Question
In: Accounting
Identify and Describe the four functions of management. planning, organizing, Controlling/ Monitoring, and Leading.
Identify and Describe the four functions of
management.
planning, organizing, Controlling/
Monitoring, and Leading.
Solutions
Expert Solution
Planning - This is the first step in the entire management process. It is future oriented and determines an organizations direction. It is a systematic way of making decisions today that will affect its future.
Organizing - Once the planning process is complete, organizing function of the managers gets started. It mainly deals with allocating all the available resources in hand to different functions so that the desired results are acheived.
Controlling/Monitoring - This function consists of those activities which are undertaken to ensure that the events do not deviate from those sketched out in the planning process.The activities consist of establishing standards for work performance, measuring performance and comparing it to these set standards and taking corrective actions as and when needed, to correct any deviations.
Leading - This function involves issuing of instructions amd guiding the subordinates about the procedures and methods that should be adopted to achieve the desired results.
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