Wherever there is a prearranged group of people functioning for the achievement of a common objective, some type of management becomes vital. No organization can be run effectively unless there is somebody to supervise the actions. It is not hard to understand the effects of the situation in which an organizational group has no management in any way. If various people constituting the group are left to themselves, the end result will be utter confusion.

Production function has accepted huge significance as a primal function in every industrial undertaking. All other functions rotate around this function. The production activities are independent of the size of the undertakings. In a small concern one person may be undertaking this function while in big organizations, various individuals or separate teams may carry out this action. The success or failure of an organization depends upon the amount of care and function with rationality, and it will also help an undertaking to achieve its organizational goals.

Production is the creation of goods and utilities. In relation to goods, production is the fabrication of a physical object by making use of men, materials and equipment; whereas with regards to services, production is the discharge of a function, which has some value. This elucidation of production activity is very extensive one, and it does not match up with the commonly utilized practice of affiliating it with built-up process only. There can be many methods of production and the production manager will have to select a suitable technique for his unit. The different production methods are job production, batch production and flow production.

“Human resource management includes recruitment and selection of appropriate staff and management of the employment relationship, which includes contracts, collective bargaining, reward systems and employee involvement, and considers the strategic and operational view of human resource requirements.”

The word human resource is used for ‘people’ or ‘personnel’ working together in an organization to achieve the desired results. The human resources department inside the organization is called the ‘personnel department’ or ‘human resource department’ who looks after the organizational aspects of the staff. Managing all these human resources is termed as human resource management.

The human resource includes recruitment, selection, training, job evaluation, performance appraisal, remunerations, and all other things that provide job satisfaction to the applicants or employees working in the organization. Human resources plays a crucial role that assist companies to cope with an ever-changing, bloodthirsty surroundings. The main objectives of human resource management are as follows:

- Efficiently utilizing and managing people.
- Performance assessment and reward to proficiencies.
- Developing competencies that enhance individual as well as organizational performance.
- Escalating the modernism, originality and tractability required to improve rivalry.
- Implementing novel approaches to work process, career growth and inter-organizational mobility.
- Managing the execution and integration of technology through superior staffing, training and communication.

You all know the concept of an organization, that why it exists, what are its requirements, plans, procedures and policies. In addition to all these, it is also very important to know the managerial functions that help a business firm in achieving its set targets.

“To manage is to forecast and plan, to organize, to command and to control.” This definition by Henry Fayol has named the managerial functions in their alignment. It is the duty of every manager to execute these vital functions properly to attain the desired results.

Business manager is only responsible for planning, organizing, directing, and controlling all the organizational resources so that they give their best to reach the desired peak. The different organizational resources include people, their positions, funds, data, technology, facilities, materials and supplies.

Managers work in an active environment, and look forward and always ready to accept challenges. The success of organization depends upon the seniority of all these essential functions. These functions are goal-oriented, interconnected and mutually supporting.

Planning is thinking before starting a particular task. It involves formulation of a methodical process for accomplishing the organizational goals. It prepares the organization to accept future challenges. Organizing means assembling the essential resources to execute the developed plan. It is the process of creating structure, building relations, assigning tasks and resources to achieve the aims of the organization. Directing involves the guiding, leading, and supervision of employees to for the achievement of organizational goals. Controlling means checking the actual performance. If there are any discrepancies, then taking the remedial action.

Planning is a vital managerial function that helps in ascertaining the actions to be followed for accomplishing an assortment of organizational goals. It is an assessment in advance. It is a process, which means ‘thinking before doing.’ Planning function focuses on what to do, where to do, how to do, who is to do. It is associated with the mental state of a manager who thinks ahead of undertaking a particular task. Other functions of management such as organizing, staffing, directing, coordination and controlling are also carried out after planning.

Planning can be defined as, “The process of anticipating future occurrences and problems, exploring their probable impact, and detailing policies, goals, objectives, and strategies to solve the problems. This often includes preparing options documents, considering alternatives, and issuing final plans.”

Planning is the process of looking forward. The primary objective of planning is to accomplish better results. It involves the selection of organizational aims and formulating strategies, plans, procedures, programmes, budgets and other related actions.

Planning is an ongoing process that occurs at all managerial levels. It is done in the beginning but the performance is assessed and suitable adjustments are made in plans when definite implementation is done. Plans may be of various types such as short-term plans, medium term plans, long term plans, standing plans, single use plans, managerial plans, and functional plans.

The process of planning involves a number of steps; gathering info, laying down objectives, developing planning premises, examining alternative courses of action, evaluation of action patterns, reviewing limitations and implementation of plans.

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Management is a systematic and specialized body of knowledge consisting of principles, techniques and laws. It is an important element of a group activity. As no person can fulfill all his wants himself. He unifies with his associates, and works in a prearranged group in the direction of a common objective. In this way, some type of management becomes necessary, which helps the people to comprehend the purpose of the group (working together), and guides their hard work towards the accomplishment of these targets.

Management is a process, which bring the limited human as well as material resources together, and inspires the people for the attainment of the objectives of the organization. The process of management comprises the different functions that a supervisor has to carry out with the intention of accomplish the desired results. The main functions of management are planning, organizing, staffing, directing, directing, coordinating and controlling.

