Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 2 Functions of Management Notes
→ Managerial functions are time specific, institution specific and country specific.
→ It is 24 hours non stop process for attaining the objectives again and again for reaching the highest level.
→ Functions of management can be classified into two catogories: A) Main functions and B) Subsidiary functions.
→ Planning, Organising, Staffing, Directing, Motivating, Controlling and Co-ordination are the main functions of management.
→ Planning is a constructive reviewing of future needs so that present actions can be adjusted in view of the established goal.
→ Organising is the process of establishing harmonious relationship among the members of an organisation and the creation of network of relationship among them.
→ Staffing function comprises the activities of selection and placement of competent personnel.
→ Directing denotes motivating, leading, guiding and communicating with subordinates on an ongoing basis in order to accomplish pre-set goals.
→ Controlling is performed to evaluate the performance of employees and deciding increments and promotion decisions.
→ It is the control function which facilitates synchronization of actual performance with predetermined standards.
→ Co-ordination is the synchronization (or unification or integration) of the actions of all individuals, working in the enterprise in different capacities; so as to lead to the most successful attainment of the common objectives.
→ The difficulty of co-ordination is increased with the increasing size of the organisation.
→ Motivation includes increasing the speed of performance of a work and developing a willingness on the part of workers.
→ Innovation, Representation, Decision-making, and Communication are the subsidiary functions of management.
→ Innovation refers to the preparation of personnel and organisation to face the changes made in the business world.
→ A manager has to act as representative of a company.
→ Decision-making helps in the smooth functioning of an organisation.
→ Communication is the transmission of human thoughts, views or opinions from one person to another person. It helps the regulation of job and coordinates the activities.