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Control (management) Control is a function of management that helps to check errors and take corrective actions. This is done to minimize deviation from standards and ensure that the stated goals of the organization are achieved in a desired manner. According to modern concepts, control is a foreseeing action; earlier concepts of control were ...
Strategy. Management (or managing) is the administration of organizations, whether they are a business, a nonprofit organization, or a government body through business administration, nonprofit management, or the political science sub-field of public administration respectively.
The administration of a business includes the performance or management of business operations and decision-making, as well as the efficient organization of people and other resources to direct activities towards common goals. In general, "administration" refers to the broader management function, including the associated finance, personnel and ...
Organizing, is the management function that follows after planning, it involves the assignment of tasks, the grouping of tasks into departments and the assignment of authority with adequate responsibility and allocation of resources across the organization to achieve common goals.
Management by objectives (MBO), also known as management by planning (MBP), was first popularized by Peter Drucker in his 1954 book The Practice of Management. [1] Management by objectives is the process of defining specific objectives within an organization that management can convey to organization members, then deciding how to achieve each objective in sequence.
POSDCORB. POSDCORB is an acronym widely used in the field of management and public administration that reflects the classic view of organizational theory. [ 1] It appeared most prominently in a 1937 paper by Luther Gulick (in a set edited by himself and Lyndall Urwick ). However, he first presented the concept in 1935. [ 2]
Scientific management is a theory of management that analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity. It was one of the earliest attempts to apply science to the engineering of processes to management. Scientific management is sometimes known as Taylorism after its pioneer ...
Financial management is the business function concerned with profitability, expenses, cash and credit. [ 1] These are often grouped together under the rubric of maximizing the value of the firm for stockholders. The discipline is then tasked with the "efficient acquisition and deployment" of both short- and long-term financial resources, to ...