Important functions of management:
Management has certain components which are called as functions. The results of management are achieved by applying all the functions of management. Numbers of management tools have been invented by management experts to perfect various functions of management and to improve the efficiency of various management functions.
There is no unanimity among authors with regard to the number of management functions. Fayol considered planning, organizing, commanding, coordinating and controlling as the important functions of management. But coordination and commanding are not recognized as separate functions.
Coordination takes place while other functions are performed. Another classification was made by Luther Gullick who condensed the work ‘POSDCORB’ taking the first letters of various functions.
He enunciated planning, organization, staffing, directing, coordination, reporting and budgeting as the functions of management. But universally planning, organizing, staffing, directing, controlling and coordination have become the accepted functions of management.
Planning involves the advance determination of things to be done. The future course of action is decided at present. Planning consists of formulation of objectives, policies, programmes, procedures and other names of achieving these objectives.
The organizing function means the determination and enumeration of the necessary component activities which are required to achieve the enterprise objectives. It means the grouping of these activities, and assigning of these activities to groups, departments, and so on.
Accordingly activities are divided and each worker is assigned the job. Necessary authority is also delegated. Coordination is also ensured by the manager for the smooth functioning of works.
Staffing connotes the recruitment of right and competent personnel to man the organization at all levels. Staffing includes selection, training, promotion, appraisal, compensation, communication etc. The success of an organization depends mainly on this function of management.
In directing the activities of the organization guidance is given to the subordinates. Directing warrants efficient leadership qualities. Directing function includes decision-making, guiding, supervising, motivation etc.
Controlling ensures whether the activities proceeding as per the original plan. Deviations are located and corrected. Controlling includes performance appraisal, corrective actions, etc. Control is undertaken through instruments like budget, costing etc.
Coordination is not considered to be a separate function of management as coordination arises at every stage of management functions. But authorities like Fayol considered coordination as a separate function of management.