Management has influenced economies and politics for centuries. The promotion of consumers’ interests and materialism has aborted peoples’ inclination to clergy and dogmatism. In dealing with business, one may not be able to survive and stay longer in such industry if one is not equipped with enough resources. In order to understand the rule of business, rigorous studies and research must be conducted. Anyone who is accountable for damage or loss of one's business is regarded insufficient and incapable.
There are many external and internal factors that impact the functions of management – planning, organizing, leading, and controlling. It is important to be mindful of these factors because they have an enormous impact on organization’s productivity. The process of assessing external and internal factors faced by an organization is vital to the planning function of management. Once the environmental assessment is complete, it is analyzed to prioritize issues, constraints, and assumptions that might influence the organizing, leading, and controlling functions of management. The assessment of external factors analyzes outside the physical confines of the enterprise. These factors are beyond the control of the enterprise, and could have significant impact on all levels.
Planning is the conscious, systematic process of making decision about goals and activities that an individual, group, work unit, or organization will pursue in the future. Planning also provides clear map to follow in their future activities. At the same time, this map helps individuals change their current conditions. What are the short-term objectives? Which strategies will best help meet these objectives? Considering those types of questions sets the stage for action and major ...