Elements of Business Management
The elements of Business Management involve all the activities that need to be undertaken for the creation of an environment conducive to the achievement of set goals. To manage is to forecast and plan, to organize, to command, to coordinate and to control; these are all part of management or in other words elements of management.
Management is a process which consists of planning, organizing, Staffing, Directing and Controlling performed to determine and accomplish the objectives by the use of people and resources. Planning is the primary function and basis of all other functions and Organizing is the creation of the organizational structure to implement the plans. Staffing involves filling jobs created by the Organizing department by placing the right person on the right job at right time.
Directing is concerned with instructing, guiding and inspiring people in the organization to achieve its planned objective through the employees. While directing initiates action, Controlling makes sure that action leads to desired results and planning is the basis of controlling and controlling help in future planning. Hence, the cycle Management continuous in this manner by covering all the elements in systematized way.
These elements of Management are followed by all levels of management that are Top Level management, Middle-Level Management and Lower Level Management for the effective and smooth functioning of the organization.
- Planning Management
- Organizing Management
- Staffing Management
- Budgeting Management
- Directing Management
- Controlling Management
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