I want you all to try and memorize these terms and understand how they they work in preparation for our field trip.
Okay everyone, today we're going to learn about the four functions and levels of management.
An example could be that a business plans to increase sales by 10 percent in the next quarter or to increase profit by 5 percent in the next year.
The first function of management is planning. Planning is the process of setting realistic goals for a business both short-term and long-term— and deciding how best to achieve them.
Sir, I'm a little confused, could you give an example?
Now, the second of function of management is organizing. Organizing is arranging people and tasks to carry out the business's plans. Each department within a company has its own manager, who is responsible for organizing the department. Now before any of you ask, I will provide an example which also ties into the levels of management.
So let's imagine a company that is looking for ways to expand. The upper management— who are responsible for the performance of an organization as a whole, like a CEO or VP— determines that setting up a factory in China will allow the company to increase sales by taking advantage of China's growing population.
Alright now for the third function of management, leading. Leading is ensuring people work hard, directing their efforts to fulfill plans and accomplish objectives. Some examples could include adding compensation or encouraging employee participation.
Now the middle management— those in charge of large departments or divisions such as Deans or Plant Managers— are responsible for building and running the factory. The lower management—in charge of a small work group of non-managerial workers, usually a team leader or foreperson— hires operating workers and is responsible for the day-to-day running of the factory.
Finally, the last function of management is controlling. Controlling is the method managers use to increase, maintain, or decrease the resources they are allocated. Employee discipline, performance appraisal and budgeting are some examples of controlling.