MGT 162

P.O.L.C (PLANNING, ORGANIZING, LEADING & CONTROLLING)

PLANNING

-Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives.

-Require manager to be good decision making.

-Consists several steps:The process begins with environmental scanning which simply means that planners must be aware of the critical contingencies facing their organization in terms of economic conditions, their competitors, and their customers. Planners must then attempt to forecast future conditions. These forecasts form the basis for planning.

Planners must establish objectives, which are statements of what needs to be achieved and when. Planners must then identify alternative courses of action for achieving objectives. After evaluating the various alternatives, planners must make decisions about the best courses of action for achieving objectives. They must then formulate necessary steps and ensure effective implementation of plans. Finally, planners must constantly evaluate the success of their plans and take corrective action when necessary.

ORGANIZING

-Organizing is the function of management that involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives.

-also involves the design of individual jobs within the organization.

LEADING

-Leading involves the social and informal sources of influence that you use to inspire action taken by others.

-If managers are effective leaders, their subordinates will be enthusiastic about exerting effort to attain organizational objectives.

CONTROLLING

-Controlling involves ensuring that performance does not deviate from standards.

-consists of three steps:

1)Establishing performance standards.

2)Comparing actual performance against standards.

3)Taking corrective action when necessary.

-The measurement of performance can be done in several ways, depending on the performance standards, including;- financial statements, sales reports, production results, customer satisfaction, and formal performance appraisals.