Which of the basic functions of management includes establishing targets and measuring performance?
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Every day, managers are tasked with leading and inspiring the people who work under them. This includes planning for team success, and fulfilling what it takes run a business. Five key functions are regarded as the ways that management should lead and interact with team members. From planning to review, the more specific management is, the more effective the business is in achieving goals. Show
TipThe five key functions of managing are strategic planning, organizing resources, staffing, directing activities and controlling the company's success. The Strategic Planning of ActionsStrategic planning is the process of evaluating the goals of the company and then setting a course for success. This function evaluates the existing activities and goals. Managers then schedule activities that will lead to achieving those goals. Leaders tend to be more strategic: they must become problem solvers able to see the big picture while also identifying specific things that affect overall success. For example, if the goal is to improve the time it takes for customers to get their order fulfilled, then an operational strategy is executed to improve product fulfillment. Organizing Resources to Achieve GoalsThe organizing function brings resources together to achieve the goals established in the planning function. Resources include materials, personnel and financial backing. Leaders need to identify what activities are necessary, assign those activities to specific personnel, effectively delegating tasks. Leaders need to coordinate tasks to keep resources moving efficiently toward goals. It is important to prioritize which resources are essential at any given time. For example, if more inventory is needed but the company doesn't have the financial resources to obtain the inventory, then the priority is to tackle the financial need. Putting the Right Talent in the Right PlaceWhen a business is short-handed, it cripples the company's ability to serve customers, and it also overwhelms existing staff. Management needs to identify key staff positions, and to ensure that the proper talent is serving that specific job duty. Once the right staffing structure is established, leaders need training, professional development, pay rates and monitoring performance. Effective leaders are able to develop talent and identify those ready for promotion. Guiding and Directing ActivitiesDirecting activities is a key function. Letting staff know what needs to be done, and also by when is a responsibility of managers. However, bosses tell people what to do, while leaders motivate people to contribute in meaningful ways. The directing function requires leaders to do more than simply give orders, even though tasks must be completed for business success. This function begins with supervising subordinates while simultaneously motivating teams through guided leadership communicated in clear ways. Controlling Success SystemsControlling systems refers to all the processes that leaders create to monitor success. Sports coaches have a saying, "Winners keep score," meaning that winners know where they are and know what is necessary to achieve a goal. This business function requires leaders to establish performance standards, measure actual performance and compare the metrics to determine anomalies. For example, a sales leader is focused on more than only the final sales numbers; he considers the leading activities such as the number of minimum pitches and outbound calls. Leaders review the data and make adjustments in processes, policies, training or personnel to address failures based on that data. Winning leaders don't look at poor performance as failures but as opportunities to solve a problem that gets the desired results.
How does an organization move the needle toward achieving its goals? Who’s in charge of steering employees in the right direction as they pursue those objectives? Here’s the answer: management. Yes, leaders and supervisors are the ones who not only set the finish line but also support their teams in crossing it. To do so, managers need to fulfill core responsibilities known as the four functions of management. Introducing the four functions of managementThink of the four basic functions of management as the four core responsibilities every leader needs to fulfill. They were initially identified as five functions by Henri Fayol in the early 1900s. Over the years, Fayol’s functions were combined and reduced to the following four main functions of management: planning, organizing, leading, and controlling. No matter which industry you work in, the functions of management are consistent and applicable across all sectors. Below, we’ll give some clarity and define four functions of management. But first, it’s important to understand that each function isn’t exclusive. Instead, each one builds upon the function before it — when they’re all in place, the most effective management happens. PlanningManagers first need to develop a detailed action plan. In the planning phase, management should identify the goals and create a reasonable course of action to attain them. There may be multiple ways to achieve the goal, but it’s management’s responsibility to determine the best course of action. Drafting a successful plan includes aligning the goal with the organizational vision, considering factors that may impact the project internally and externally, and establishing a realistic timeline while being mindful of resource and budgetary constraints. Three different types of planning in management include:
OrganizingThe organizing function consists of taking the previously created plan and putting it into action. Key activities in this function include:
Organizing facilitates a clear development of the organizational structure for executing the plan, but it also encourages collaboration among team members spread amongst various teams and departments. When the Project Management Institute (PMI) cites poor communication as one of the leading causes of project failure, it’s evident that ensuring effective collaboration amongst team members plays an influential role in driving a project’s success. LeadingWith the first two functions of management underway, managers should then shift their attention to the people. The leading stage consists of motivating and influencing employees to do the work and meet performance standards. Keep in mind that effective leadership extends beyond delegating and directing employees what to do. Examples of effective leadership skills that managers can focus on include frequent and clear communication, expressing empathy, being an active listener, maintaining transparency, and empowering the team to perform to the best of their ability. Utilizing interpersonal skills and different leadership styles for different situations is crucial for managers to tap into while leading their employees. ControllingThe controlling function consists of monitoring performance and progress through project execution and making adjustments as needed. Managers should ensure that employees meet deadlines while simultaneously balancing synchronicity amongst the project’s resources and the overall budget. Managers may need to take corrective actions and be proactive in their approach to ensure that team members meet their assigned deadlines. Two key areas where managers may need to make adjustments include staffing and budget. For example, let’s say an assigned leader working on a project leaves the company. The manager will need to identify a replacement as soon as possible, train them efficiently, and, hopefully, keep the project running smoothly. From a budget perspective, managers should monitor spend closely. Suppose a project starts to run over budget — in that case, the manager should identify what’s causing the overspend. If that expense is justified, they should proactively ask for additional funding or curb spending to be more mindful of the budget in other areas. Tips for applying the four functions of managementApplying the four functions of management may seem challenging at first, but with the right resources and knowledge, managers can carry out all duties successfully. Feeling intimidated? Don’t be. Here are a few quick tips for getting started:
Keep in mind that leadership is a learning process — whether you’re brand new or well-established. As you manage a team or project, you’ll uncover different areas where you can improve and grow. Become a successful manager using the four functions of managementManagement isn’t an easy gig, and there isn’t a tried-and-true approach that works for everybody. However, every manager fulfills the same core responsibilities, known as the four functions of management. When a manager checks the box of each of those major functions, they’re well-equipped to lead projects, teams, departments, or even entire companies to their objectives. Want to boost your management abilities and keep your team and project on track? Sign up for a free trial of Wrike and start planning today. More resources for managers and team leaders
Sorry, this content is unavailable due to your privacy settings. To view this content, click the “Cookie Preferences” button and accept Advertising Cookies there. Cookie Preferences What is the function of management that involves with determining the goals and performance?Planning: is the function of management that involves setting objectives and determining a course of action for achieving those objectives.
Which function of the management process requires a manager to establish goals and standards and to develop rules and procedure?The planning function involves establishing goals and standards, developing rules and procedures, and forecasting.
What are the basic functions of management?At the most fundamental level, management is a discipline that consists of a set of five general functions: planning, organizing, staffing, leading and controlling.
Which management function determine the order in which the tasks is to be performed and establishing completion deadlines for each group of tasks?Controlling. Controlling is the process of evaluating the execution of the plan and making adjustments to ensure that the organizational goal is achieved. During the controlling stage, managers perform tasks such as training employees as necessary and managing deadlines.
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