In order to continue enjoying our site, we ask that you confirm your identity as a human. Thank you very much for your cooperation. Show
Management has been described as a social process involving responsibility for economical and effective planning & regulation of operation of an enterprise in the fulfillment of given purposes. It is a dynamic process consisting of various elements and activities. These activities are different from operative functions like marketing, finance, purchase etc. Rather these activities are common to each and every manger irrespective of his level or status. Different experts have classified functions of management. According to George & Jerry, “There are four fundamental functions of management i.e. planning, organizing, actuating and controlling”. According to Henry Fayol, “To manage is to forecast and plan, to organize, to command, & to control”. Whereas Luther Gullick has given a keyword ’POSDCORB’ where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting. But the most widely accepted are functions of management given by KOONTZ and O’DONNEL i.e. Planning, Organizing, Staffing, Directing and Controlling. For theoretical purposes, it may be convenient to separate the function of management but practically these functions are overlapping in nature i.e. they are highly inseparable. Each function blends into the other & each affects the performance of others. It is the basic function of management. It deals with chalking out a future course of action & deciding in advance the most appropriate course of actions for achievement of pre-determined goals. According to KOONTZ, “Planning is deciding in advance - what to do, when to do & how to do. It bridges the gap from where we are & where we want to be”. A plan is a future course of actions. It is an exercise in problem solving & decision making. Planning is determination of courses of action to achieve desired goals. Thus, planning is a systematic thinking about ways & means for accomplishment of pre-determined goals. Planning is necessary to ensure proper utilization of human & non-human resources. It is all pervasive, it is an intellectual activity and it also helps in avoiding confusion, uncertainties, risks, wastages etc. Know more about - Planning Function of Management It is the process of bringing together physical, financial and human resources and developing productive relationship amongst them for achievement of organizational goals. According to Henry Fayol, “To organize a business is to provide it with everything useful or its functioning i.e. raw material, tools, capital and personnel’s”. To organize a business involves determining & providing human and non-human resources to the organizational structure. Organizing as a process involves: Know more about - Organizing Function of Management It is the function of manning the organization structure and keeping it manned. Staffing has assumed greater importance in the recent years due to advancement of technology, increase in size of business, complexity of human behavior etc. The main purpose of staffing is to put right man/woman on right job i.e. square pegs in square holes and round pegs in round holes. According to Kootz & O’Donell, “Managerial function of staffing involves manning the organization structure through proper and effective selection, appraisal & development of personnel to fill the roles designed un the structure”. Staffing involves: Know more about - Staffing Function of Management It is that part of managerial function which actuates the organizational methods to work efficiently for achievement of organizational purposes. It is considered life-spark of the enterprise which sets it in motion the action of people because planning, organizing and staffing are the mere preparations for doing the work. Direction is that inter-personnel aspect of management which deals directly with influencing, guiding, supervising, motivating sub-ordinate for the achievement of organizational goals. Direction has following elements:
Supervision- implies overseeing the work of subordinates by their superiors. It is the act of watching & directing work & workers. Motivation- means inspiring, stimulating or encouraging the sub-ordinates with zeal to work. Positive, negative, monetary, non-monetary incentives may be used for this purpose. Leadership- may be defined as a process by which manager guides and influences the work of subordinates in desired direction. Communications- is the process of passing information, experience, opinion etc from one person to another. It is a bridge of understanding. Know more about - Directing Function of Management It implies measurement of accomplishment against the standards and correction of deviation if any to ensure achievement of organizational goals. The purpose of controlling is to ensure that everything occurs in conformities with the standards. An efficient system of control helps to predict deviations before they actually occur. According to Theo Haimann, “Controlling is the process of checking whether or not proper progress is being made towards the objectives and goals and acting if necessary, to correct any deviation”. According to Koontz & O’Donell “Controlling is the measurement & correction of performance activities of subordinates in order to make sure that the enterprise objectives and plans desired to obtain them as being accomplished”. Therefore controlling has following steps:
Know more about - Controlling Function of Management Authorship/Referencing - About the Author(s)
next
By John Koehler May 17, 2019 A business that wants to be successful in today’s economy will need to understand the resources that it uses, how they function in its business model, and how to make the most out of them. This guide will introduce business managers and owners to the concept of economic resources, discuss some of the challenges that they present, and lay out strategies that every business professional should understand for managing and evaluating resources. By studying business administration, managers and owners can set their companies and themselves up for success. What Is a Resource?In the context of business and economics, a resource is any factor that’s necessary to accomplish a goal or carry out an activity. In short, they are the components that a business needs in order to do business. Resources often include employees, working space, equipment, or capital. Understanding precisely what your business uses is critical in order to ensure that you are making the most of the resources available, and not missing any holes in your business model. Types of ResourcesA business’s resources can be broken down into several different kinds. Some of the most commonly used include:
