Basic Function of Management

Planning
Planning involves deciding where to take a company and selecting steps to get there. It first requires managers to be aware of challenges facing their businesses, and it then it requires managers to forecast future business and economic conditions. They then formulate objectives to reach by certain deadlines and decide on steps to reach them. They re-evaluate their plans as conditions change and make adjustments as necessary. Planning helps allocate resources and reduce waste as well.
Organizing
Managers organize by bringing together physical, human and financial resources to achieve objectives. They identify activities to be accomplished, classify activities, assign activities to groups or individuals, create responsibility and delegate authority. They then coordinate the relationships of responsibility and authority.
Leading
Leading requires managers to motivate employees to achieve business objectives and goals. It requires the use of authority to achieve those ends as well as the ability to communicate effectively. Effective leaders are students of human personalities, motivation and communication. They can influence their personnel to view situations from their perspectives. Leading also involves supervision of employees and their work.
Controlling
Controlling is a function of management that involves measuring achievement against established objectives and goals. It also requires managers to be able to identify sources of deviation from successful accomplishment and to provide a corrective course of action. Managers first establish objectives and goals, then measure achievement of them, identify anything that is keeping the company from achieving them, and provide means of correction if necessary. Controlling does not necessarily involve achieving only monetary goals and objectives. It can also relate to nontangible goals and objectives like meeting a production quota or reducing customer complaints by a certain amount.
Management in all