Question

What do you understand by management define the function of management system

Answer 1

Answer:

Management is a set of principles relating to the functions of planning, organizing, directing, and controlling, and the applications of these principles in harnessing physical, financial, human, and informational resources efficiently and effectively to achieve organizational goals”.

Explanation:

There are basically five primary functions of management. These are:

1. Planning

2. Organizing

3. Staffing

4. Directing

5. Controlling

The controlling function comprises coordination, reporting, and budgeting, and hence the controlling function can be broken into these three separate functions. Based upon these seven functions, Luther Gulick coined the word POSDCORB, which generally represents the initials of these seven functions i.e. P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting.

But, Planning, Organizing, Staffing, Directing, and Controlling are widely recognized functions of management.