The functions of management and their importance in the functioning of the organisations

                                                                                                                  

MBA

Management Functions and Organisational Processes

ASSIGNMENT

 

Course Code: MMPC-001

Assignment Code: MMPC-001/TMA/JULY/2022 

Coverage : All Blocks

1. Briefly describe the functions of management and discuss their importance in the functioning of the organisations.

In general, management functions are classified into five primary categories, which include Planning, Organising, Staffing, Directing, and Controlling. Controlling function is said to encompass coordinating, reporting, and budgeting, as per management experts. The details of these functions are discussed below.

 

Planning 

Planning is a crucial step in preparing for future actions and bridging the gap between the present and the future. This function is necessary for all levels of management and involves setting objectives, developing strategies, and creating policies to achieve those objectives. It is forward-thinking and determines the direction of the organisation. The planning function requires the ability to anticipate the long-term effects of current actions and considers both internal and external factors such as financial stability, technological advancements, economic environment, and organisational policies. Therefore, planning is an ongoing process that shapes the future of the organisation.

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