What functions does Planning serve? (Provide an example)
Planning enables the organization to utilize the present and historic data, as well as the trends in the environment, to forecast future conditions. The managers use the predictions of the future to prepare the company to make strategic plans.
What are the management functions that comprise the P-O-L-C framework? Explain each one in detail…
The P-O-L-C framework outlines the management functions as planning, organizing, leading, and controlling. Planning refers to the process of planning for the future of an organization. The steps involved are environmental scanning, forecast of future conditions, establishing objectives and ways of achieving them, and the step-by-step process of implementing the set plans. Organizing deals with the design of individual jobs and drafting organizational charts. For instance, it is here where the job descriptions of a cashier or a level 1 manager is decided upon. On the other hand, leading involves encouragement of the employees to carry out their duties as required, but also exhibit stellar performance.
The leading function is concerned with the achievement of an organization’s vision and mission through its leadership, motivation, teams, decision making processes, and communication. Finally, the controlling function refers to the assessment of the systems and processes of an organization against the plans that had been put in place. For example, an organization may set a target profit to be achieved by the end of its financial year. In most cases it is done through a comparison between the actual results and the set standards. The outcomes of the control function may either be positive or negative. Positive results indicate that the set standards were achieved or exceeded. On the other hand, negative results mean that the standards were not met and as such adjustments need to be done to ensure that the goals are achieved in the future.
What Functions does Organizing serve? (Provide an example)
Organizing helps in developing the structure of an organization and resource allocation. An example is the preparation of an organization chart will helps in understanding the chain of command.
What function does Leading serve? (Provide an example)
Leading helps in managing an organizations financial and human resources, motivating workers to achieve set goals, and help in defining positions of authority in an organization. An example is that it is the leaders who assign and approve financial resources required for the operations of the various departments in an organization.
What are the views on Managers versus Leaders? Also, include your own views as it pertains to planning, organizing, leading and controlling framework for each (managers and leaders)…
Managers are usually task-oriented whereas leaders are concerned about the ability of persons to perform those tasks and find ways to motivate them to carry on those tasks. In regards to the P-O-L-C framework; In planning, leaders create visions whereas managers create goals. In Organizing, leaders are unique while managers copy tasks. In Leading, leaders grow individually whereas managers depend on their proven experience. Lastly, in Controlling, leaders are risk takers whereas managers control risks.
What roles do leadership, entrepreneurship, and strategy play in good principles of management? (Provide an example)
They inspire the good principles of management. More specifically, they answer the questions of “who”, “what”, and “how.” For example, leadership provides the answer to “who leads the organization”, entrepreneurship provides the answer to “what the purpose of the organization is”, and strategy helps answer the question of “how an organization can achieve its purpose.”
What function does Controlling serve? (Provide an example)
It helps in the monitoring and evaluation of the set targets. For instance, comparing the end of year inventory turnover to the expected turnover gives a company an idea on whether it achieved its goal or not
How do you define leadership, and who would you identify as a great leader? (Provide an example)
Leadership involves inspiring a group of people towards achieving a specified goal. A great leader for me is one who respects people and leads by example. An example of a good leader was the former president of the United States who had the unique feature of inspiring people.
What is your personal definition of entrepreneurship? (Provide an example)
My personal definition of entrepreneurship is that it is the process of one coming up with a business idea, assessing its viability by performing a market research, and setting up the business. Besides setting it up, the entrepreneur is also responsible for running the operations of the business. An example one deciding to start a food truck business. They may engage residents to know whether the business will fulfil their needs or not before setting it up.
What is your personal definition of strategic management and what is the leader’s role? (Provide an example)
My personal definition of strategic management is the offering of leadership by an individual to an organization that already has set vision, mission, and goals; as well as strategic plans for its future. The leader’s role is to sell the organization’s vision to the employees and motivate them to help in achieving the company’s strategic goals. An example of a leader’s role is to ensure open channels of communication exist so that employees and employers may have open communication about company matters.