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According to Fayol, management operates through five basic functions: planning, organizing, commanding, coordinating and controlling. Planning: Deciding what needs to happen in the future and generating action plans (deciding in advance). Organizing (or staffing): Making sure the human and nonhuman resources are put into place. [64]
Henri Fayol (29 July 1841 – 19 November 1925) was a French mining engineer, mining executive, author and director of mines who developed a general theory of business administration that is often called Fayolism. [2] He and his colleagues developed this theory independently of scientific management but roughly contemporaneously.
Control (management) Control is a function of management that helps to check errors and take corrective actions. This is done to minimize deviation from standards and ensure that the stated goals of the organization are achieved in a desired manner. According to modern concepts, control is a foreseeing action; earlier concepts of control were ...
Management by objectives (MBO), also known as management by planning (MBP), was first popularized by Peter Drucker in his 1954 book The Practice of Management. [1] Management by objectives is the process of defining specific objectives within an organization that management can convey to organization members, then deciding how to achieve each objective in sequence.
Strategic planning is an organization 's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy. Strategic planning became prominent in corporations during the 1960s and remains ...
Planning is the process of thinking regarding the activities required to achieve a desired goal. Planning is based on foresight, the fundamental capacity for mental time travel. Some researchers regard the evolution of forethought - the capacity to think ahead - as a prime mover in human evolution. [1] Planning is a fundamental property of ...
The administration of a business includes the performance or management of business operations and decision-making, as well as the efficient organization of people and other resources to direct activities towards common goals. In general, "administration" refers to the broader management function, including the associated finance, personnel and ...
Organizing, is the management function that follows after planning, it involves the assignment of tasks, the grouping of tasks into departments and the assignment of authority with adequate responsibility and allocation of resources across the organization to achieve common goals. Organizing involves the establishment of an intentional ...