SPECIFIC FUNCTION OF MANAGEMENT

At the most fundamental level, management is a discipline that consists of a set of five
general functions: planning, organizing, staffing, leading and controlling. These five
functions are part of a body of practices and theories on how to be a successful
manager.

PLANNING

- One main role of a manager is creating a plan to meet company goals and
objectives. This involves allocating employee resources and delegating
responsibilities, as well as setting realistic timelines and standards for
completion. Planning requires those in management roles to continuously check
on team progress in order to make small adjustments when necessary, while still
maintaining a clear picture of a company's larger aims and goals.

ORGANIZING

- Along with planning, a manager's organizational skills can help to ensure a

company or departmental unit runs smoothly. From establishing internal
processes and structures to knowing which employees or teams are best suited
for specific tasks, keeping everyone and everything organized throughout daily
operations are important functions of management

LEADING

- Managers should be comfortable and confident commanding their team

members’ daily tasks as well as during periods of significant change or
challenge. This involves projecting a strong sense of direction and leadership
when setting goals and communicating new processes, products and services, or
internal policy.

CONTROLLING
- To ensure all of the above functions are working toward the success of a
company, managers should consistently monitor employee performance, quality
of work, and the efficiency and reliability of completed projects. Control (and
quality control) in management is about making sure the ultimate goals of the
business are being adequately met, as well as making any necessary changes
when they aren't.
 STAFFING
- The staffing function of management pertains to recruitment, selection, training,
development, appraisal and remuneration of personnel. It is the duty of every
manager to perform this function. The responsibility for the efficient planning and
execution of staffing function rests upon every manager at all levels
FOUR STAGES OF ECONOMIC DEVELOPMENT

A. SUBSISTENCE ECONOMY
- an economy which is not based on money, in which buying and selling are
absent or rudimentary though barter may occur, and which commonly
provides a minimal standard of living — compare subsistence farming

B. COMMERCIAL ECONOMY
- the study of economic principles and concepts used in decision-making and
as such it lies on the border line of economics and business management.
Commercial economics bridges the gap between economics on the one hand
and business management on the other.

C. EMERGING ECONOMY
- An emerging market economy refers to a country that is in the process of
developing its economy to become more advanced. It generates low to
middle per capita income and is rapidly expanding due to high production
levels and significant industrialization.

D. TECHNOLOGY BASED ECONOMY

- Competing in a global economy, regions must have an economic base
composed of firms that constantly innovate and maximize the use of
technology in the workplace. Technology-based economic development, or
TBED, is the approach used to help create a climate where this economic
base can thrive.