This presentation on functions of management, discuss in detail various administrative and functional responsibilities of management that should be exhibited by the management for the smooth running of the organization. These responsibilities can be summarized into "POSDCORB". The acronym ""POSDCORB" stands for following aspects of administration. They are
The strengths of "POSDCORB" lies in the fact that it can be the starting point to analyze the management functions in a structured way. The structure also helps to analyze the management activities. Now, let us have a look at each and every management responsibilities.
Planning & Organizing
Various Types Of Planning includes Business Plan, Event Planning, Financial Plan, Marketing Plan and Strategic Planning.
Marketing Plan helps us understand Who are the customers and their key characteristics, needs and wants, their expectation of our product, their special requirements and perceptions, their perspective about our organization, products or services and finally the buying intentions of the customer.
A strategic plan is an internal document for internal guidance within an organization. In most cases, strategic plan is not shared with audience outside the organization. Each department in the organization makes sure that their goals are aligned with the strategic plan.
A business plan is meant for possible investors outside the organization. A business plan presents current financial condition, future investment plans, revenues and growth projection to lure investors. It can also be considered as a branding exercise.
Event planning deals with planning, budgeting, scheduling, developing a theme and coordinating a convention or a party to make it a grant success.
Financial Planning helps a firm to determine the future financial needs or goals and ways to achieve them. It helps a firm to decide on investments and activities which needs to be taken up under various financial circumstances, keeping in mind short term and long term financial plan.
Organizing is establishing the internal organizational structure of the business. Main objective is to create a clear cut division and coordination of tasks, information flow management inside an organization. An organizational structure should clearly define the division of labor, delegation of authority and span of control.
Delegation of authority can be achieved using one of the following principle.
- Exception principle - This principle talks about a manager concentrating on tasks which needs immediate attention(Considerable deviation from the planned) and let his subordinates handle routine tasks.
- Scalar chain of command - Talks about a shorter chain of command for a better top down communication.
- Decentralization - Delegating of authority to the lower levels in an organization.
- Parity principle - Talks about how a manager should keep a balance between responsibility and authority
Departmentation is the process of clubbing multiple jobs and assign it to manager for better planning, coordination and control.
Span of Control
The span of control states the number of employees a manager can supervise, typically 5-6 employees. Based on the level of complexity and priority of the project, the span of control can be increased.
Main objective of Staffing is to manage various job profiles created by organizing. Staffing helps to find the gap between available and required manpower. Staffing is not one time activity. As per organization growth, new positions should be identified and filled.
Directing is a continuous task of making decisions and embodying them in specific and general orders and instructions and serving as the leader of the enterprise. Directing includes Communicating, Leading and Motivating.
Control is one of the managerial functions like planning, organizing, staffing and directing. It helps us to keep tab on the day to day activities, analyze the gaps and and rectify/minimize them, so that organizational objectives are met. Usually organizational control proceed establish standards to measure performance, compare the results with stated goals and take corrective actions.