Mgt 330 - Functions of Management

Functions of Management

MGT/330

Introduction

In order for a company to be successful at achieving goals effectively, there is a demand for functions that outline the process that needs to be taken in order to obtain the goals. The purpose of management is to work, direct and use available resources to obtain a company goal with the least amount of wasted time, money and staff. With new knowledge and technology that is being obtained daily by companies around the world there have been functions of management that have been able to adapt and are usefully incorporated into new techniques and practices. Management functions such as planning, organizing, leading and controlling have remained the most useful functions in management for ages.

Planning

Planning is the process set into place by companies that allows them to set goals in place for the company and outline the steps needed to be taken in order to obtain these goals. The planning step is where the company brainstorms what the objectives are that the company wants to achieve. This function is constantly being changed and altered due to situations changing within the industries.

One practice that is done within the planning step is to analyze the current situation. In this practice the company will fully evaluate where the company currently stands within its industry and market. Another step is to anticipation the future of the company. Management needs to consider all factors as to where the company may end up in the future if certain steps are taken now. Figuring out the objectives that the company may face when dealing with economic situations and competition is important so the company can design a plan to overcome them. The management also has to make a decision as to what type of activities the company will participate in, along with determining the resources that will be needed to achieve the goal and further the company.

Choosing corporate and business strategies can be tricky for management to determine but in order to do this they need to determine what it is that the company stands for and strives to accomplish. Once they decide that they can either decide to put into place strategic planning, tactical planning or operational planning.

In my current employment, the planning process involved being one of the top leading credit card providers. The company planned out the type of credit they wanted to have available to their clients while also determining other factors such as interest rates, benefits and profit gain for the company. This function also requires the company to be able to adjust to economic situation that arise. Such as the current economy, my company had to design financial assistance that would be available to our clients that may be suffering due to the economy.

Organizing

Organizing is a function where management develops a process and structure in which all contributing factors of the company are present. In this function it is important for the assembly and coordination of the human, financial, physical, informational, and other resources are all carefully set into place for the company to achieve its goal. This function is where job responsibilities will be structured. The assignment of responsibilities for each department and position is very important to the success and smooth running of the company. This function also delegates different people for different position and responsibilities that they are able to qualify to do within the company. This function also requires management to ensure employees have adequate resources available to perform their jobs to the best of their abilities.

My company handles different type of credit accounts from business accounts, retail accounts, mortgages, and personal loans. It was important for the company to design individual departments