Management Concepts

Control is an important function of management. Without control, a manager cannot “do a complete job of managing”. All other management functions are the preparatory steps for getting the work done and controlling is concerned with making sure that there is proper execution of these functions. Control is necessary whenever a manager assigns duties and delegates authority to a subordinate. He must exercise control over the actions of his subordinates so that he can ensure that the delegated authority is being used properly. Objectives of Management Control A sound control system is needed for the following purposes: 1. To measure progress. Under the planning process the fundamental goals and objectives of the organization are established. The control process is necessary to measure progress towards these goals. According to Henry Fayol, “Control consists in verifying whether everything occurs in conformity with the plan adopted, the instructions issued and the principles established.” Continue reading

Business can be defined as an organization that provide goods and services to others, who want to do or need them, when people think of business careers, they have to think of job in large wealthy corporation, there are wide verity of career areas in business line. Business Entity is an organization that possesses a separate existence for tax purposes. Some types of business entities include corporations and foreign corporations, business trusts, limited liability companies, and limited partnerships The two basic types of business entities are sole proprietorship and partnerships. Sole Proprietorship Sole proprietorship type of business entity which legally has no separate existence from its owner. Limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. Also debts of the business are debts of the owner in the case of sole proprietorship type of business. A sole proprietorship essentially refers to a Continue reading

An  organization  is a social arrangement which pursues collective goals, controls its own performance, and has a boundary separating it from its environment. It is a business which has a primary goal of making profit and a proposed goal such as helping the environment. A  non-profit organization  is an  organization  which does not distribute its surplus funds to owners or shareholders, but instead uses them to help pursue its goals.  Examples of NPOs include charities (i.e.  charitable organizations),  trade unions, and public  arts  organizations. Most governments and government agencies meet this definition, but in most countries they are considered a separate type of organization and not counted as NPOs. They are in most countries exempt from  income  and  property taxation. Differences between Profit and Non-profit Organization Ownership is the quantitative difference between for- and not-for-profit organizations. For-profit organizations can be privately owned and may re-distribute taxable wealth to  employees  and Continue reading

Planning is highly essential for the successful functioning of any organization, big or small.  Planning, in simple terms, involves drawing up a scheduled list of activities required to achieve a particular goal. In a company or even at home, a certain amount of planning helps you finish tasks successfully. But in an organization with a huge workforce and many hierarchical levels, planning is quintessential to meeting the organization’s objectives and targets. Types of Planning in an Organization Strategic Planning Operational Planning Financial Planning Marketing Planning Proactive Planning Strategic Planning Strategic planning is the kind of planning that provides direction for the organization on how to proceed in the long run. The organization makes clear the strategy it intends on pursuing to achieve all of its targets, and allocates resources and takes action accordingly. In order to be able to devise the organization’s strategy, it is necessary that the organization knows Continue reading