1. Planning: Managers set objectives and develop strategies to achieve those objectives. They analyze the internal and external factors that may affect the business and create plans to address them. Planning involves determining the direction of the organization and setting goals and targets.
2. Organizing: Managers organize resources, including human resources, financial resources, and physical resources, to facilitate the achievement of the organization's objectives. This involves allocating tasks, responsibilities, and authority to different individuals or departments, designing work processes, and establishing reporting relationships.
3. Leading: Managers provide leadership and motivate employees to achieve the organization's goals. They communicate the vision, inspire and influence employees, and ensure that they have the necessary skills and resources to perform their jobs effectively. Leading also involves making decisions, resolving conflicts, and promoting teamwork and collaboration.
4. Controlling: Managers monitor and evaluate the progress towards the achievement of objectives and take corrective actions when necessary. They establish control systems and measures to track performance, analyze variances or deviations from the plan, and make adjustments to ensure the organization is on track. Controlling also involves establishing performance standards, measuring actual performance, and implementing corrective actions to improve performance.
What are the 4 roles of management in business studies
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