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Principles of Management

Management assignment 1

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4 views1 page

Principles of Management

Management assignment 1

Uploaded by

Romanreign
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Point 1: Planning

Definition: Planning is the first and most important function of management. It is the process of
setting organizational goals and determining the best course of action to achieve those goals.

Explanation: Planning involves identifying objectives, evaluating available resources, and formulating
steps to reach desired outcomes. Managers use planning to anticipate future conditions, reduce
uncertainty, and establish coordination. This function also provides a sense of direction by aligning
activities and guiding employees towards achieving strategic, tactical, and operational goals.

Example 1: A company plans to expand its market by entering a new country within the next year.
The manager sets a timeline, budget, and marketing strategy to ensure this goal is achieved. These
planning efforts help allocate resources effectively and reduce risks.

Example 2: An accounting department prepares an annual budget to forecast income and expenses.
This allows the team to control costs, identify funding needs, and make better financial decisions.
The planning process ensures financial stability and operational efficiency.

Example 3: A project manager sets a goal to complete a software upgrade in six months. He breaks
the task into phases, assigns responsibilities, and establishes deadlines. This systematic plan keeps
the project organized and on schedule.

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