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Functions of management

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Each response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.

Question 1
Identify the five basic functions of management, and describe each function. Briefly describe how such functions are used in the context of internal analysis.

Question 2
Is it possible to achieve competitive advantage without the implementation of strategic management? If yes, describe how and explain your rationale. If no, then explain why and provide at least one example.

Question 3
According to James Van Horne, what are the three decisions that comprise the functions of finance? Describe each function, and identify the role of each function in strategic management.

Question 4
Define forward integration and provide a specific example. Briefly discuss the role of forward integration in strategic management.

Question 5
Identify and briefly explain the steps that are involved in the controlling function of management. Which, in your view, is most important? Why?

At a minimum the below source should be used in all answers and at least one other source in each.
David, F. R. (2011). Strategic management: Concepts and cases (13th ed.). Upper Saddle River, NJ: Prentice Hall.

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Solution Preview

The response address the query is posted in 1111 words with APA references

//Strategic management is an important function of a business organization, and all the activities of the organization are centered towards the strategies framed. In the following context, we shall come across the various functions of management and the role of strategic management.//

Answer 1: The five functions of management are planning, organizing, staffing, coordinating and controlling.

Planning: Through planning, an organization defines its objectives and determines the manner to achieve those objectives. Planning is possible only when the management has an in-depth knowledge about the activities of the organization. In short, planning is the vision of the organizations (David, 2011)..

Organizing: Assigning task to individuals for achieving the objectives is involved in organizing. Defining the line of authority, communication channel and classifying the responsibility and authority is done through organizing (Koontz, 2010).

Controlling: Creating certain performance standards and measuring the activities against those standards is done in controlling. Any deviations arising in the performance is corrected through control measures.

Staffing: Assigning job responsibility to the employees is done in staffing. It includes selection, recruitment and appraising the performance of an individual.

Directing: Guidance or direction provided to the individual for carrying out the activities is provided through directing. Leaders ensure that individuals achieve their tasks and work assigned (Koontz, 2010).

These functions are critical for assessing the internal environment as planning can be done only by evaluating the strengths and weaknesses of the organization so that certain plans or strategies could be developed to overcome those weaknesses. Furthermore, through internal analysis, proper staffing and controlling activities can be performed effectively.

Answer 2: Developing strategy is the core element of any business organization. Starting from research and development to acquiring raw material, there ...

Solution Summary

The expert examines functions of management. The five basic functions of management are described. The response address the query is posted in 1111 words with APA references.

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