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Describe and define the four functions of management

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Assist with defining each of the four functions of management at length and describe how each of those relate to the financial field.

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Solution Summary

The solution devotes a paragraph to each function followed by a example of how the functions were applied in a real world business: that of a CPA firm.

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The four functions of management are planning, organization, leading and controlling.

Planning is the process that management uses to accomplish the objectives of the business. Granted the most common objective is to make money, but planning defines how to get there in the broadest of terms. Examples would be what kind of business, or if existing whether to expand to other products or concentrate on a narrower field, to grow by acquisitions or not to grow, to be socially or environmentally conscious, to have multiple locations or not. These are all big picture discussions

Organization is the process of ...

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