Management has four main functions, controlling, leading, organizing and planning. Each of these functions has main characteristics within the firm. Effective and efficient management leads to the attainment of company objectives and depend on the following functions.
Planning is the core pillar of management. Planning is the process where the management evaluates the position of the company, where it is now and where it will be in future; this is the strategy selection on how to achieve goals and objectives of the company (Buzzle, 2013). Planning is continuous process due to unpredictable crisis from external environment and involves strategic planning. This will include SWOT analysis and the planning should have the following characteristics, developing planning premises, recognizing limitations, plan period, formulating strategies and policies and operational planning among others.
Organizing means getting prepared and getting organized. This is the organizing resources to follow the course of action decided during planning. This is the firm hierarchy and the departments. Organization has to deal with division of work. Management does the following in organizing, defining jobs and activities, organizing activities, distribution of authority to the workers and balancing authority and responsibility.
Leading involves control and supervising the actions of the staff by guiding them in the right direction in order to achieve the firm’s objectives and realize their career development. This can be powered by motivation, communication, and department leadership and dynamics. Characteristics include directing human function, directing aims to attain productivity, motivation and inspiration and leading in the managerial hierarchy.
Controlling include establishing performance standards that are aligned to firm objectives. In a broader sense, it involves the evaluation and reporting of job performance. This is aimed at checking the standard of job as set in the quality department (Buzzle, 2013). It characteristics are, check if the result align to the objectives, standards are set according to the available resources and it is dynamic and helps in emergency planning.
I would establish manufacturing of all components and final assembly. This option will give me the best chance in setting the standards of my product and supervising the whole production process. I will also be able to offer guidelines in the production process. I will be the executive manager and this will help me in setting the firm objectives that are specific, realistic, time bound, measurable and attainable.
This manufacturing option is advantageous in that I will be directly involved in the management process (Bateman & Snell, 2013). This will give me a chance to ensure the product produced meets the required standards needed and it is fit for the work it is being made for. In addition, I will be involved in the organizing the resources which are minimal in order to achieve my intended purposes. Other advantages include the involvement in objective and standard setting.
However, the major disadvantages come because of my limited management skills and lack of funds (Bateman & Snell, 2013). This will hinder my manufacturing since the coordination of the project may be complex and I become incapacitated in handling it therefore leading to low standard goods or the project may fail all together.
Being the owner of the business idea, it will be easy to come up with the business objectives. This is due to the knowledge of what the product need to be and the specification it should have. I will be able to organize the resources within the firm bank, both human and natural. In leading, I will be able to direct the workers on the right ways of production and what the product should look like in accordance to the consumer requirements as I had observed (Buzzle, 2013). Finally, I can control the quantity and quality to be produced and ensure they meet the firm’s standard and paying adequate attention to the available resources.
Bateman, T. S., & Snell, S. (2013). Management. New York, NY: McGraw-Hill Irwin.
Buzzle (2013). Management Concepts - The Four Functions of Management. Retrieved October 29, 2013, from http://www.buzzle.com/articles/management-concepts-the-four-functions-of-management.html