Business, Marketing, and Management Principles for IT and Engineering

3

Functions of Management

3.1    SIX BASIC FUNCTIONS

Management exercises its art through specific well-defined and disciplined functions. Although no two management practices are the same and every company tends to have its own characteristics on how it runs its business, management functions can be grouped into six classes as shown in Figure 3.1. These range

•  from the unstructured environment of forecasting, where exist many unknowns and degrees of freedom

•  to the structured environment of internal control, where the rules should be firm and clear while the system is working like a clock

Theoretically, forecasting (Chapter 4) is concerned with the prognostication of future events and happenings. Practically, as it has been already ...