Industrial Economics and Management, Schemes and Mind Maps of Industrial economy

Download Industrial Economics and Management and more Schemes and Mind Maps Industrial economy in PDF only on Docsity! FUNCTIONS OF MANAGEMENT MANAGEMENT Management is an executive function which actively directs human efforts to common goals. PLANNING  Planning all aspects of production, selling, etc., are essential in order to minimize intangibles.  Planning is a rational, economic, systematic way of making decisions today which will affect the future e.g., what will be done in future, who will do it and where it will be done. ORGANISING  Organising is the process by which the structure and allocation of jobs is determined.  Organising means, organising people, materials, jobs, time etc., and establishing a framework in which responsibilities are defined and authorities are laid down. STAFFING  Staffing is the process by which managers select, train, promote and retire their subordinates.  Directing is the process by which actual performance of subordinates is guided towards common goals of the enterprise. DIRECTING