1. DR. J.ARUL SURESH DEPARTMENT OF COMMERCE LOYOLA COLLEGE,C HENNAI

2. POSDCORB P – PLANNING O – ORGANISING S – STAFFING D – DIRECTING CO - COORDINATING / CONTROLLING R – REPORTING B - BUDGETING

3. PLANNING Broad outline of things that need to be done and methods for doing them. Deciding what needs to happen in the future and generating plans for action. Process of thinking about the activities required to create a desired future on some scale. It is a fundamental functions of the management process and precedes other activities. It involves determining the objectives and selecting a course of action to achieve them. It is mental process requiring the use of intellectual, foresight, imagination, and sound of judgement. It consist of forecasting, decision making and problem solving.

4. SIGNIFICANCE OF PLANNING Helps in the accomplishment of enterprise goal. Basic function of all managers at all levels. Helps in execution of all other functions. Helps to minimize costs.

5. PROCESS OF PLANNING Determination of objectives. Forecasting and choice of a course of actions Formulation of policies, programmes, budgets, schedules etc to achieve the objectives. Laying down of procedures and standards of performance.

6. CHARACTERISTICS OF GOOD PLAN Simple – Easy to understand, not complicated. Action oriented – Should be neither impossible to attain nor too easily reached. (Blue print for action). Thorough – Full coverage of all needed activities, no functions should be omitted, no controversial. Motivate employees – Based on employee’s participation and cooperation. (Before finalize – Employees to read and invite comments). Flexible – Must reflect and meet current needs, should possess built in flexibility. Well coordinated – Both consistent with the goals of the larger external system and coordinating internally.

7. ORGANIZING Once plans are formulated, the next step is that of organizing. It is the process of establishing harmonious authority-responsibility relationships among the members of enterprise. It is the function of creating a structure of duties and responsibilities. The network of authority-responsibility is known as organizational structure. It is important element of management, because through organizing that a manager brings together the material and human resources required for achievement of desired goals. It helps to avoid duplication of work and overlapping of effort.

8. CHARACTERISTICS OF ORGANIZING Based on delegated authority. Responsibility and accountability at all levels should be clearly defined. Organizational charts are usually drawn. Unity of command is normally maintained. It improves for division of labour.

9. STEPS IN THE PROCESS OF ORGANIZING Determining and defining the activities required for the achievement of planned goals. Grouping the activities in to logical and convenient units. Assigning the duties and activities to specific position and people. Delegating authority to these positions and people. Defining and fixing responsibility for performance. Establishing horizontal and vertical authority relationship throughout the organization.

10. STAFFING It is the process of filling all positions in the organization with adequate and qualified personnel. It consists of Human Resource Planning, Recruitment, Selection, Training, Compensation, Integration and maintenance of employees. Staffing function become important with growing size of organization, technological advancement and recognition of the human factor in industry.

11. DIRECTING It is the managerial function of guiding, supervising, motivating and leading people towards the attainment of planned targets of performance. In the process directing his subordinates, a manager takes active steps to ensure that the employees accomplish their tasks according to the established plans. It is the executive function of management because it is concerned with the execution of plans and policies. Direction initiates organized action and sets the whole organizational machinery into action.

12. DIRECTING FUNCTION ACTIVITIES Issuing orders and instructions. Supervising people at work. Motivation – Creating willingness to work. Communication – Establishing understanding with employees regarding plans and their implementation. Leadership or influencing the behaviour of employees.

13. CO-ORDINATING It refers to harmonizing and integrating the activities and efforts of different individuals into team work. It requires unification of diverse and specialized activities towards the achievement of common goal. Through coordination, a manager secures unity of action in the pursuit of common purpose (Conductor of an orchestra). A manager interprets and explains the goals and policies of the organisation to his subordinates. Manager integrates the efforts of different employees to ensure that they work as a team. It involves the integration of the various parts of the organization.

14. CONTROLLING It is the process of ensuring that the organization is moving in the desired direction and that progress is being made towards the achievement of goals. The process of controlling involves the following steps Establishing standards for measuring work performance. Measurement of actual performance and comparing it with the standards. Finding variances between the two performances and the reasons therefore. Taking corrective action for correcting deviations so as to ensure attainment of objectives.

15. IMPORTANCE OF CONTROLLING Monitoring organizational performance. Efficient execution. Helps delegation. Assists Co-ordination. Simplifies supervision. Aids to efficiency

16. REPORTING Preparing reports on the progress of various activities.

17. BUDGETING Financial planning. Accounting. Control over expenditure.