The Process of Management
Managerial work can be regarded as a process, a series of actions that brings about a goal. To achieve that objective, the manager uses resources and carries out the four managerial functions.
A. Resources Used by Managers
Managers use four types of resources:
1. Human Resources - the employees needed to get the job done.
2. Financial Resources any money used by the organization is classified as a
financial resource.
3. Physical Resources - are the firm's tangible goods and real estate,
including raw materials, office space, production facilities, office equipment, and
vehicles.
4. Information Resources - Data used to accomplish the job are classified as
information resources.
B. The Four Managerial Functions
The classical, or standard, functions of management remain a useful way of understanding management.
1. Planning
Involves setting goals and figuring out ways of reaching them.
Planning is the central function of management.
2. Organizing and Staffing
Organizing is the process of making sure the necessary human and physical resources are available to carry out a plan and achieve organizational goals. Staffing involves ensuring there are the necessary human resources to achieve organizational goals. Hiring is a typical staffing activity.
3. Leading
The managerial function of influencing others to achieve
organizational objectives. Leadership is the interpersonal aspect of management.
4. Controlling
The managerial function of ensuring that performance conforms to plans. Controlling involves comparing actual performance to a predetermined standard. Computerized controls are widely used.
Managerial level influences how much time managers spend on the four managerial functions. Executives spend more time on strategic (high-level and long-range) planning than do middle- or first-level managers. First-level managers spend the most time in faceto-face leadership of employees.
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