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.