These are just some of resources that many businesses use every day; this is not an exhaustive list of resources, since every business has its own unique needs. When thinking about the resources that your own business uses, try to consider the things that it needs to keep going, both on a day-to-day scale and in the long term. What Is Resource Management?The resources that a business uses can be broken down into various types. Resource management is the process of allocating resources in order for a company to complete its work in the most efficient way possible. This process is often done by people with training in project management who have the expertise and background to make these kinds of judgments calls on behalf of a business. As business manager or owner, it’s up to you to decide how to best utilize the resources you have available, figure out what additional resources you might need, and determine where resources are being wasted in your business model. Resource management is a necessity for any business that wants to remain competitive with its rivals. Resource Management Key TermsSome key terms often used in discussions of resource management include:
Benefits of Resource ManagementGood resource management can enable a business to excel in its domain. Some of the benefits of managing resources efficiently include:
Ultimately, businesses that practice good resource management are able to produce higher quality work more quickly and with less overhead. It’s clear that every business should take a serious look at its own practices to find the most efficient systems of resource allocation. Challenges of Resource ManagementResource management can be a boon for your business, but that doesn’t mean that it will come easy. Effective resource management can be difficult for a few reasons:
Good resource management can have a huge payoff for your company, but it can also be very difficult to do reliably. People who are trained in performance improvement are better situated to identify and address inefficiencies within a company’s resource management plan. Resource Management Strategies and TechniquesResource management comes with some challenges, but there are also techniques and strategies that can help you overcome these difficulties and lead you towards efficient resource allocation. For business owners and managers who feel uncertain about how to wield resource management strategies, pursuing an MBA can help you learn how to effectively utilize these strategies and know which technique is best-suited to your situation. Resource PlanningResource management, as a term, refers to the overall idea of making informed decisions about where to place resources in order for your business model to run efficiently. Resource planning, however, refers to a particular strategy that can make your resource management more effective. Resource planning involves identifying every resource that will need to be used in order to complete a project. As a strategy, resource planning is often done best when you listen to the input of employees. Speak to the people who are going to do the work on your project and find out exactly what they need to succeed. By doing this before beginning on a project, you can make sure that your teams have everything that they will need before work begins. This may cut down on hiccups in project execution and help your teams become more efficient. Risk ManagementUnexpected events that crop up during a project’s execution are some of the most serious challenges associated with resource management. However, by tallying possible risks before a project begins, considering the likelihood of each individual risk, and developing a risk management plan, it’s possible to smooth out some of the bumps that surprises may cause. Consider some of the risks that companies often face in their day-to-day operations. These might include things like:
Risk management involves identifying the kinds of risks that a project may face and allowing for flexible resource allocation as needed, in order to stop these risks from derailing a project entirely. Estimating and ForecastingEfficient resource allocation often requires that managers and owners understand exactly how much of a given resource a project will need. However, this kind of knowledge is only available after the project has been completed. This is where estimating and forecasting come in. Accurate estimates of the resource demands of a particular project or task can help a company to inform its resource management strategy. Estimates are rarely going to be 100% accurate. However, by evaluating past estimates against actual resource requirements, and asking employees to document their resource usage thoroughly, it’s possible to hone your forecasting process and understand your resource needs more clearly. Resource LevelingResource leveling, also known as resource smoothing, is the process of reallocating resources to avoid underutilization and prevent burnout. For example, if one team is finishing its project ahead of schedule, while another is lagging behind and becoming stressed, resource leveling would involve shifting some of the underworked team’s labor over to the delayed project. By doing this, you could ensure that your labor is being used efficiently while avoiding resource-overallocation. Agile Project ManagementAs we noted above, perfect resource allocation forecasts are extremely rare, if not impossible. However, agile project management can help to mitigate the effects of imperfections in the forecasting process. Agile project management involves approaching a project with a broad vision, rather than a single, well-defined goal. Instead of laying out a rigid project plan, agile project management requires making small course corrections along the way. The end result is that teams that operate under agile project management are able to adapt to changing conditions and handle surprises without being tied to a fixed resource allocation from the beginning. List of Resource Management ToolsIf you are a business owner or manager, resource management is not something that you have to do alone. There are a wide variety of tools that can help you to allocate resources more efficiently. Additionally, while having tools is helpful, a degree in business intelligence can further equip you with the experience, training, and skills that you need to make the informed resource allocation decisions. Nevertheless, below are a few popular resource management tools to help you keep projects running smoothly:
John Koehler is a senior marketing specialist on University of Arkansas Grantham's marketing operations team. John is passionate about enabling education opportunities and a positive experience for prospective students. John holds a Bachelor of Science in Business Administration degree with a concentration in Marketing from Rockhurst University.
« Previous PostHow "The Spirit of Rocky" Helped Veteran Jason Hall Pursue a Degree (Student Profile) Next Post »8 Tuition Reimbursement Questions to Ask Your Employer
©2022 University of Arkansas Grantham For important information about accreditations and approvals + |