Select a management function (planning, directing and motivating, or controlling) and explain how that function relates to business as a whole. Next, select a different function listed by a classmate. Discuss with your classmate how the functions you each selected complement each other.
The management function planning, relates to a business by producing the largest short term profits and market share. In order to do that you must have a plan by making goals and reaching them so that you can maximize your value of a business when it comes to trading and stock. You must have a logical and sensible, organized plan to keep you focused on the aspects that will make your business successful.
How does this sound? Am I correct or even close?
You are on the right track in explaining how the management function of planning relates to a business as a whole. Planning is a crucial function that involves setting goals, defining strategies, and outlining the steps necessary to achieve those goals. By having a well thought out plan, businesses can effectively allocate resources, make informed decisions, and anticipate potential challenges or opportunities.
A strategic plan helps businesses determine where they want to go in the long term and how they can reach there. This, in turn, contributes to the overall success of the business by ensuring that efforts are aligned towards common objectives. Planning enables businesses to identify their competitive advantage, target specific markets, and effectively utilize their resources to achieve profitability and growth.
Now, let's discuss another management function listed by your classmate. Let's say your classmate chose the function of controlling. Controlling, in the context of management, involves monitoring and evaluating the progress towards goals, comparing actual performance with planned performance, and taking corrective actions if necessary.
The function of controlling complements the function of planning in several ways. Once a plan is implemented, controlling helps in measuring the actual results against the planned objectives. This allows businesses to identify any deviations or discrepancies and take corrective actions to ensure that they stay on track towards their goals. Controlling ensures that the resources are being utilized efficiently and effectively, and it helps in preventing any potential risks or pitfalls that may arise during the execution of the plan.
By integrating planning and controlling, businesses can have a dynamic management system that supports their overall performance and success. The planning function sets the direction and goals, while the controlling function ensures that the business remains on track and makes necessary adjustments when required.
In summary, both planning and controlling are important management functions that play vital roles in achieving overall business success. While planning focuses on setting goals and creating strategies, controlling ensures that those plans are executed effectively and any deviations from planned performance are addressed. Integrating these functions helps businesses to maximize their potential and stay competitive in the market.