The Role of Computer in Business


All businesses need to be well organised to achieve their aims and objectives. Certain tasks, or functions, must be done regularly and 
these are usually grouped into specific types of activities. In a 
large organisation like Tesco PLC, people work together in functional 
areas. Each functional area has a specific purpose. Below are the main 
functional areas: 

Finance 

The main activities of the finance department are: 

* To record all the business transactions 

This means that they record in their schedule all the expenses that 
have been paid and all incomings. They also make sure that each 
department does not spend more than it has been allocated. 

* Measure the financial performance of Tesco 

This means the finance department look at how well or badly Tesco is 
doing financially. 

* To control the finances and cash flow so Tesco stays reliable. 

This means that they make sure that there is enough money in the 
business to pay off debts, bills and the employees. They also make 
sure that there is enough money to survive for the company. 

* To take timely financial decisions by comparing the predicted 
performance with actual performance. 

This means that if the company wants to invest more , then it 
would be up to the finance department to make the decision on whether 
there are enough funds to do. They would do this by looking and 
comparing the financial situation in previous years with the financial 
situation of the present year. By this they can see the expense will 
leave them with enough money at the end. They also prepare all the 
accounts each year so that the company comply with their legal 
responsibilities to the Inland Revenue and complete VAT returns which 
they send to HM Customs and Excise. 

Import and Export


Import export businesses, also known as international trading, are one of the hottest commercial trends of this decade. American companies trade in over 2.5 trillion dollars a year in merchandise, of which small businesses control over 95 percent. As the owner of an import export enterprise, you can work as a distributor by focusing on exporting and importing goods and services that cannot be obtained on national soil (e.g., Russian caviar and French perfumes) or those that are cheaper when imported from other countries (e.g., Chinese electronics).

In addition, you can also open an export management company (EMC), where you can help an existing corporation market its products in a foreign country by arranging the shipping and storing of the merchandise for them without doing the actual selling. EMCs can specialize in one industry or work with different types of import export manufacturers. It is also possible to act as a broker for a company, working on commission over the actual sales. This is a great choice for products that are guaranteed to sell because of high demand or an established brand name.

While basically any country can offer opportunities for import export trade, Canada, Mexico, Japan, and China have topped the trading chart for the past two decades. In the last few years, countries in the former Soviet Union and South America have become major players, but there's still much to learn about trading with these new markets.

Opening an import export business requires an initial investment of $5,000 or more, depending not only on the type of merchandise you're setting up to market, but also on whether you plan on working from home or renting an office, hiring employees, etc. Compared to other businesses, however, import export companies have a very low startup cost.While most products can be exported without the need for licenses, some specialty products or high-risk items, such as firearms or pharmaceuticals, may require special government permits. If that's the case, costs may run considerably higher.


To get started, it may be sensible to consult with the local Board of Trade (or the Chamber of Commerce in smaller cities) or call Consulates and Embassies to find out if they have import export programs set up. Many embassies even have a special department to promote the export of their goods to other countries and are more than happy to help potential import export traders.

Modern Banking

The Modern Banking System (Where does money come from?)

"If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air... We are warranted, then, in affirming that this parody on the principle of 'a public debt being a public blessing,' and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper." 
- Thomas Jefferson to John W. Eppes, 1813. ME 13:423



"The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and born in sin. Bankers own the Earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough money to buy it back again...Take this great power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this would be a better and happier world to live in. But if you want to continue to be slaves of the banks and pay the cost of your own slavery, then let bankers continue to create money and control credit'."


- Sir Josiah Stamp, The Bank of England

Money and its Function

Money does not just consist of notes and coins. Only about 3 to 5% of the UK’s money supply consists of actual cash. Most money is held as deposits in banks and other financial institutions. The bulk of these deposits only appear as book keeping entries in the accounts of these institutions. It is possible for people to access the money in their accounts through the use of debit cards, cheques, standing orders, direct debits and so on without the need for cash. This means that banks and other financial institutions need to keep only a small percentage of these deposits in their safes and at their counters in the form of cash.

