Four functions of business are the process where each steps builds on the other.

Question

Four functions of business are the process where each steps builds on the other. 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. These four functions must be performed properly and, when done well, become the reason for organizational success. The control function of business is the one which is commonly overlooked and need to be improved as most business control only through feedback and adjustment process. Control function is critical determinant of organizational success. A major part of the control function is making sure other people do what should be done. In many circumstances, a control system built around measurement and feedback is not feasible. What is needed is a broader perspective on control as a management function.

There is a lack of goal congruence between individual goals and organizational goals. Steps must often be taken either to increase goal congruence or to prevent employees from acting in their own interest where goal incongruence exists. Control problems should be considered in making some types of investments. An investment in an operation in which control is very difficult is risky. Thus, investments in such areas should promise high returns to compensate for this risk. It would be worthwhile to know more about how controls can be designed to maximize the amount of control provided while minimizing the cost in the form of employee feelings of lost autonomy.

Explanation / Answer

the four functions of business. Do you think that there is one particular function of business that is commonly overlooked or can be improved by most businesses?

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