Discussion Board Forum 3: Functions of Management To accomplish its mission, management must develop a process to achieve goals effectively and efficiently. Henry Fayol believed the four functions of management were universal of all mangers (Satterlee, 2013). Three of the functions are planning, controlling and organizing. The fourth function, leading, will be discussed in a separate forum. Several concepts reside within each function, with each concept garnering its own merit and purpose. Three important concepts within the functions of management are strategic planning, types of control and corporate governance. Strategic Planning, Types of Control, and Corporate Governance Strategic planning is the process to envision the future and develop action plans, furthermore, producing a mission statement, vision statement, and goals (Satterlee, 2013). These products are imperative because they provide the …show more content…
Studies suggest that strategic planning plays an important role in strategy development, is a key mechanism for integration and coordination, and is a basis for both centralizing and decentralizing organizational decision making (Wolf & Floyd, 2013). Once an organization has established goals, management must implement controls, which could be internal or external to the organization, to help achieve those goals. Control can be strengthened by either implementing tighter versions or implementing more controls, however, additional control could have undesirable consequences such as destruction of morale, reduction of initiative, and displacement of employee focus (Merchant, 1982). Management must remember the purpose of control systems and tools are to keep employees motivated and focused (Satterlee, 2013), therefore, the types of controls implemented must be thought out, planned, and validated to ensure they increase the efficiency and effectiveness of the organization. Controls can be implemented augment accountability. Another means of