Functions of Management Business Plan

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Management involves the four-fold process of controlling, leading, organizing, and planning. Since this scenario involves a person who has poor financial skills, little net worth, weak management skills, and inadequate manufacturing knowledge -- apparently, his only resource being his invention - his best bet in optimally marketing and producing his inventions lies in outsourcing the entire manufacturing operation to an offshore company. This is because, here, another company will produce the entire work for him in all its involved four categories: controlling, leading, organizing, and planning, whilst his financial input (although not necessarily) may be smaller. There are disadvantages, however, too, primarily in that his objectives may not be met and output of work may be shoddy. Choosing outsourcing, the inventor's duties would be confined to being in touch with the organization to ensure that his objectives are met whilst helping company plan project mission and objectives and how to slant specific tasks to their optimum fulfillment. In this way, he would be liberated from the leading and organizing fields and partially liberated from the other two.

Management is broken down into four functions: controlling, leading, organizing, and planning.

Describes the characteristics of the four functions of management.

Controlling involves four distinct elements: establishing performance standards based on the firm's objectives; measuring and reporting performance of those standards; comparing gap (if any) between the latter and former; taking remediation steps (if necessary) to correct the latter, modifying, altering, and improving one's objectives and performance as necessary.

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Leading involves hiring, and training (if necessary) employees, delegating duties, and motivating them to do their specific tasks. Involved, too, are other dynamics such as communication, negotiation, conflict-management, and discipline. The objective is to channel the behavior of the team as a whole to accomplishing the leader's objective, whilst ensuring that each and every individual is satisfied.

Organizing would entail planning the internal organizational structure of the organization. Here, focus would be on division, coordination, and control of tasks and flow of communication within organization.

Planning would involve demand-forecasting I.e. keeping a tag on market predictions and financial forecasting so s to meet product demands to market requirements and prepare ahead for problems. This is the ongoing process of determining the business mission and objectives and how it will be accomplished ranging from the broadest i.e. it's mission, to the narrowest i.e. planning specific tactics.

b.Describes your manufacturing option decision.

The options are:

1.Establish manufacturing of all components and final assembly.

2.Establish assembly only operation with components purchased from local vendors.

3.Outsource the entire manufacturing operation to an offshore company.

I would choose the Latter (#3). This is because: a. I have little financial skills,….....

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