Functional areas of Business

In today’s society, organizations need strong managers to lead their staff towards accomplishing goals. Managers are problem solvers, leaders, coordinators, communicators and planners. Managers fulfill many roles and have many types of responsibilities at different levels in an organization. Many roles Management can be very complex as they have to respond to planned and unplanned issues that can occur at any given time. Managers have a variety of duties to perform within an organization to help it function properly within the area of business.
One of the areas of business that a manager plays a role in is Strategic Planning. Organizing and planning is a priority in businesses. Organizing and planning has objectives that involve developing business goals, organizing business resources to advance these goals. Both internal and external data is used about the industry, markets and competition provides information that is needed in order to direct the organizations resources and to also identify organizational needs.
Managers are also responsible for making decisions in an organization, which involves choices that are related to changes that is needed to adapt internal and external factors that have an effect on business operations. Managers must also decide how and where to use resources within an organization. Other decision making responsibilities can include choosing suppliers and vendors for goods and services for the organization.
Managers use accounting for financial decision making. Accounting for managers involves forecasting, relevant costing, cost-volume-profit analysis, investment appraisal techniques.(Accounting for Managers) Managers that use accounting sets targets for strategic business units as well as for departments, accounting assists in the assignment of responsibility for achievement of business targets by individual managers. Responsibility accounting is achieved by appraising the performance of managers responsible for their