The entire process of management is considered as a social process, as the success of all managerial attempts devolves on the willing teamwork of people. Managers steer, direct, persuade and manage the activities of others to achieve the stated goals. The process of management is on going process and it has to run continuously.

Cash is significant for the financial management of a growing company. Cash flow refers to the amounts of the cash being received and spent by the business during a specific period of time; sometimes it is bound to a particular project. Cash flow’s measurement is used to evaluate the state or performance of the business or project.

You can also determine the problems with liquidity with the cash flow measurement. Cash flow management means to delay outlays of cash as long as possible while intending anyone who owes you money to pay it as soon as possible. A shortage of cash, even while profitable can result in failure of the company.

Cash measurements are used to generate the project rate of returns. The time of cash flows into and out of projects are used as inputs to financial models such as internal rate of return, and net present value. Cash flow management is a really good solution for the problem of the lag between the time you pay to the suppliers and employees and the time you collect from the customers.

A precise cash flow projection alerts you to trouble well before it strikes, so prepare the cash flow projections for the next year, next quarter. Understand that the cash flow plans balances numerous factors including the payment histories of the customer, the patience of the vendors, and your own thoroughness at identifying the upcoming expenditures. You can begin your cash flow projection by adding the cash on hand at the starting of the period with the other cash to be received from the various sources.

Management aspires to attain financial as well as social targets. It survives to accomplish some specific goals or objectives. Group efforts in management are always directed towards the attainment of some prearranged goals. It is related with the constitution and execution of all these objectives. The primary objective of management is to run the enterprise smoothly. The profit-making goal of a business is also to be considered while undertaking different functions. The management also helps an organization in the following: -

- Optimum utilization of available resources.
- Ameliorating performance and ability.
- Mobilizing best talent.
- Making plan for time to come.

It is a dynamical function, and it has to be executed constantly. It is frequently engaged in the moulding of the enterprise in changing business environment. It is a distinctive process performed to establish, and achieve the stated objective by making the use of human beings along with other resources. It is different from the activities, techniques and procedures.

Management is applicable in all types of organizations. The basic principles of management are of universal application, and can be applied in all types of organizations whether they are business, sports, social, cultural, politics, and educational or military. It is needed at all levels of the organization, i.e. top level, middle level and supervisory level. Thus, managerial levels signify the arranged managerial locations in an organization. The number of levels of management hinges upon its volume, expertise and the series of production. The main significance of levels is that they determine authority relationships in an organization.

Management by Objectives, MBO is a process to get agree upon the objectives within an organization, so that the management and employees agree to those objectives and understand what they really are. Management focuses on the goals with this systematic and organized approach, to achieve the best possible results from the resources that are available. By aligning the targets and subordinate objectives throughout the organization, MBO aims to increase the performance of the organization.

Getting powerful input allows the employees to identify their goals, and time period for the completion. MBO includes in progress tracking and feedback in the process to achieve those objectives. Peter Drucker outlined the MBO in 1954 in his book named as “The Practice of Management’. In the 90s, Peter Drucker decreases the importance of the MBO method, he said, “It’s just another tool. It is not the great cure for management inefficiency... Management by Objectives works if you know the objectives, ninety percent of the time you don’t”.

Managers easily fail to outline, and get agree with their employees on what everyone is trying to accomplish. MBO substitutes for the good intentions, it requires rather accurate written description of the objectives for the period ahead and timelines for their monitoring and accomplishment. MBO requires that the management and the employees agree to what the employee will try to achieve in the period ahead, and the employee accept and agree to the objectives, otherwise the commitment will be lacking.

“Business process management (BPM) is a systematic approach to improving an organization's business processes. BPM activities seek to make business processes more effective, more efficient, and more capable of adapting to an ever-changing environment. BPM is a subset of infrastructure management, the administrative area of concern dealing with maintenance and optimization of an organization's equipment and core operations.”

Business Process Management or BPM is related to the actions executed by business organizations to administer and improve their business functioning, so that managers can evaluate and modify processes in response to data. The main advantages of this process include: -

- It automates various business processes to gather information to get novel ideas.

- Such management process ameliorates business value, whether big or small.

- It assists business to achieve outstanding results.

- Its supplementary benefits include proper control, advanced speed, aptitude, flexibility, right management and buyer satisfaction.

The activities that constitute business process management are classified into three groups: process design, process execution and process monitoring. Process design embraces the design and capture of subsisting business actions, in addition to the replication of novel ones. Process execution is the implementation of entire business process by transferring information from one application to the other one, and its success hinges upon human intervention. The third and the last constitute of this process is process monitoring, which means examining the information. The information accumulated from this process can be utilized to work with consumers and traders in order to develop their linked activities.

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Management can be defined as, “The process of planning, leading, organizing and controlling people within a group in order to achieve goals; also used to mean the group of people who do this.”

An organization is a group of people working collectively to attain common objectives. Wherever there is a structured group of people working in the direction of a common goal, some type of management becomes vital. No business group can run effectively unless there is someone to administer its actions.

It is not easy to understand the effects of the particular situation in which a structured group has no management at all. If different people making up the group are left to themselves, the result will be utterly full of confusedness. Everyone will be administering his or her personal matters, and no one will be responsible for any thing. Therefore, it is the management, which makes the people, realize the objectives of the group and direct their efforts towards the achievement of these objectives.

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