Elaborate the functions of Management

Management comprises directing and controlling a group of one or more people or entities for the purpose of coordinating and harmonizing them towards accomplishing a goal. Management often encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. Management can also refer to the person or people who perform the act(s) of management.

• 1 Management functions:
• 1.1 Different levels of management
• 1.1.1 Top-level management
• 1.1.2 Middle management
• 1.1.3 Lower management
• 1.2 Formation of the business policy
• 1.2.1 How to implement policies and strategies
• 1.2.2 The development of policies and strategies
• 1.2.3 Where policies and strategies fit into the planning process
• 1.3 Basic elements of management

Management functions:

1.1 Different levels of management

Top-level management

• Top-level managers require an extensive knowledge of management roles and skills.
• They have to be very aware of external factors such as markets.
• Their decisions are generally of a long-term nature.
• They are responsible for strategic decisions.
• They have to chalk out the plan and see that plan may be effective in future.

Middle management

• Mid-level managers have a specialised understanding of certain managerial tasks.
• They are responsible for and carrying out the decisions made by top-level management.
• They are responsible for tactical decisions.

Lower management

• This level of management ensures that the decisions and plans taken by the other two are carried out.
• Lower-level managers' decisions are generally short-term ones.

1.2 Formation of the business policy:

• The mission of the business is its most obvious purpose -- which may be, for example, to make soap.
• The objective of the business refers to the ends or activity at which a certain task is aimed.
• The business's policy is a guide that stipulates rules, regulations and objectives, and may be used in the managers' decision-making. It must be flexible and easily interpreted and understood by all employees.
• The business's strategy refers to the plan of action that it is going to take, as well as the resources that it will be using, to achieve its mission and objectives. It is a guideline to managers, stipulating how they ought to use best the factors of production to the business's advantage. Initially, it could help the managers decide on what type of business they want to form.

How to implement policies and strategies

• All policies and strategies must be discussed with all managerial personnel and staff.
• Managers must understand where and how they can implement their policies and strategies.
• A plan of action must be devised for each department.
• Policies and strategies must be reviewed regularly.
• Contingency plans must be devised in case the environment changes.
• Assessments of progress ought to be carried out regularly by top-level managers.
• A good environment is required within the business.

The development of policies and strategies

• The missions, objectives, strengths and weaknesses of each department must be analysed to determine their roles in achieving the business's mission.
• The forecasting method develops a reliable picture of the business's future environment.
• A planning unit must be created to ensure that all plans are consistent and that policies and strategies are aimed at achieving the same mission and objectives.
• Contingency plans must be developed, just in case.

All policies must be discussed with all managerial personnel and staff that is required in the execution of any departmental policy.

Where policies and strategies fit into the planning process

• They give mid- and lower-level managers a good idea of the future plans for each department.
• A framework is created whereby plans and decisions are made.
• Management is may cause good affect to people who are good in planning and making their business move fast.

Mid- and lower-level management may add their own plans to the business's strategic ones.

1.3 Basic elements of management:

Management operates through various functions, often classified as planning, organizing, leading/motivating and controlling.

• Planning: deciding what needs to happen in the future (today, next week, next month, next year, over the next five years, etc.) and generating plans for action.
• Organizing: making optimum use of the resources required to enable the successful carrying out of plans.
• Leading/Motivating: exhibiting skills in these areas for getting others to play an effective part in achieving plans.
• Controlling: monitoring -- checking progress against plans, which may need modification based on feedback.