Management Functions: Top 6 Functions of Management (2022)

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This article throws light upon the six important functions of management. The functions are: 1. Planning 2. Organising 3. Directing 4. Staffing 5. Coordinating 6. Controlling.

Management Function # 1. Planning:

A plan is a predetermined course of action. To look ahead, to anticipate difficulties and suggest steps to remove causes before the difficulties actually surface, constitute the basic functions of planning. It is a mental exercise— a forward looking activity, the foundation laying action of management on which stands the edifice of management structure and the organisation becomes strong-built with the attainment of its objectives successfully.

According to Fayol:

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“The plan of action is at one and the same time the result envis­aged, the line of action to be followed, the stages to go through and the methods to use.”

Another authority on management, McNiles, states:

“Planning is the conscious process of selecting and develop­ing the best course of action to accomplish an objective. It is the basis from which future management decisions spring.”

Planning is the most fundamental function of management as other functions are based upon plans. Planning is, after all, a technique of working ahead. “It is a deliberate conscious search used to formulate the de­sign and orderly sequence of actions through which it is expected to reach the objective” (Fayol).

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Planning possesses certain characteristics such as forecasting, objectives, decision-making, flexibility, and facts and figures. Plan­ning is not an exclusive job of the top executive; it is equally applicable to lower level management. The elements of planning constitute objectives, policies, rules, procedures, programmes, schedules, budget and forecasting. We can remark that planning is a process. It is useful to break­down this managerial function into sequential steps.

Sound planning is essential for:

1. Growing complexity of modern business.

2. Integration in industry and competitive structure.

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3. Increasing government regulation.

4. Labour union activities.

5. Greater community interest.

6. Population changes along with social & political changes.

(Video) 6. Functions Of Management from Principles of Management Subject

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7. Rapid technological changes.

8. Advancement in management capabilities.

9. Low profit margins.

10. Large number of business failure.

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11. Growing importance of statistical and mathematical tools.

12. Increase in management capabilities.

The established background, environment or framework within which a firm works is called planning premises.

These premises may be:

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(a) External and internal,

(b) Tangible and intangible,

(c) Control­lable, semi-controllable and uncontrollable

(d) Foreseeable and un­foreseeable.

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Before concluding we can say that planning is a must for any organisation to be followed by action for predetermined goals.

Management Function # 2. Organising:

“Organisation is the process of so combining the work which in­dividuals or groups have to perform, with the facilities necessary for its execution, that the duties so performed provide the best channels for the efficient, systematic, positive and coordinated application of the available effort (The Philosophy of management”—Wiley & Sons). There is no unanimity in the definitions of organisation; to some authorities it is a system of communication, to others it is a means of decision-making and problem-solving.

(Video) Functions Of Management | Planning, Organising, Staffing, Directing, Controlling | part 18

Earnest Date preferred to define organizations as social systems and as systems in the cybernetic sense of a group of interacting vari­ables. Organisation is the product of all the forces that mould the actions of an enterprise and produce the final result.

It is a mecha­nism through which management directs co-ordinates and controls business. But it is to be noted that a good organisation structure by itself does not guarantee success to an enterprise. Peter Drueker ob­served, “Good organization structure does not by itself produce good performance — just as a good constitution does not guarantee great presidents, or good laws a moral society”. But the right organisational structure is the necessary foundation, without it the best performance in all other areas of management with is ineffectu­al and frustrated.

Management Function # 3. Directing:

“Directing is a complex function that includes all those activities which are designed to encourage subordinates to work effectively both in the short and the long run” (Koontz and O’Donnell).

Since management is to get things done through people, directing them constitutes an essential function of management. To command people to act in the manner pre-planned to achieve enterprise objec­tives is not an easy task. Subordinates cannot be driven to perfor­mance. Their willing co-operation and understanding is very much sought for to ensure efficient running of an organisation. Dynamic leadership, communication and motivation are the techniques that have to be employed for proper direction.

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Direction is characterised by dynamic function, linking of differ­ent functions, performance, involvement of human relationship and applicability at all levels of management. In order to ensure successful direction, certain principles have to be enforced. They are – harmony of objectives, unity of command, direct supervision, individual contribution, appropriate techniques, comprehension, managerial communication etc.