The Functions of Money
The primary function of money is to facilitate the buying and selling of goods, services and assets. This is known as a medium of exchange. There are also two other main functions of money. The main functions are covered in more depth below:

• Medium of exchange. In an economy where people make items themselves to meet their own needs there would be no need for money as people would barter using their spare items that they have produced. If one person wanted an item another person had they would simple barter and arrange an exchange of goods. In a modern economy which is highly developed, barter would be impractical in most circumstances. What is needed is a medium of exchange which is generally acceptable as a means of payment for goods, services, labour and factors of production/ service. Money carries out this function. To be an effective and suitable means of exchange, money must be light for it to be carried around, be divisible (come in different denominations) and not be easy forged or replicated.
  
• Means of Evaluation. Money allows for the comparison of the value of goods, services and assets. The value of goods and services is expressed in terms of prices and these prices are expressed in terms of money. This allows for different items which are dissimilar, such as a company’s assets, to be added up. Money, thus serves as a ‘unit of account’.
  
• Store of wealth. People and organisations need to be able to use the earnings of one days labour or operation to purchase goods and services in the future. This would mean they would need to store their wealth and that they need a means of saving. Money facilitates the storing of wealth as it can be saved.

Why Finance ?

Why Finance Matters - Building Financial Acumen

Now there’s a way to help your people develop the financial understanding they need to maximize their effectiveness, make sound business decisions, and drive bottom-line results.

Why Finance Matters, is a web-based offering from BTS, one of the world’s most trusted names in financial acumen. It delivers comprehension and on-the-job results, even for individuals who find “the language of business” a bit intimidating.

Developing Financial Acumen:

An Interactive Online Experience That Fully Engages the Learner

Why Finance Matters, instruction is delivered in a story setting complete with colorful characters and full motion video. What’s more, because the learning is web-based, getting around is a simple matter of point and click.

The 11 learning modules and associated proficiency exams of Why Finance Matters address every aspect of financial acumen—from understanding income statements and balance sheets, to calculating return on investment, to constructing what-if sensitivity work-ups. In fact, one highly regarded Fortune 50 firm uses the program to develop its career financial professionals.

The Perfect Business Skills and Finance Education Launch Pad

Use Why Finance Matters to equip leaders with the financial know-how to develop business plans and budgets and make decisions that contribute to your organization’s bottom line. Already an integral part of many corporate university leadership development programs, Why Finance Matters is also an ideal foundation for executive-level case studies and strategic simulations—ensuring that participants of varying financial backgrounds enjoy a level playing field.

Essential for Any Manager That Needs to Understand the Financial Impact of Decisions

Imagine if your salespeople were able to cost-justify their business proposals based on an intimate understanding of a prospect’s financial situation. Why Finance Matters can give them the wherewithal to do so.

For professionals charged with investing in new products and making significant technology and infrastructure commitments, Why Finance Matters provides analytic tools that assure your organization and shareholders an acceptable return. Managers will optimize the way they manage inventories, collect receivables, process transactions and extend credit to improve cash flow and return on sales. In fact, consider Why Finance Matters for any manager or knowledge worker who needs to understand the financial impacts of everyday decisions and the ripple effects across other work units.

Incorporate Your Own Business Financials in the Learning Process

All of the case examples in Why Finance Matters™ are easy for learners to grasp and then apply to their own work environment. But BTS can also customize the learning experience to include your organization’s financials as well as terminology and key performance ratios specific to your industry, your customers and your competition. The process is surprisingly quick and easy: You’ll find our consultants extremely adept at understanding your business goals and objectives..

The Balance Sheet

The Balance Sheet, one type of financial condition statement, provides a summary of what company owns and what it owes on a particular day.

Assets represent everything of value that is owned by a business, 5 such as property, equipment, and accounts receivable. on the another hand, liabilities are the debts owed by a company-for example, to suppliers and banks. if liabilities are subtracted from assets, the amount remaining is the owners share of a business. this is known as owners or stockholders equity.


