Intro to Business Chapter 7

4 functions of management

1. Planning 2. Organizing 3. Leading 4. Controlling

Management

The process used to accomplish organizational goals though planning, organizing, leading, and controlling people and other organizational resources

Planning

A management function that includes anticipating trends that and determining the best strategies and tactics to achieve organizational goals.

4 of planning

1. Setting organizational goals 2. Developing strategies to reach those goals 3. Determining resources needed 4. Setting precise standards

Organizing

A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything works together to achieve the organization's goals and objectives

4 of organizing

1. Allocating resources, assigning tasks, and establishing procedures for accomplishing goals 2. Preparing structure (organization chart) showing lines of authority and responsibility 3. Recruiting, selecting, training, and developing employees 4. Placing

Leading

Creating a vision for organizing and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives

4 of leading

Guiding and motivating employees to work effectively to accomplish organizational goals and objectives. 2. Giving assignments 3. Explaining routines 4. Clarifying policies 5. Providing feedback on performance

Controlling

A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking action if they are not

4 of controlling

1. Measuring results against corporate objectives. 2. Monitoring performance relative to standards. 3. Rewarding outstanding performance. 4. Taking corrective actions when necessary