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.

Samacheer Kalvi 12th Commerce Notes