The process of direction consists of supervision, motivation, lead­ership and communication. Direction is the heart of management—it provides the scope of work and dynamic leadership. The organisation is set into motion through leadership. It is leadership which through proper direction makes planning, organizing and staffing meaningful. The general workers may be efficient but unless they are properly directed the desired results cannot be achieved.

Management Function # 4. Staffing:

Staffing as a function of management is assuming more and more importance because of the increasing significance of the human ele­ment in an organisation. Staffing involves the recruitment of right man for the right place.

It has been said that more important than production genius, more important than having sufficient money in the bank, is having the right kind of people to who can be entrust­ed work with all possibility of efficient performance. Staffing, we should note, is a continuing function since people are coming and going in an organisation.

The process of staffing constitutes:

1. Effective recruitment and selection

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2. Correct placement

3. Proper training

4. Satisfactory production-system

5. Adequate retirement benefits

6. Good employer-employee relation.

In a developing country like India—where there is shortage of skilled manpower and managers—staffing is of special significance in economic planning. Personnel management is comparatively of recent origin. It is a child of scientific management. This department advises and assists line executives in the effective procurement and utilisation of labour force.

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“The personnel function is concerned with the planning, organising, directing and controlling of the procurement, develop­ment, compensation, integration and maintenance of people for the purpose of contributing to organizational, individual and social goals” — L. B. Flippo.

Management Function # 5. Coordinating:

In the big organisations today division of labour is a necessity which no management can avoid. To ensure that this division works smoothly, unity of efforts is a must which is possible only through coordination. Mooney defines coordination as “the orderly arrange­ment of group effort to provide unity of action in the pursuit of a common purpose.”

Henri Fayol said:

“To co-ordinate means to unite and co-relate all activities.” It has rightly been observed that if sub-division of work is inescapable, coordination becomes mandato­ry. The real purpose of coordination is to secure and maintain uni­fied action throughout the organisation.

There is no use denying the fact that co-ordination is a very im­portant function of management. Of course, there are authors who do not agree that co-ordination is a separate function of management. It is always there with all functions of management, a separate identifi­cation of co-ordination is not necessary.

While analysing co-ordination, we find that it has certain basic features.

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They are:

(a) It is a continuous process;

(b) It is the func­tion of an executive;

(c) It is an orderly arrangement of group-efforts;

(d) It secures unity of action; and

(e) Its object is to achieve a com­mon purpose.

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The need and importance of co-ordination arises on account of the following factors:

(a) To harmonize conflicts;

(b) Key to other functions;

(c) Total accomplishment;

(d) Emphasises human relations; and

(e) Retention of good personnel.

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To achieve effective co-ordination, there is the need for clearly defined objectives and well-defined plans. There should remain clear Lines of Authority and Responsibility with proper organisational structure.

To be effective, co-ordination needs proper channels of commu­nication, common nomenclature, voluntary team work, a strong com­munity interest with co-ordination through leadership. Maintenance of time-schedule is of great necessity for effectiveness in co-ordination.

Co-ordination may be vertical or horizontal, internal as well as external, procedural and substantive. In many big companies coordi­nation is achieved through committees. Some companies have co­ordinating staff departments.

Direct personal contact can also be an effective means of achieving co-ordination. Fayol suggested weekly meetings of department heads and liaison officers to improve coordination. So, there are different techniques of ensuring co-ordination but the best one is a well-balanced combination of many of the tech­niques.

Co-ordination has its limitations too. Unless properly guided co­ordination may not be so much effective as is expected. Lulhee Gullick has pointed out some of these limitations indicating that they arise from — uncertainty of the future, scanty knowledge and expe­rience of the managers, lack of administrative kill, the vast number of variables involved and also from the lack of orderly method of y-developing and adopting new ideas and programmes.

In spite of the limitations from which co-ordination may not be fully effective, it is admitted that co-ordination is the essence of management organisation.

Management Function # 6. Controlling:

As defined by Henri Fayol:

“In an undertaking control consists in verifying whether everything occurs in conformity with the plan adopt­ed, the instructions issued and principles established.” Controlling as a managerial function is to ensure that the activities of an organisation are being conducted on the lines pre- planned.

Any deviation or depar­ture from the set principles is immediately corrected before it can do much damage. So, control is a corrective device to keep the organisation on the right track.

According to Allen, the work of the manager in controlling involves four activities:

(a) Establishing stan­dards of accountability,

(b) Measuring the work in progress’s,

(c) Inter­preting results and

(d) Taking corrective action.

