Management refers to the activities, and often the group of people, involved in the following five general functions:
It is the ongoing process of developing the business’s mission and objectives and determining how they will be accomplished. Planning includes both the broadcast view of the organization, e.g. it’s mission, and the narrowest, e.g. a tactic for accomplishing a specific goal.
Organizing is an essential function of management. It is the process of accumulating resources from different sources in order to work according to the plans laid out by the management.
Organising is the function of creating the structure of working relationships, designing facility layout, balancing workloads, and scheduling work to be performed The aim of organisation is to develop a framework called ― organisational structure. Organising mean Relating people and things to each other in such a way that they are combined into a unit capable of being directed toward the company‘s objectives
It is function in which qualified people are appointed to different posts relating to their skills and strengths. The activities included in this function are recruiting, hiring, training, evaluating and compensating. As staffing function is carried out by all mangers and in all types of concerns where business activities are carried out. Staffing is a continuous activity- This is because staffing function continues throughout the life of an organization due to the transfers and promotions that take place. The basis of staffing function is efficient management of personnels- Human resources can be efficiently managed by a system or proper procedure, that is, recruitment, selection, placement, training and development, providing remuneration, etc.
Staffing helps in placing right men at the right job. It can be done effectively through proper recruitment procedures and then finally selecting the most suitable candidate as per the job requirements.
Staffing is performed by all managers depending upon the nature of business, size of the company, qualifications and skills of managers,etc. In small companies, the top management generally performs this function. In medium and small scale enterprise, it is performed especially by the personnel department of that concern.
Directing is a function that comes after staffing of the organization, it is the function in which the management is supposed to lead, direct to a specific goal and motivate the employees for the achievement of any objective, big or small. Directing initiates action and it is from here actual work starts. Direction is said to be consisting of human factors. In simple words, it can be described as providing guidance to workers is doing work. In field of management, direction is said to be all those activities which are designed to encourage the subordinates to work effectively and efficiently ccording to Human, ―Directing consists of process or technique by which instruction can be issued and operations can be carried out as originally planned Therefore, Directing is the function of guiding, inspiring, overseeing and instructing people towards accomplishment of organizational goals.
It is a function in which the performance of the organization is measured and then evaluated after which the standard observed is determined to be either good or bad, which the in turn leads to taking preventive and corrective measures. Corporate governance is defined as a set of rules that define the relationship between stakeholders, management, and board of directors of a company and influence how that company is operating. At its most basic level, corporate governance deals with issues that result from the separation of ownership and control. But corporate governance goes beyond simply establishing a clear relationship between shareholders and managers.