Management Theory: The Five Functions Of Management
Introduction
The management of an organization can be executed using various approaches such as the classical, scientific, bureaucratic, human relation, contingency or system management theory; once the theory chosen facilitates successful operation of the organization. Considering the classical theory, Henri Fayol (1841-1925) stated, management have five major functions relevant to the success of an organization. In his 1916 book “Administration Industrielle et Generale”. Henri Fayol identified five functions of management, planning, organizing, commanding, coordination and controlling. However, Luther Gullick (1992-1993), coined the word POSDCORB to describe the functions as planning, organising, staffing, directing, coordinating, responding and budgeting. Though functions of management differ in many perspectives and management practices move from traditional to contemporary it is evident that the five functions of management are still essential for effective management.
The Functions of Management
Planning
Planning is the process by which management determines, whether to attempt a task, works out the most effective way of reaching desired objectives, and prepares to overcome unexpected difficulties with adequate resources (David, 2007). The planning
…show more content…
A remarkable practice that can assist CanAir ltd and TravelAge limited is benchmarking. This process searches for the best practice that leads to a company’s superior
Qsi's Strategic Performance
682 Words | 3 PagesAn organization can measure its strategic performance by evaluating its competitive advantage or lack thereof in the marketplace. For QSSI, competitive advantage standings are assessed using a combination of customer reports (e.g. rankings) and internal key performance indicators (KPI). The government’s pay for performance ranking system evaluates and rewards QSSI for performance in addition to expenses such as time and materials on a quarterly. The pay for performance ranking also correlates to the incentive fee amount the organization will receive and serves as past performance documentation. Achieving high-ranking scores is important because the scores are used as part of bidding proposal packages for future contracts.
Benchmarking In Homeland Security Assessment
546 Words | 3 PagesBenchmarking can be helpful to an organization in many different ways 1) it helps place an effect in perspective, was the outcome good, bad, or average 2) Benchmarking can also help set the practicality of you targets that you had set and want to measure 3) Benchmarking can also can help identify both areas as well as subcategories with good or poor practices and the greatest room for improvement (Azevedo et al., 2010).
Ryanair Financial Ratio Analysis
2985 Words | 12 PagesTerm of Reference Background Objective Executive Summary Financial Ratios Formula Financial Ratios Analysis of BA and Ryanair Horizontal Analysis of Income Statement Vertical Common Size Analysis of Balance Sheet Comparison of the two companies Strength and Weaknesses Conclusions/recommendations --- Terms of Reference a) Background A success degree of one company can be measured by comparing its financial performance to its competitor. By assessing two companies, this will enable to adequately evaluate their current positions in the market, and to eventually learn as to which one of the two truly applies the better or most successful business model.
Aristotle Nicomachean Ethics Argument
1210 Words | 5 PagesThis all can be achieved by first examining the good performance of
Management Principles Of Krispy Kreme UK And Dunkin Donuts UK
2226 Words | 9 Pages1.0 INTRODUCTION It is an essential to have clear understanding of an organization’s purposes to understand how organization works and its method of working can be improved. Usually, general objectives lead to clarification of purposes and responsibilities at all level of organizations. Management is the process of communicating, coordinating and accomplishing action in the pursuit of organization objectives while managing relationship with stakeholders, technologies and other artifacts, both within as well as between organizations. (Kinicki)
Jetblue Airways Swot Analysis Essay
801 Words | 4 PagesExecutive Summary JetBlue Airways is a company that applies innovative technologies to offer high quality travel services at a lower cost (Shrivastava, 2012). A SWOT analysis of JetBlue airlines shows that despite the numerous opportunities and strengths it has, it is exposed to threats and weaknesses that pose challenges in its operations. The threats include issues like strong competition from other airlines and the volatility of the fuel prices. JetBlue Airlines is relatively new to the market when compared to its major competitors such as the Southwest and Delta Airlines. Most of its strategies have worked to its benefit.
What Are The Strengths And Weaknesses Of Ryanair
806 Words | 4 PagesRyanair is a famous low-cost airline company which was established in 1985 by Tony Ryan family. It’s headquartered in Ireland and provides services across Europe. Ryanair was built on Southwest Airlines model, which is highly successful in US, and now Ryanair is one of the most successful and profitable low-cost airlines in the world. In this work, I would like to analyse Ryanair’s external and internal strengths and imperfections.
Southwest Airlines Management Accounting System
1505 Words | 7 PagesOne of the fundamental points of interest of the balanced scorecard is capacity for representatives and supervisors to see the relationship between their own execution assessment and money related measures identified with the authoritative objectives. Activity based costing system: To be fruitful in business operations, each organization needs to synchronize its exercises and forms with the corporate statement of purpose, being steady in conveying the item. Southwest Airlines advances itself as an on-time, ease supplier of air travel, conveying the guaranteed essential services to the clients. Organization successfully adjusts its authoritative structure and every single related operation on giving these purchaser services on the reported mission and objectives. Therefore, Southwest Airlines is the best minimal effort supplier of air travel in the United States.