As to the features of the concept of control, we may say that con­trol is based on planning. It is a regulatory function. The key to con­trol lies in delegation. Information acts as guide to control. Control is continuous and constructive. It completes the management process and it aims at the future.

The process of control has steps:

(a) Establishment of stan­dards,

(b) Measurement of actual performance,

(c) Analysis of vari­ances and

(d) Taking corrective action on the basis of measurement and appraisal of results.

To ensure sound control mechanism in a big enterprise, certain re­quirements have to be fulfilled. Appropriate control devices with the arrangement of prompt way of rectification are essential. A control system is of forward looking nature because many eventualities cannot be instantaneous.

It is very much needed for a good control mecha­nism to focus attention on critical variances. Not only to find out the deviation but also to indicate the strategic points where control is nec­essary is the characteristic of a sound control system.

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This is Control by Exception. It is necessary that controlling should be simple, eco­nomic and suggestive. Flexibility and objectivity with proper organizational pattern constitute the prerequisite for a good control system.

It will be no exaggeration to comment that control is vital for an organisation. The bigger the size of the organisation, more the need for sound control. It is a process to be kept always on alert, so every­thing pre-planned is accomplished in the way it has been visualized; any indication of deviation has to be rectified in advance.

Prevention is better than cure — this should be the maxim for a sound control system. The complexities of modern business with its giant size call for better controlling and as the days are passing the significance of control as a function of management is increasing.

FAQs

What are the 4 functions of management explain each function with example? ›

They include: planning, organizing, leading, and controlling. You should think about the four functions as a process, where each step builds on the others. Managers must first plan, then organize according to that plan, lead others to work towards the plan, and finally evaluate the effectiveness of the plan.

What is the most important function of management? ›

The first and the most important function of management is Planning. Planning involves setting objectives in advance, a goal which is to be achieved within a stipulated time. Various alternatives are formulated in order to achieve the goals.

What are the six nature and concept of management? ›

Management functions are planning, organizing, staffing, directing, communication and controlling.

Which is the first function of management? ›

1) Planning is the first function of Management. (1) Planning is the basic function of management. Every function of management is based on planning.

Why management is a process? ›

Management is a process because it performs series of functions, like, planning, organizing, staffing, directing and controlling in a sequence.

What are management functions PDF? ›

According. to George & Terry, “There are four. fundamental functions of management i.e. planning, organizing, actuating and. controlling”.

What is the main function of a manager? ›

The four primary functions of managers are planning, organizing, leading, and controlling. By using the four functions, managers work to increase the efficiency and effectiveness of their employees, processes, projects, and organizations as a whole.

What management means? ›

Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively.

What is management need? ›

NEED of MANAGEMENT

Management is needed for planning business activities, for guiding employees in the right direction and finally for coordinating their efforts for achieving best/most favorable results.

What is management in your own words? ›

The management definition is a single or group of individuals who challenges and oversees a person or collective group of people in efforts to accomplish desired goals and objectives. Furthermore, the definition of management includes the ability to plan, organize, monitor and direct individuals.

What is importance planning? ›

By stating in advance how work is to be done, planning provides direction for action. Planning ensures that goals and objectives are clearly defined so that, they act as a guide for deciding what action should be taken and in which direction.

Which is the last function of management? ›

Controlling is the last management function which can be defined as the comparison between the actual performance and the planned performance so that corrective measures can be taken in case of any deviations or difference.

What is management planning? ›

Management planning is the process of assessing an organization's goals and creating a realistic, detailed plan of action for meeting those goals. Much like writing a business plan, a management plan takes into consideration short- and long-term corporate strategies.

What are the 4 main functions of management? ›

They were initially identified as five functions by Henri Fayol in the early 1900s. Over the years, Fayol's functions were combined and reduced to the following four main functions of management: planning, organizing, leading, and controlling.

What are the six industrial activities? ›

The Six Industrial Activities
  • Technical, including production, manufacturing, and adaptation; ...
  • Commercial, including markets, contracts, buying, selling, and exchange; ...
  • Financial, involving the search for and optimum use of capital; ...
  • Security, involving the protection of people and property;
Aug 29, 2021

Why management is a process? ›

Management is a process because it performs series of functions, like, planning, organizing, staffing, directing and controlling in a sequence.

