Components of Management
COMPONENTS OF MANAGEMENT (P, O, S, C, C,)
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Introduction
·
The management scientists explain 5 major
components or functions of management
o
Planning
o
Organizing
o
Staffing
o
Controlling
o
Coordinating
Planning
·
The planning component helps to fill the gap
between two major questions
o
Where we are?
o
Where we want to be?
·
Planning helps in advance to find the answer
of these questions
o
What to do?
o
Why to do?
o
Where to do?
o
Who will do?
o
How to do?
o
When to do?
·
The importance of Planning can be seen as
o
Provide directions
o
Reduces the risk of uncertainty
o
Promote innovative ideas
o
Facilitates decision making
o
Establish standards for controlling
·
The main features of Planning are
o
Pervasive
o
Continuous
o
Futuristic
o
Mental exercise
o
First step of management
Organizing
·
It is a process of management which involves
o
Identification of tasks
o
Grouping of tasks
o
Defining the responsibilities
o
Delegating the authorities
o
& Establishing the relationships to
increase the working efficiency of employees
·
The importance of Organizing can be seen as
o
Reap the benefit of specialization
o
Provide optimum utilization of resources
o
Results in effective administration
o
Expansion and growth
o
Scope for new change
STAFFING
·
A function of management that involves the hiring
of manpower in the various departments to build an organization
·
The process of Staffing involves the 6 basic
steps
o Analysing manpower requirement & Advertisement
o
Recruitment
o
Selection
o
Placement
o
Training & Development
o
Performance appraisal
·
The importance of Staffing can be seen as
o
Filling the vacant positions
o
Developing the competency by training
o
Retain the manpower and decreases the attrition
rate
o
Ensure the optimum utilization of manpower
o
To boost the efficiency through appraisal
cycle
Controlling
·
A function of management that involves the
o
Monitoring the performance
o
Taking actions to ensure the desired results
o
Ensuring that the right things happen in
right way and at the right time
·
The important features of Controlling are
o
Strategic
o
Result oriented
o
Future oriented
o
Flexible
o
Dynamic
·
The process of Controlling involves
o
Establish objectives & standards
o
Measure the actual performance
o
Compare the results with objective &
standards
o
Taking corrective actions
·
The importance of Controlling can be seen as
o
Measure the progress
o
Uncover the deviations
o
Indicate the corrective actions
o
Policy verification
o
Managerial Accountability
Coordinating
·
It is a method of keeping the team together
by ensuring the allocation of working activities to the various members and
seeing that these are performed in a proper format among the members themselves
·
The main purpose of Coordinating is to secure
the harmony of action or team work
·
The important features of Coordinating are
o
Essence of management
o
A basic responsibility
o
Unity is the heart of coordination
o
Required group efforts not an individual one
o
Necessary at all level of organization
·
The principles of Coordinating involves
o
Personal contact
o
Self coordination
o
Clear cut objectives
o
Effective communication
o
Supervision
·
The importance of Coordinating can be seen as
o
Always work in the complex operations
o
Avoid clash of interests
o
Create unity of direction and team work
o
Improve the efficiency and effectiveness
o Decrease the chances of potential conflicts
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