An entrepreneur wants to set up an organization dealing in manufacturing of toys and has hired you as a consultant. Can you please guide him about the functions of Management?
Management is characterized as the economically and efficiently planned and controlled phase of a company's activity for specific goals. Different elements and behaviors are involved in a dynamic mechanism. Marketing, investing, sourcing, and other operational activities are examples of these methods. Instead, they are universal to all levels of production management.
Management roles have been classified by a number of academics. Planning, organizing, leading, and controlling are the four primary management functions.
Planning : Focused on the organization's, division's, department's, and team's objectives.
Organizing: The entrepreneur would also need to delegate power, allocate work, and provide guidance so that her sales staff can work for higher sales numbers without being hampered.
Leading means interacting, empowering, inspiring, and enabling workers to reach higher levels of efficiency than merely performing tasks.
Controlling: The manager assesses the effects in relation to the targets. The control process often involves defining performance expectations for workers and reviewing their job performance on a regular basis. Controlling is linked to the other goals because it is the outcome of the previous goals. Management must decide why targets aren't being reached if they aren't being met.