What are the functions of management class 12? ›

Functions of Management: Planning, Organising, Staffing, Directing and Controlling.

What are the different types of management? ›

There are three broad categories of management styles: Autocratic, democratic and laissez-faire. Within these categories, there are specific subtypes of management styles, each with its own pros and cons.
...
Types of management styles
  • Authoritative management style. ...
  • Persuasive management style. ...
  • Paternalistic management style.
Feb 21, 2022

Who is the father of management? ›

Peter Drucker: father of management thinking | The British Library.

Why is planning is important? ›

Why is planning important? It helps us to identify our goals clearly. It makes us decide clearly and concretely what we need to do to have the effect on society that we want. It helps us make sure that we all understand our goal and what we need to do to reach it by involving everyone in the planning process.

What are management principles? ›

Formally defined, the principles of management are the activities that “plan, organize, and control the operations of the basic elements of [people], materials, machines, methods, money and markets, providing direction and coordination, and giving leadership to human efforts, so as to achieve the sought objectives of ...

This article throws light upon the six important functions of management. The functions are: 1. Planning 2. Staffing 3. Coordination 4. Organising 5.

Other functions of management such as organising, staffing directing, coordinating and controlling are also undertaken after planning function is complete.. Planning is a continuous process that works at all levels of management.. Plans may be of many types, such as short range plans, medium range plans, standing plans, single use plans, strategic plans, administrative and operational plans.. (i) Leadership : A manager has to issue orders and instructions and guide plus provide professional advice to his subordinates in their work with a view to improve their performance and achieve enterprise objectives.. Leadership is ‘the process by which an manager imaginatively directs and influences the work of others in choosing and attaining specified targets by mediating between the individual and organization in such a way that both will get maximum satisfaction.. Though supervision is performed at all levels of management, the major responsibility for supervision lies with the first line of management.. Whereas vertical co-ordination is the co-ordination between different levels of management, whereas the term horizontal co-ordination is used when co-ordination has to be achieved between departments of the same level of authority and power Co-ordination is internal when it is between different sections of the same enterprise or industrial unit and external when it is required with people or experts outside the organization to the enterprise.. Co-ordination is regarded as the very essence of management as a manager has to perform all the other functions of management, i.e., planning organising, staffing, directing and controlling.

ADVERTISEMENTS: Functions relating to activities such as production, purchase, sales, advertising, finance, and accounting differ from one enterprise to another. But functions of management are common to all business units and non-profit organizations. Henri Fayol (1949), the founder of modern management theory, divided all activities of organizations into six groups: 1. Technical: ADVERTISEMENTS: Production and […]

He has grouped the elements into five managerial functions — planning, organizing, commanding, coordinating, and controlling.. Luther Gullick used the acronym POSD CORE—letters of the acronym indicate different management functions, namely, planning (P), organizing (O), staffing (S), directing (D), coordinating (CO), reporting (R), and budget­ing (B).. Newman and Summer also classified management processes into the functions of organizing, planning, leading, and controlling.. The above functions of management are common to all business enterprises as well as to organizations of other fields, but the manner in which these are carried out will not be the same in different organizations.. As a process, management refers to a series of inter-related func­tions, that is, planning, organizing, staffing, leading or directing, controlling, and coordinating.. Planning is a fundamental function of management and all other functions of management are greatly influenced by the planning process.. But the fact is that planning perme­ates all levels in an organization and all managers, irrespective of their posi­tion in the management hierarchy, must plan within the limits of their author­ity and the decisions of their seniors.. Organization, as a function of management, helps the executives to establish positions and lay down their functional relations to each other.. Management has well-coordinated plans, properly established duty- authority relations, and able personnel, yet it is through the function of direction that the manager is able to make the employees accomplish their tasks by making them integrate their individual efforts with the interest and objectives of the enterprise.. However, coordination, being all pervasive and encompassing every function of management, is considered to be more an important managerial essence than a separate management function.

