Every business, whether at home or in the workplace, strives to meet both short-term and long-term objectives. Identifying the clarity of roles and responsibilities, deliverables, and deadlines are critical management functions; how do you achieve this? Let us look at the functions of management with examples.
Management functions have been chastised by professionals for oversimplifying the management process. As a result, Fayol’s management functions are now more widely acknowledged by management. To achieve corporate goals, a manager should be well-versed in all of these management functions. In this lesson, we’ll look at the many management functions and how they effect the day-to-day operations of a business.
- 1 How Does Management Achieve its Objectives?
- 2 Functions of Management with Examples
- 3 Management Functions Examples
- 4 Conclusion
How Does Management Achieve its Objectives?
To be a manager across different levels of management, you must be able to lead, organize, and govern the activities and people in your company without being overbearing with your authority. In a world where a more casual working style is becoming more prevalent, a manager must communicate with their team in order to achieve larger goals. Management functions are an excellent place to start if you want to find your feet before diving into your work as a manager.
Managerial duties help you remain on top of what has to be done and how, so you can offer your team members the best instructions and assure their success. Two management experts, Fayol and Gulick, go through the functions of management in depth so that you may gain the abilities needed to succeed as a manager yourself.
Assume you are still in the early phases of establishing your management strategy. The assumption is that you will begin by assessing your aims, determining your purpose, and picturing what has to be done. This needs the capacity to understand past data, appraise present patterns, and plan for the future. If you achieve your aim without going over budget or missing deadlines, your function was a success.
Functions of Management with Examples
The basic purpose or function of management is to maximize the efficacy of an organization’s resources while also fulfilling the goals of the company. Apart from this there are few important functions of management. Let us understand that with examples.
Planning and Decision Making
Planning is a vital management function because it sets the pace for all following operations in the managerial process. A future plan with specified phases is required to fulfill organizational objectives. To go where you want to go, you must first assess your tactical and strategic possibilities. You can also read nature of strategic financial management to gain additional knowledge on it.
You may need to look at how things were done in the past to make the necessary changes to reduce challenges. To arrive at an effective planning approach, you must examine both internal elements (people, time, and cost) and external factors (competitors, policies, and the overall business environment).
Organizing Activities and Resources
This is yet another critical management responsibility. You must allocate tasks based on each team member’s skills, abilities, and talents. You must exercise caution in this situation since you may need to hire new people for specialized procedures that need specialized technological knowledge. Assessing your personnel’s needs in terms of incentives, training and development, and remuneration is critical to the success of this phase.
An successful manager will be able to assess their employees’ competence and efficiency. This is to ensure that the duties assigned to them are a good fit for their abilities. Empathy is required if you want to build a relationship with your colleagues and learn about their good and bad traits.
Leading and Motivating People
This is the stage at which you put your strategy into action by establishing a system of authority or hierarchy in your organizational structure. Determine the tasks that must be completed in order to accomplish your objectives before assigning them to your team. Unlike in the past, when management made all decisions, today’s corporate sector is more dynamic and adaptable. Every member of the organization, regardless of status, has responsibility and accountability.
So, create an organizational structure that corresponds to your workplace and assign tasks that correspond to your team’s talents and competences. You must get everyone on the same page and distribute assignments as you see fit.
Controlling and Evaluating
Controlling the progress of your team is important to directing. To keep an eye throughout this period, you must maintain an open line of communication and get regular updates. A great way to achieve this is to provide and receive feedback in order to solve any problems and improve performance. This is where you must act as a leader, resolve conflicts, and encourage your teammates to take initiative.
The Skill-Will Matrix, as credited to leadership coach Max Landsberg, will be taught in Harappa Education’s Managing Teamwork course. It’s a basic and straightforward method for assigning assignments based on each member’s ability and motivation.
As a manager, you must give each team member enough autonomy to let them stay motivated and prosper without constant supervision. Aside from monitoring your employees, you must also keep your management and other stakeholders up to speed on developments. To achieve your objectives in a timely and cost-effective manner, the entire organisation should function like a well-oiled machine.
Coordination of Activities
Coordination is one of the most important management functions. It is critical to direct the efforts of the firm’s numerous personnel toward the achievement of common goals. Every department or unit is given a goal to achieve. They must focus only on their assignment, without regard for the activity of other organs.
It is up to management to ensure that the work of individual segments is carried out in accordance with per-determined objectives, and corrective steps must be taken if there is any divergence. Coordination fosters team spirit and aids in the achievement of goals via collaborative efforts. It is the systematic organization of collective effort to achieve unity of action in the pursuit of common goals.
Coordination is regarded as the essence of management. In order to coordinate the actions of his subordinates, a manager must do all of the other functions of management, namely, planning, organizing, staffing, directing, and regulating. Readers should also understand that coordination and cooperation do not imply the same thing.
Commanding and Monitoring Activities
This is where you must track the progress of each step mentioned in the planning stage in relation to your company’s goals. This phase necessitates interaction with your people to ensure that they are heading in the right path, within scope of financial management and using the proper technique. Controlling, according to Gulick’s seven management functions, may be summarized as coordinating, reporting, and budgeting.
You must ensure that each phase is proceeding as planned. Along with it you must also keep an eye out for any problems in order to take corrective action. As needed, make timely updates and upgrades. It will assist you in meeting your objectives on schedule and within your budget. Take advantage of this opportunity to collaborate with everyone in your team.
Coperation and Assisting People
Co-Operation Coordination is a much broader phrase than cooperation. Cooperation denotes people’s willingness to assist one another. It is a group of people’s thinking that is mostly the result of voluntary effort. Coordination, on the other hand, is a deliberate administrative effort that results from a planned activity.
Cooperation is required for the development of coordination, but it is not a substitute for coordination. Management, on the other hand, needs both cooperation and coordination.
Management Functions Examples
Functions of management are a logical foundation on which you may rely in your professional life. Now that we’ve gone over each function in depth, let’s look at how they’re used in practice. The following are some examples of management functions:
Assume you work as an operations manager for a company that manufactures office furniture. Your responsibilities will include defining manufacturing, packing, and delivery methods. You’ll need to keep an eye on the assembly line’s progress. This is to ensure that everything is up to code and that performance is not jeopardized at any moment.
As a manager, you must set clear production targets, hire the right people for your team, and track progress to avoid mistakes. Through achieve quality standards, you must collaborate with your team from the planning to the controlling stages.
Assume you’re a sales manager tasked with selling a new product. Your responsibilities now include forming a new sales team for this project. This is where you assess talents and varied capabilities in order to appoint the right people. Someone proficient in mathematics, for example, may assist you in visualizing sales projections and developing budgets. Meanwhile, someone with good design skills can contribute to the product packaging and ad campaigns.
An in-depth grasp of the various management functions is critical for professional success as a manager. This is a fantastic sign of your efficiency and effectiveness, which are critical in achieving business goals.
Leading a team isn’t easy since you have to accommodate a variety of work styles, personalities, and skill sets. Management functions emphasize the core skills that each manager needs to supervise, organize, and communicate with their workforce. As a good manager, you must have the proper knowledge to understand who you’re dealing with and how you can harness their skills to the firm’s benefit.
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