we should learn more about management, this function and the principal task of the function management is planning.
Management is the process of reaching organizational goals by working with and through people and other organizational resources, were they need to follow three characteristics: 1. It is a process or series of continuing and related activities. 2. It involves and concentrates on reaching organizational goals. 3. It reaches these goals by working with and through people and other organizational resources.
The 4 basic management functions that make up the management process are described in the following sections: 1. PLANNING 2. ORGANIZING
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7) Identify alternative courses of action – even the best plans sometimes appears unexpected events. A management plan may need to include a plan for certain aspects in altenative courses of action can be incorporated into each segment of the planning process, or for the plan in its entirety. 8) Planning encourages innovations – is basically a decision making function which involves creative thinking and imagination that ultimately leads to innovation of methods and operations for growth and prosperity of the company.
Types of Planning
There are many types of planning, but the most important for our course are:
Business plan The business plan is to achieve these goals. It may also contain background information about the organization or team attempting to reach those goals.
The business plan are the most important for a business success, its essential to make the company lives and increase the revenue, the plans its projected three to five years ahead.
Economic planning
Economic plan is related to any direction and planning of economic activity outside of market mechanisms.
For Alexander Hamilton the economic plan was to have the government assume the entire debt of the federal government and that of the states. He also proposed the creation of a Bank of the United
A Business plan will also influence the CEO to clearly outline the intended niche and target market through research; possessing a transparent understanding of the demographics, behaviors, geographic’s, and psychographics (lifestyle) argued Parmele (2013) from business plans.com. Additionally, completing a business plan will allow the company to be more realistic differentiating their products, marketing approach, and determining financial factors involved.
Planning: is the ability to manage the functions of an organization and take decisions that will bring good results in the present and the future, of the organization. It is the management decision-making of the goals to develop a good organization.
After gaining enough knowledge on the types of business structure, business owners can proceed to the process so that their plans of owning a business will turn into reality. After reading several resources, the process will be divided into five stages. The first stage is the planning and research. This involves developing viable business ideas, knowing the target customers and possible competitors, searching for the right location, thinking what will be the business name, and marketing strategy. In this stage, a business plan should be made. Business Link (2016) refers, “business plan as a document that defines why you’re in business, your goals, and how to achieve those goals and it also covers all major aspects of the business, including
Review the four main functions of management, which are planning, organizing, leading, and controlling, on pp. 78–82 of Introduction to Business.
The management process is defined as performing the four principal functions of a manager to get things
The four functions of management, planning, organizing, leading, and controlling, are very essential in building strong organizations and even stronger more effective teams. Planning, organizing, leading, and controlling are the functions of management. These function activities must be preformed by all managers regardless of their industry level, title, or the task they have at hand. These four management skill are used when ever a project or a task is at hand. Even in the field we are working in, many of us may have been using the four management functions and not noticed what they were, or we may have been a part of a team that was lead by the functions of management and not noticed what was
Business plan - The ability to develop and execute a business plan. Manage finances well - Ability to manage finances including a thorough understanding of business financial statements.
A process of achieving organizational goals by engaging in the function of planning, organizing, leading and controlling.
Planning is considered to be a primary function of management. All organisations operate in a complex, dynamic and competitive business environment, and therefore, have to plan their actions without which they may not be able to survive.
The three levels of planning are strategic planning, tactical planning and operational planning. Strategic planning is the highest-level planning. Strategic plans include the organization's overall objectives, allocation of resources on a broad level and the structure of the organization. Some examples might be the decision to become a world leader in the toaster oven market.
A business plan is a road map for a team or business and it can be used, as an eternal tool for potential customers and partners. The business plan should describe in details the entire business venture, technology behind it, the size of the target market, customers, competition, business model, team, financial needs and exit strategy. The business plan gives a company insight and allows them to think things through early enough in the process to ensure they have a well defined venture goals and objectives. It also gives the business direction to a clear path for the team to follow and implement on their venture.
Furthermore, the basic start of a business begins with a business plan. “A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume”
The four functions of a manager are planning, organizing, leading, and controlling. These are key elements that managers must understand to run a successful organization. I will view each concept as well as their roles to acknowledge how these functions have been related to my personal experience in the work environment. Behind the scenes of a manager, they spend an equal amount of time planning so that he or she can successfully achieve the leading and controlling functions. These functions are standard for any industry that is striving to maintain a strong organization. While reviewing this paper, try to think of the four functions as a method that is established to build on each other. The four functions must be performed efficiently, and when done correctly, an organization will reap the accomplishments from a well-defined plan. My own experiences of how the four functions operate illustrates that each role requires a manager to devote time and patience in order to ensure that the main principles are achieved.
The definition brings into focus the functions of management which are; planning, organizing, leading and controlling.
Within any business planning is an essential tool n achieving business goals and the mission statement. Plans include hierarchical style which includes the long-term strategies, short-term and medium.