ADVERTISEMENTS: This article throws light upon the top eight functions of management. The functions are: 1. Planning 2. Organising 3. Staffing 4. Directing 5. Motivating 6. Controlling 7. Co-Ordination 8. Communication. Function # 1. Planning: When management is reviewed as a process, planning is the first function performed by a manager. The work of a […]

Planning: When management is reviewed as a process, planning is the first function performed by a manager.. Organising involves determining and noting activities needed to fulfil the objectives, grouping these activities into manageable units or departments, and assigning such groups of activities to managers.. Much of the work relating to human resource planning and management is delegated to a personnel manager.. Direction involves managing managers, managing workers and the work through the means of motivation, proper leadership, effective communication as well as co-ordination.. So the manager plans, organises, directs, and motivates the people working with him.. It represents managerial function — planning, organising, directing, controlling, etc., the manager provides the motive power to run the wheels of business enterprise.. Planning is the first management function to be performed in the process of management.. It governs survival, growth and prosperity of any organisation in a competitive and ever-changing environment the planning function is performed by managers at every level of management.

Aspiring to become an HR professional? Before you start exploring the options, take a look at six main functions of HR to apply for the right course online.

There is a famous quote from Ford Motor Company founder Henry Ford, “The only worse thing than training your employees and having them leave is not training them and having them stay.” The training grooms employees to acquire skills that the company needs to perform optimally.. HR professionals are also responsible for managing the performance management program in their organizations.. Since HR is all about managing people and keeping them satisfied, the function of employee relations gains all the more prominence.. Learn about all that and more by enrolling into a certification course in XLRI HR Management and get ahead in your career as an HR professional.. HR management certification courses help HR professionals to formulate the right recruitment and retention policies and results in business growth for the company.. When HR employees enhance their skills through HR management certification courses, the company will automatically undergo growth and expansion.. HR management certification courses empower HR professionals with performance management techniques to shorten the skill gap between the workforce of today and the one, the organization needs for the future.. This is a more technical role of HR that compares different job functions in terms of the quality, qualification, availability of employees, working times, job location, and economic situation.. HR management certification courses help organizations to devise policies and procedures and make sure that employees comply with the organizational guidelines.

ADVERTISEMENTS: This article throws light upon the top six functions performed by groups in order to improve organisational performance. The functions are: 1. Assignment of Roles 2. Group Norms and Conformity 3. Group Cohesiveness 4. Group Decision-Making 5. Group Communication 6. Informal Leadership. Function # 1. Assignment of Roles: Role refers to a set of […]

This article throws light upon the top six functions performed by groups in order to improve organisational performance.. Groups expect their members to perform certain roles or behaviours.. Members perform these roles in different degrees.. Group Norms and Conformity: Group norms are acceptable standards or expectations that shared by group members.. Members perform as the group norms provide.. They should use informal communication channels to attain group goals, informal organisational goals, solve group problems, improve task performance, increase group cohesiveness, improve coordination amongst activities of group members, resolve group conflicts etc.. Informal Leadership: Though formal leaders lead the group, informal leaders emerge as group members interact with each other.. In this role, leaders provide emotional, psychological and social support to group members.

What does a company value more, time or money?  The answer can be debatable, but one thing is for sure.  Time is continually passing, and there is no stopping it.  That is where management steps and does what it is supposed to do, manage time as efficiently as possible.  But that isn’t the only job managers […]

Be more efficient – There are only so many hours in a work day, so it beneficial to make the most of it.. The last thing a company wants its employees to do is to waste time.. With good time management skills, companies are able to get as much work done as possible with the time given to them.. With good time management, they will have more time to weigh out the positives from the negatives in their decision making.. Five Functions of Management. Planning involves mapping out exactly how to achieve a specific goal.. For example, if the company’s goal is to earn profit, the manager needs to determine the steps necessary to achieve that goal.. This in turn may alter the original planning process in reaching certain goals.. A good example of this is the IT department.. Without the staffing function, a business will certainly fail because there will not be an experienced, sufficient amount of employees within each department.. Supervision, motivation, leadership, and communication are all involved in the directing function.. However, the most important aspect of directing is having good communication.. The last function of management deals with monitoring the company’s progress and ensuring that all of the other functions are operating efficiently.. Given is the stage where all the final data is gathered, it is the management’s job to take corrective action, even where there is the slightest deviance between actual and predictable results.. As you become more experienced with management skills, you will realize that it does only apply in the business world, but it can affect your life just as much.

Everything you need to know about the functions of management. Management is the process of getting things done through others.