Strategic Management: Strategies, Deliberate Or Emergent
3600 Words | 15 PagesARAB OPEN UNIVERSITY FACULTY OF BUSINESS STUDIES (MBA) B 820 _ STRATEGY (TMA ONE)_ TUTOR MARKING ASSESSMENT _ Fall, 2014 TMA ONE: Answer Bader Abdullah AL-Sumri (130348) Question 1: strategies, deliberate or emergent 1) Introduction Planning, and particularly strategic planning, has been characterized as a learning process.
8 Principles Of Max Weber's Bureaucratic Management Theory
1901 Words | 8 PagesContemporary management involves many aspects of management. These aspects include planning, leading, organising and controlling operations to achieve certain organisational goals. When comparing different management levels it is evident that at all levels emphasise the importance of using resources effective and responsibly. Managers should be able to build their own as well as their subordinates’ skills, regarding decision making, monitoring information and supervising personnel are which are essential to success. Managers have great responsibilities, these responsibilities include managing a diverse work force, maintaining a competitive edge, behaving ethically and using emerging technologies.
Marks And Spencer Competitive Analysis
1614 Words | 7 PagesIn reference to Marks and Spencer, it is essential for organisation before making use of best-in-class benchmarking to measure organisational performance by analysing internal as well as external competition. It can be an integral part for improvement of organisation, however it is a fact that Marks and Spencer could not able to employ all the relevant strategies patented by competitors. But it can help in making appropriate business decisions as management will be aware of all the advantages as well as difficulties that lies in incorporating specific changes. It depicts that role of best-in-class benchmarking data play efficient role in decision making process which is dependent on the business requirements of Marks and Spencer (Shao L. P.,
Advantages And Disadvantages Of Classical Management Theory
968 Words | 4 PagesIt refers to the patterns of communication, interpretation and adjustment between individuals. Both the verbal and nonverbal responses that a listener then delivers are similarly constructed in expectation of how the original speaker will react. Workers contribution is more involved in this theory. (Markes, 1999) Contributions 1)
Leadership And Management Literature Review
1304 Words | 6 PagesAs mentioned above, there are five tasks of management that should be accomplished in a daily work routine. Those are planning, organizing, staffing, directing and controlling (Koontz and O’Donnell, 1976). Notwithstanding that some theorists, such as Richard Steers (1985) and Mason Carpenter (2009), highlight only four of those, planning is always considered to be the first and main function of management. It is an activity that involves choosing a strategy to accomplish the objectives of the organization, using the resources effectively and efficiently (Olum, 2004). To make a good plan, a manager should follow the essential steps of planning, which are setting goals, identifying the threats and opportunities of the organization, developing a plan for achieving the goals, and finally evaluating it and reviewing (Gamache, 2008; Duncan,
Compare And Contrast Taylor And Fayol
837 Words | 4 Pages`For the purpose of this assignment I have chosen to compare and contrast the contribution of Frederick Winslow Taylor (1856-1915) and Henri Fayol (1841-1925) to the field of management. I will outline the similarities and differences between Taylor and Fayol and then conclude and elaborate on how these two theorists’ work influenced the world of management both in the past and at the present moment. Frederick Winslow Taylor born in focused his theories heavily on the scientific method, finding the ‘one best way’ to manage a firm and its personnel, (Kanigel 1999). Taylor focused on the operative level, he believed that the application of scientific methods from the bottom of the industrial hierarchy upwards was the key to success. Taylor
Case Study: The Importance Of Principle Of Management
2164 Words | 9 PagesThe role of management in motivating Conclusion The 14 principles of management founded by Mr Henri Fayol can be used to manage organizations and are useful tools for forecasting, planning, process management, organization management, decision-making, coordination and control. These logical principles are generally based on common sense and matter of fact currently been practiced widely by organisation.
More about Management Theory: The Five Functions Of Management
Qsi's Strategic Performance
682 Words | 3 PagesBenchmarking In Homeland Security Assessment
546 Words | 3 PagesRyanair Financial Ratio Analysis
2985 Words | 12 PagesAristotle Nicomachean Ethics Argument
1210 Words | 5 PagesManagement Principles Of Krispy Kreme UK And Dunkin Donuts UK
2226 Words | 9 PagesJetblue Airways Swot Analysis Essay
801 Words | 4 PagesWhat Are The Strengths And Weaknesses Of Ryanair
806 Words | 4 PagesSouthwest Airlines Management Accounting System
1505 Words | 7 PagesStrategic Management: Strategies, Deliberate Or Emergent
3600 Words | 15 Pages8 Principles Of Max Weber's Bureaucratic Management Theory
1901 Words | 8 PagesMarks And Spencer Competitive Analysis
1614 Words | 7 PagesAdvantages And Disadvantages Of Classical Management Theory
968 Words | 4 PagesLeadership And Management Literature Review
1304 Words | 6 PagesCompare And Contrast Taylor And Fayol
837 Words | 4 PagesCase Study: The Importance Of Principle Of Management
2164 Words | 9 Pages