The balance sheet must follow the following formula:

Assets = Liabilities + Shareholders' Equity

It's called a balance sheet because the two sides balance out. This makes sense: a company has to pay for all the things it has (assets) by either borrowing money (liabilities) or getting it from shareholders (shareholders' equity).

Each of the three segments of the balance sheet will have many accounts within it that document the value of each. Accounts such as cash, inventory and property are on the asset side of the balance sheet, while on the liability side there are accounts such as accounts payable or long-term debt. The exact accounts on a balance sheet will differ by company and by industry, as there is no one set template that accurately accommodates for the differences between different types of businesses.

An Accounting Overview

Accounting is frequently called the “language of business” because of its ability to communicate financial information abaout an organization. Various interested parties, such as managers, potential investors, creditors, and the government, depend on a company’s accounting system to help them make informed financial decisions. An affective accounting system, therefore, must include accurate collecting, recording, classifying, summarizing, interpreting, and reporting of information on the financial status of an organization.


In order to achieve a standardized system, the accounting process follows accounting principles and rules. Regardless of the type of business or the amount of money involved, common procedures for handling and presenting financial information are used. Incoming money (revenues) and outgoing money (expenditures) are carefully monitored, and transaction are summarized in financial statements, which reflect the major financial activities of an organization.


Two common financial statements are the balance sheet and the income statement. The balance sheet shows the financial position of a company at one point in time, while the income statement shows financial performance of a company over a period of time. Financial statement allow interested parties to compare one organization to another and/or to compare accounting periods within one organization. For example, an investor may compare the most recent income statements of two corporations in order to find out which one would be a better investement.


People who specialize in the field of accounting are known as accountants. In the United States, accountants are usually classified as public, private, or governmental. Public accountants work independently and provide accounting services such as auditing and tax computation to companies and individuals. Public accountants may earn the title of CPA(Certified Public Accountant) by fulfilling rigorous requirements. Private accountants work solely for private companies or corporations that hire them to maintain financial records, and governmental accountants work for governmental agencies or bureaus. Both private and governmental accountants are paid on a salary basis, whereas public accountants receive fees for their services.


Through effective application of commonly accepted accounting systems private, public, and govermmental accountants provide accurate and timely financial information that is necessary for organization decision making.

The Target Market

A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place(distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace.

Market segmentations

Target markets are groups of individuals separated by distinguishable and noticeable aspects. Target markets can be separated into:

• Geographic segmentations, addresses (their location climate region)

• demographic/socio-economic segmentation (gender, age, income, occupation, education, household size, and stage in the family life cycle)

• psychographic segmentation (similar attitudes, values, and lifestyles)

• behavioral segmentation (occasions, degree of loyalty)

• product-related segmentation (relationship to a product)

 

Strategies for Reaching Target Markets

Marketers have outlined four basic strategies to satisfy target markets: undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing, and micromarketing/ nichemarketing.

Mass marketing is a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. It is the type of marketing (or attempting to sell through persuasion) of a product to a wide audience. The idea is to broadcast a message that will reach the largest number of people possible. Traditionally mass marketing has focused on radio, television and newspapers as the medium used to reach this broad audience.

For sales teams, one way to reach out to target markets is through direct marketing. This is done by buying consumer database based on the segmentation profiles you have defined. These database usually comes with consumer contacts (e.g. email, mobile no., home no., etc.). Caution is recommended when undertaking direct marketing efforts — check the targeted country's direct marketing laws.

Examples

CVS Caremark’s target market is women since they make up 80 percent of the pharmacy chain’s customers. CVS has marketed its stores to aid women who are constantly multitasking. They recently redesigned 1,200 of its 6,200 stores to women, including shorter wait times for prescriptions, wider and better-lit shopping aisles, and more beauty products.

