Identify and discuss the four basic functions of management. Also, explain which function you feel is most important and why.
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The four functions of management are planning, organizing, directing, and controlling. These functions are essential for a business to run smoothly and accomplish its goals and objectives.
The first function of management is planning. Planning is the evaluation of the current situation of the business and deciding where the business wants to go. Planning begins with setting goals for the business. Based on those goals, well defined objectives are set. The tasks relating to achieving the objectives are defined. Time and sequence for each task is decided. The responsibilities for each task are allocated to individuals. There is a budget allocated to each task. Deadlines are set for each task. The planning process is a continuous process. With changes in the business environment planning has to be changed. The course of action needs to be modified. For example, if the demand for one product increases suddenly and higher prices can be realized; the production of that product needs to be increased. There are several types of planning. This includes strategic planning, marketing planning, business planning, succession planning, and ...
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