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It can be said that the success of a firm or organization is founded upon the four management functions. They comprise setting objectives and deciding strategies for meeting objectives, allocating resources to implement the strategies, building motivation for fulfilling strategies, and overseeing progress toward objectives. The four management functions (also called the four fundamental functions of management) exert a great deal of control on the direction, actions, culture, and success of a company. To recap, according to expertmanage.com the four management functions are:
1. Planning: recognizing the organization’s goals and developing strategies to achieve these goals.
2. Organizing: organizing the resources of an organization, which include:
- raw materials
3. Leading: leading means influencing and inspiring people in such a way that they feel motivated.
4. Controlling: controlling the various functions in the organization to ensure they are on track with the goals.
It is clear that every step in the progress of a company toward their product or service delivery goal and toward their goal of economic success is founded in the four fundamentals. With the four fundamentals carefully worked out and in place, the potential for business success is clearly mapped out.
While many theoretical understanding of the tasks of managers have changed with time and while the organizational environment has changed radically with time, the four fundamentals still perform their fundamental functions for savvy managers and still have a fundamental position amongst the changing tools available to and utilized by managers (Tim Barnett, "Management Functions," Encyclopedia of Business).
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