Everything you need to know about the functions of management.. Management is what management does.. The functions of management are:- 1.. Planning 2.. The following activities are performed under control function:. Planning: In order to manage well, you need to plan.. Planning what you want to do. Co-ordination is regarded as the very essence of management as in order to co-ordinate the activities of his subordinates, a manager has to perform all the other functions of management, viz., planning, organising, staffing, directing and controlling.. It is not necessary that organising will be performed only after the planning function.. Planning as a management function involves establishing organisational goals, setting business targets and planning the process to achieve the same most effectively and efficiently.. In a way, organising as a function of management determines which activity will be done, who will do, how it will be done and where it will be done.. Directing as a function of management involves managers to use their leadership qualities to lead, influence and motivate their subordinates to perform the tasks assigned to them most efficiently.. They are called the departmental plans, e.g., a marketing plan, production plan, financial plan or manpower plan.. Management is what management does.. Directing is also known as management in action.

If you are a manager or want to become one, then you need to read this. Discover the functions of management including planning, organizing, and staffing.

You’ll also be able to read about the five functions core functions – planning, organizing, staffing, directing and controlling – and why they are important and how you can achieve them with your management.. In essence, management is about a dynamic process, with a number of elements and activities as part of the process.. Management functions are the same, but the management processes people use can differ.. The function is about creating a detailed plan towards achieving a specific organizational objective.. How to plan?. The next function of management follows planning and it is about organizing .. How to organize?. Your objective is to identify the different roles, processes, and activities required to achieve the objectives.. It does so by ensuring the different parts of the organization are working better.. You want to get hands on with the work and be part of the process of achieving the objectives.. You are looking at the processes and ensuring they achieve the right things for the organization.. Furthermore, each five functions – planning, organizing, staffing, directing and controlling – are linked to each other.

Learn about functions of management from Harappa Education & add to your management wisdom. Understand important functions of management through various examples of management functions & enhance your work knowledge.

We’ll be discussing the various functions of management to understand how they improve the day-to-day operations of an organization.. In a world where a more informal working structure is becoming increasingly popular, a manager has to work with their team to achieve larger goals.. In this step, you’ll have to evaluate methods and strategies to determine how you’ll progress toward your goal.. Determine the tasks that need to be completed to achieve your goals before assigning them to your staff.. This is another important function of management.. This is where you have to measure the progress of each step established in the planning stage against your organizational goals.. As a manager, you have to set clearly-defined goals for production, hire the right people for your team and monitor progress to mitigate errors.. Functions of management highlight essential skills that every manager needs to supervise, coordinate and communicate with their teams.. As a good manager, you need to have the right insight to understand who you’re working with and how you can use their abilities for the greater good of the organization.. Our Managing Teamwork course will show you how to become an effective leader and a reliable member of your team.

Leadership and management are not one and the same. Learn to lead and manage more effectively using the four core functions of management.

Fayol’s theories included five original functions of management: planning, organizing, command, coordination, and control.. These four functions are the foundation for effective and successful management practice.. In the planning phase, the manager identifies how many servers, kitchen staff, hostesses, and bussers are needed when the restaurant is open.. henri fayol Once the planning is done, the next function of management is organizing.. A manager’s job at this stage is to coordinate teams, assign tasks to qualified employees, and set clear expectations.. They clearly communicate what time people should show up for work, when they can take breaks, how operations run, which tasks should be completed, and who is doing what.. henri fayol Once a team has clear goals, priorities, processes, and timelines, the following required function of management to ensure success is leading.. With the controlling phase, the goal is to identify areas of concern and make necessary adjustments.. Once the functions of management —that is, planning, organizing, leading, and controlling—intersect with these leadership traits, real business success can occur.

The functions of financial management are the roles that a finance manager is expected to perform in an organization; such financial management roles include monitoring finances, planning budgets, and developing and executing financial goals.

The functions of financial management are the roles that a finance manager is expected to perform in an organization; such roles include monitoring finances, planning budgets, and developing and executing financial goals.. Financial managers must identify financial risks and opportunities, make sound investment decisions, and monitor financial performance.. Financial managers must be able to identify and assess financial risks, make smart investments, and monitor the company’s financial performance.. Financial planning and forecasting Budgeting Liquidity management Risk management Making decisions on investments Banking and financial transactions The function of financial management in estimating capital expenses The role of determining capital structure Funding procurement The role of determining the use of surplus profit. Managing debt: a financial manager must be able to manage debt effectively in order to keep the company or organization solvent.. In order to be successful in financial management, it is necessary to have a good understanding of the various functions of financial management which are budgeting, forecasting, liquidity management, risk management, and investment decision-making.

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