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Submitted by funcurvyblonde on February 2, 2008
Category: Miscellaneous
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Functions of Management
Management is prevalent in all businesses. However, what is management? More important, what is successful management? In order to determine the answer to those questions, one must look at the functions of management. In any organization, the ability to use the four function of management; planning, organizing, leading, and controlling, will determine the success of that organization. So what are the steps involved in these four functions of management and how do they play a part in an organization? This paper will look at the various components of the four functions of management and how they apply to the organization I am currently employed by: Wells Fargo Bank.
Planning
Planning is the first function of management. During this process an organization will set specific goals it wishes to achieve and decide how the company desires to go about reaching those set goals. They design a strategy of actions necessary to accomplish an organization’s specified target.
The planning function includes numerous activities that need to be completed. These actives include; analyzing an organization’s current situation, anticipating what the future holds for that organization, determining the company’s objectives, deciding what activities the company will engage in, choosing a corporate and business strategy, and determining the resources needed to achieve the organization’s goals. (Bateman and Snell 2002)
The infrastructure at Wells Fargo calls for the planning stage to not only occur at a company-wide corporate level but also at a regional and district level. The planning function even extends down to the branch level, in which the branch managers are encouraged to give input on what goals the individual branches will achieve and how he or she will go about doing so. While the main office will set the overall company goals and vision, it trickles down so that the locations responsible for the achievement...
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