Major functions of management

Category: Bank
Posted on: Monday, September 18, 2017

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A function is a group of similar activities. However what functions are undertaken by managers in organisations, there is a divergence of views. But the major management functions suggested by most of the authors are as follows :-

 (i) Planning : Planning is the conscious determination of future course of action. This involves why an action, what action, how to taken action, and when to take action. Thus planning includes determination at specific objectives, determining projects and programmes, setting policies and strategies, setting rules and procedures and preparing budgets.

 (ii) Organising : Organising is a process of dividing work into convenient task or duties, grouping of such duties in the form of positions, grouping of various positions into department and sections, assigning duties to individual positions and delegating authority to each position so that the work is carried out as planned.

 (iii) Staffing : Staffing involves manning the various positions created by the organizing process. It includes preparing inventory of personnel available and identifying the gap between manpower required and available, identifying the sources from where people will be selected, selecting people, training and development fixing financial compensation, appraising them periodically etc.

 (iv) Directing : Directing includes communicating, motivating and leading. When people are working in an organisation, they must know what they are expected to do in the organisation. Superior managers fulfill this requirement by communicating to subordinates about their expected behaviour. The superiors have a continuous responsibility of guiding and leading them for better work performance and motivating them to work with zeal and enthusiasm.

 (v) Controlling : Controlling involves identification of actual results. Comparison of actual results with expected results as set by planning process, identification of deviation between the two, if any and taking of corrective action so that actual result match with expected results.