Question

Identify the five basic functions of management and describe each function with an emphasis on their relevance in formulating strategies.

Answer 1

Five basic functions of management -

1) Planning - Planning is looking ahead and understanding the future opportunities and threats and accordingly designing plans that effective in controlling future threats. Planning has very brand sense in formulating strategies and planning is all about formulating strategies to control the future volatility of markets.

2) Organizing - Organizing is concerning for making every factors better and best like sufficient raw materials, sufficient labor , sufficient funds and sufficient teams that monitoring the activities. In strategies formulation organizing is playing key roles that making possible in acheiving the company objectives.

3) Commanding - Commanding is all about communicating the essential activities during implimentation of strategies. Commanding has very much relevance in formulating strategies and commanding is ultimately factor which officially flow the activities.

4) Coordinating - When all the activities implimented then there should be coordinations requiring to harmonize all the activities. Coordinating is requiring clear communication and good leadership.

5) Controlling - Controlling is all about doing everything things and managing every aspects of process and acheiving the ultimately goals. Controlling has great relevance in firmuformul strategies.