Question

Good management can lead to the success of the business entity. With the aid of field research analyse the viability of functions of management

Answer 1

The functions of management are viable because –

A business firm cannot run without planning. This is done by good management.

Human financial and natural resources need to be organized for production which needs management skills.

With help of management skills, we can hire the right man for the right job.

Good management controls staff, resources and external conditions for the maximum benefit of the firm.

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Answer 2

Good management can lead to the success of the business entity.

Explanation:

• Management is a method of guiding the developments, maintenance, and allocation of resources in an economy.

• In order to attain the goals and lead the business entity to success, managers need to work to increase the efficiency and effectiveness of their employees,  processes, and projects.  

• The viable function of management includes the planning, organizing, staffing, and directing function that helps the organization grow and succeed. Thus a manager must make proper use of his position.  

• Everybody in the company must know the mission, vision along wot the goals and objectives of the firm. Most of the functions related to planning and controlling stay together.

• Functioning to formulate the strategy and establish the plans, policies, and procedures of the business entity.

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