Management Functions and Impact
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1. How do you define management?
2. Which of the 4 functions of management is most important (and why)?
3. How do the 4 functions of management impact your organization's success?
Personal feedback on these question would be very helpful and appreciated.
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Solution Summary
The solution defines management including the four functions of management and explains how management affetcs a firm's success.
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1. Management is, in my words, the act of aligning company resources with the interest of company objectives.
Company resources include hard assets like buildings, inventory, and equipment; other assets like cash and investments; intangible resources like patents and goodwill (customer satisfaction levels, brand values); and human resources (employees).
Company objectives include short and long term goals including growing market share, lower prices, expanding globally, or maximizing shareholder wealth.
Management involves utilizing these resources in the manner most efficient in producing the results listed in the company objectives.
At my work, we managers realign resources daily and do things to maximize shareholder wealth (like purchasing from lower cost providers, and streamlining freight to reduce associated costs), expand our goodwill (by helping our customers to brand their services through our eco-friendly program), and even simple things like organize maintenance of company assets to assure longevity. Managing conflict and motivating people is also an important part of ensuring customer satisfaction remains high and costs remain low.
2. The four functions of management include planning, organizing, directing, and ...
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