Major Functions of Management When running a business, it is important to consider all the variables that aid in the success and growth of that business. The four major functions of management include planning, controlling, organizing and leading. These functions can be affected by the internal and external factors in a business environment. The internal and external forces that affect the functions of a business include globalization, technology, diversity, innovation and ethical standards.
Internal factors, or the environment of a business, consist of the organizational resources available to accomplish its goals. The task of management is to acquire technological, financial and physical resources and make efficient and effective use of them within the business. Globalization is “the increasing interdependence, integration and interaction among people and corporations in disparate locations around the world” (Webster 2007).
is an important aspect for success, growth and survival of a business in the world market and can be implemented in both the controlling and leading functions of management.
Each business is in competition with all other businesses in their category, therefore, “resources are scarce and management success depends on how well these resources are both acquired and used” (Montana & Charnove 2000).
The Business plan on Management function
During week two the group was presented with new information that helped to teach different aspects of planning as a management function. The different types of planning include strategic, operational, and tactical planning. Strategic planning involves looking into the long term goals and plans. Tactical planning translates broad goals and strategies into specific actions to be taken within ...
In an attempt to reach the outside world, it is important to explore the sourcing of materials and other manufactured goods offered at a lower cost. Global networking allows for new ideas and planning which goes hand and hand with innovation and the expansion of ideas and concepts.
Technology refers to the applied techniques which make operations easier. Diversity, as an internal factor, can also affect the four functions of management. Diversity is the difference among people and cultures. Employing a diverse group of employees can be utilized in the planning and organizing functions of management. Planning is used by management to identify resources and make decisions about how groups or units within an organization will carry out job functions to reach organizational goals.
Utilizing the internal factor of diversity, management can organize teams or units using a diverse set of employees. Studies have shown that “diverse teams and groups are more innovative and effective because of the different skill sets” (Bateman & Snell, 2011).
By organizing employees into groups, teams, and units, an organization is establishing workgroups that will be given plans of action to achieve business goals. Considering the diversity of those within the business may help in breaking down cultural barriers when dealing with planning as well as leading, in a global economy.
Several factors affect the success of a business. The first factor is globalization which tends to bring a close interaction of people between different ports do the world with increasing possibilities of personal exchange, mutual understanding and friendship. Innovation involves research and development efforts to create a new technology. The final factor is ethics which is described as a set of principles of right conduct. The four functions of management include planning, organizing, leading, and controlling. ).
The Essay on Internal and External Factors affect the four functions of management
... factor that would affect the function of management and the external factors. Internal factors would include ethics, innovation and diversity while external factors ... various locations is key, and having employees trained in diversity, cultural norms and each countries policy’s. ... decision-making. They use the four functions of management such as planning, organizing, directing, and controlling. Of the ...
Resources include employees and each employee will have different educational and skill sets Therefore we will explain how external and internal factors like globalization, technology, innovation, diversity, and ethics at national and international level will impact the way GE managers apply the four functions of management. In addition we will talk about how delegation helps GE managers to minimize and manage these factors. ?
