Functions of Management

The four functions of management are planning, organizing, directing and controlling. Planning is the process of anticipating future events of action for achieving organizational goals. An effective plan aids in the crystallization of an organization's vision, works to avoid costly mistakes, and allows companies to seize opportunities. Effective planning requires an evaluation of the business environment and a well designed strategic plan of actions that are needed to move a firm forward. Planning should be flexible and responsive as well as involve managers from all levels of the organization. As global competition intensifies, technology expands and the speed at which firms bring new innovations to market increases, planning for the future becomes even more critical.

Organizing is the blending of human and material resources through a formal structure of tasks and authority to realize those goals. This includes classifying and dividing work into manageable units by determining...
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