Functions of Management
Management is prevalent in all businesses. However, what is management? More
important, what is successful management? In order to determine the answer to those
questions, one must look at the functions of management. In any organization, the ability
to use the four function of management; planning, organizing, leading, and controlling,
will determine the success of that organization. So what are the steps involved in these four
functions of management and how do they play a part in an organization? This paper will
look at the various components of the four functions of management and how they apply to
the organization I am currently employed by: Wells Fargo Bank.
Planning
Planning is the first function of management. During this process an organization will set
specific goals it wishes to achieve and decide how the company desires to go about
reaching those set goals. They design a strategy of actions necessary to accomplish an
organizations specified target.
The planning function includes numerous activities that need to be completed. These
actives include; analyzing an organizations current situation, anticipating what the future
holds for that organization, determining the companys objectives, deciding what activities
the company will engage in, choosing a corporate and business strategy, and determining
the resources needed to achieve the organizations goals. (Bateman and Snell 2002)
The infrastructure at Wells Fargo calls for the planning stage to not only occur at a
company-wide corporate level but also at a regional and district level. The planning
function even extends down to the branch level, in which the branch managers are
