Four Key Functions of Management

There are four key functions of management which must be carried out for any company to achieve success. They are: 

• Planning
• Organizing
• Leading
• Measuring, Monitoring and Recording Results

• Anticipate and estimate future problems and opportunities
• Set goals and objectives in clear, concise and concrete terms
• Determine and develop alternate action plans
• Compare alternate action plans against goals and objectives, test for feasibility and determine likely consequences of each
• Choose appropriate action plan
• Establish programs which support and reinforce the achievement of goals and objectives
• Establish policies and procedures for routine situations
• Survey resources
• Budget resources to carry out programs and achieve goals and objectives
• Establish standards against which all activities will be measured

Remember, no matter how good the plan, it is useless until implemented. Successful planning becomes easier with practise.

Organizing: Co-ordination of efforts toward common goals and objectives through programs, policies and procedures.

The renowned architect, Edward Louis Sullivan, said “Form follows function” which is why buildings, boats and airplanes look like they do.

• The organization should be structured to achieve goals and objectives through balanced effort, best utilization of resources and cost minimization
• The structure should be flexible and fluid, not fixed or final. The next project may require a different structure
• Authority, responsibility and accountability should be pushed to the lowest possible level allowing owners and senior managers to focus on future strategies
• Establish lines of communication that are open, multidirectional, receptive and deal only with facts
• Support, by philosophy, procedures, policies and, most importantly, by example, skills and relationships necessary for effective teamwork
• Establish thorough, ongoing training for all job related operations for employees but especially for new supervisors and managers. In addition to the technical, emphasize interpersonal skills training. Success depends as much, or more, on how people deal with each other as on just their technical abilities.

Remember, “ Structure follows strategy.”

Leading: Encouragement and support of others causing them to take effective action towards the achievement of goals and objectives.

• Initiate the action
• Make decisions when needed. Unlike wine, decisions do not improve with age
• Communicate clearly and regularly and listen actively to create understanding between yourself and others
• Encourage appropriate actions and create incentives to support them
• Develop subordinates by example, expansion of their skills and improvement of their attitudes
• Stay focused on the target Remember, leaders are made, not born. Measuring, monitoring and recording results: Control of performance and outcomes.
• Choose how to monitor, measure and record results of individual, team and company performance
• Develop and announce standards and criteria for performance

Remember, leaders are made, not born.

Measuring, monitoring and recording results: Control of performance and outcomes.

• Choose how to monitor, measure and record results of individual, team and company performance
• Develop and announce standards and criteria for performance

Evaluation

• Evaluate performance by comparing actual results to standards
• Recognize deviations from the plan • Specify the deviation as to what, where, when, how, how much, cost and results
• Isolate and eliminate root causes of deviations rather than attacking symptoms
• Identify potential problems by probability, proximity, scope of threat and take appropriate actions to avoid, eliminate or minimize them Remember, what gets measured gets done.

SUMMARY

Management is an acquired skill. It is not something that can be done only by MBAs or Fortune 500 CEOs. Take the steps outlined above, meld them with your management style and preferences and you will be on the road to successful management. DM

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