The Content of Management Functions

THE CONTENTS OF MANAGEMENT FUNCTIONS

It is largely in Business concerns that there exist plentiful opportunities that can make some management. That also could make some contributions through knowledge, and achieve results through knowledge.

DESCRIBING THE CONTENTS OF THE FUNCTIONS OF MANAGEMENT

  1.  Management deals with functional variables contingent upon others, ie dependent upon others; example-we can say that for sales management. To be effective, there has to be a sales department and trained sales staff. This is what we intend to explain by averring that MANAGEMENT deals with functional variables that are contingent on others.
  2. Management as a body that is primarily concerned with innovation as well as making sure the innovations succeed. In other words, we put it across that management introduces innovation as well as the administration of it.
  3. Management takes charge of managing the set of innovations it introduces in the firm or company as the concern grows. Sometimes, these variables or innovations will increase as the company grows more complex, as the case may be. It may become difficult to trace the effects of a change responsibility.

Note; That management in itself acts as a pluralistic agent. In which every major task of running a concern has been entrusted. It alongside this seeks always new knowledge. Remember you were told that a body of knowledge is made of –information, intelligence and expertise. These are the facts or base of every good management.

A salient point to observe is that management styles differ and organisations also differ. As it apply’s forms of management and kinds of settings and organizations. The basic principle that applies to all forms of management are;

a.  Think through objectives

b.  Analyse basic policies

c.  Understand principles and practices to accomplish the new task and satisfy the management challenges.

d.  Ensure the process to deliver these challenges are optimally scaled to be good.

Practical management would weigh the above basics against kinds, forms of firm, company or concern, before applying these basics. This is important because in a sole proprietorship things are different, ownership is not answerable to any Board, management decisions can go on straight to implementation. In partnership, were membership is statutorily defined to be at least two (2) to (7)seven members, a meeting is required. This is to have the consent of other members. In a Private Limited Liability Companies, where the establishment is wholly indigenous, having a Board meeting may not be necessary.

The crux of management exercise of application is tough in joint stock companies. These are companies show-casing share-holders, Debenture holders and other stakeholders interest. The companies annually report to the stakeholders its performance of each financial year (AGM). Because it belongs to so many ownership- the management is the internal–force that bonds the company. The management of ordinary shareholders. And how the rest of its stock of shares are raised. Generally, the larger stock of shares does belong to the ordinary shareholding class. They are the greater in number and during AGM, they have more say and votes, perhaps their say would count. It is in the Annual General Meeting (AGM) Join Stock Companies put their management principles to audit. This may not be in the open but to a selected professional share-holding class, like the Accountants, Auditors, Economists etc; among them. Management does this, not that it has not done an earlier-in-house function before the AGM. This is to satisfy transparency, objectivity and fare-play ethics which it owes as a duty to the public. In the platform of the AGM to the shareholders, all these will be made clear and read out. One can notice that the management is in fact, the powerhouse of every active and profit-aiming organization. It does to the firm internally a functional arrangement that shall place it in profit and blossoming operations. Management does to the firm externally an attitude, protecting its reputation in other to tower high in its brand efficiencies.

STILL RESEARCHING ON THE INDICES OF PROFIT AND RETURNS ON INVESTMENT

{Economic forces set Limits to what management can do.  Is this true?}

The first test, in fact, a paramount test of any business is not to maximize, profit but the achievement of sufficient profit. This is to cover the risks of economic activity and thus to avoid loss. Profit may not be the explanation, cause, or rationale of business and investment behaviour or business decisions. It is of note that the test and the validity of the criteria set above for business success is profit. The question then is, if profit occupies a position of prominence, then what are the criteria that can ensure not only profit but sufficient one in other to cover the risk of the economic activity. We have in mind also that economic forces set limits to what management can do. They create opportunities for management action, but they do not by themselves determine what a business does.  If archangels instead of the business class sat on the directors’ chairs, they would still have to be concerned with profitability. In fact, despite the Angels’ total lack of personal interest in making a profit, they would wish to be vindicated. In business practice, anything short of sufficient profit is liquidation. Planning, in essence, is knowing, whereas management takes up the doing. Nothing, therefore, could be sillier than the often repeated assertion that management only adopts the business to the forces of the market.

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