Management is defined as the process of getting things done, effectively and efficiently, through and with other people to achieve specific goals and purposes. Henri Fayol, a French geologist and engineer who was one of the proponents of the Administrative Theory believed that management, regardless of the specialized area, was comprised of fourteen universal principles. These are Division of Labour or Work, Authority, Discipline, Unity of Command, Unity of Direction, Subordination of the individual interest to the general interest, Remuneration, Centralization, Scalar chain or Line of Authority, Order, Equity, Stability of tenure to personnel, Initiative and Esprit de Corps.
The functions of management describe the managers' jobs. The four main functions of management are planning, organising, leading, and controlling, although some identify additional functions. The functions of management define the process of management as distinct from accounting, finance, marketing, and other business functions.
Planning is the core function of management that involves setting objectives and determining a course of action for achieving these objectives. Planning is a process consisting of several steps. The process begins with environmental scanning, which simply means that planners must be aware of the critical contingencies facing their organization in terms of economic conditions, their competitors, and their customers.
They are three types of planning: strategic, tactical and operational. Planners must establish objectives, which are statements of what needs to be achieved and when, then identify alternative courses of action for achieving objectives. After evaluating the various alternatives, they must then make decisions about the best courses of ...