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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.

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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.

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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.

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.

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 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”.

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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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