The Oreo cookie is a popular cookie in the U.S., known for its two discs of chocolate with a white cream filling. The Double Stuf Oreo cookie is also marketed to U.S. consumers. However, Kraft has formulated a different version of the Oreo to target consumers in China. The Chinese version consists of four layers of long, thin biscuits coated in chocolate. Kraft CEO, Irene Rosenberg, trusts her executives who live and work in China to know what consumers would prefer in order to maximize their profits. In Germany, Kraft is appealing to the tastes and preferences of German consumers by creating dark chocolate products. It is also introducing premium instant coffee in Russia, which is a beverage that is popular to consumers.

World Wrestling Entertainment’s (WWE) target market is young males. Monday Night RAW is the number one entertainment program on primetime cable among male viewers (2 million+) including the male demographics of 18-34, 18-49 and 25-54. It is shown at 9:00 PM ET to reach its target market.

Kohl’s department store has a target market consisting of consumers buying for themselves and their families.

The psychology of target marketing

A principal concept in target marketing is that those who are targeted show a strong affinity or brand loyalty to that particular brand. Target Marketing allows the marketer / sales team to customize their message to the targeted group of consumers in a more focused manner.

Research has shown that racial similarity, role congruence, labeling intensity of ethnic identification, shared knowledge and ethnic salience all promote positive effects on the target market. Research has generally shown that target marketing strategies are constructed from consumer inferences of similarities between some aspects of the advertisement (e.g., source pictured, language used, lifestyle represented) and characteristics of the consumer (e.g. reality or desire of having the represented style). Consumers are persuaded by the characteristics in the advertisement and those of the consumer.

The Four P'S

Four P's and the Marketing Mix           
The Four P’s divide the different attributes of successful marketing in to categories. The one has a part to play in the delivery of a service or product to the eventual customer.
The Four P’s, also known as the Marketing Mix consist of the following:

Price
Price is focus on the cost to the customer of choosing to buy your offering as opposed to someone else’s.
Price is generally an important factor considered by buyers who when viewing two identical products, would in most situations opt for the cheaper one.
For some products and services there might be multiple tiers of costs. For example, there may be an initial cost of acquisition and then further service charges and maintenance costs which customers would consider.
Price therefore encompasses all costs of both immediate and ongoing.
The cost of a product is not the only factor in purchasing decisions as quality, service and other factors are also determinants.

Product
Product includes the features and benefits of the offering in question, including the manner it is packaged, what it looks like and further extras such as guarantees and warranties.
Many of the factors which are part of the Product category could be intangible and may have perceived rather than actual benefits. The fact that they might not be actual advantages is largely unimportant, whilst their existence in the mind of potential purchasers is.

Place
Buyers will consider the ease of obtaining the product or service once the decision to purchase has been made.
Long lead times or inconvenient delivery schedules can put customers off and result in them selecting a more expensive product which is available now and at their convenience.
Businesses should consider customer’s expectations and the industry norm when looking at where and when their products will be available.
Bettering current accepted norms for delivery might enable the business to excel in its appeal to customers. Consider internet downloads where possible or delivery of places of work where appropriate in order to maximise the whole package of what is being sold.

Promotion
Promotion is essentially the means used to reach intended customers. Imagination and creativity can result in a business’ products or information about them being displayed in places which other competitors are not.
Internet advertising is gradually replacing more traditional form of promotion and certain websites might provide a business with an immediate and predefined audience.
By viewing each element of the marketing mix and relating them to the business’ products and services, the enterprise can seek to prepare a comprehensive and effective promotion strategy.     

Marketing

Marketing is "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."

For business to consumer marketing it is "the process by which companies create value for customers and build strong customer relationships, in order to capture value from customers in return".

For business to business marketing it is creating value, solutions, and relationships either short term or long term with a company or brand. It generates the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.

Marketing is used to identify the customer, satisfy the customer, and keep the customer. With the customer as the focus of its activities, marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable.

The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.

The term developed from an original meaning which referred literally to going to a market to buy or sell goods or services. Seen from a systems point of view, sales process engineering marketing is "a set of processes that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new approaches."

The Reality Of Decision Making

The Reality Of Decision Making

Understanding Decision Making

Some proposed definitions of decision-making experts described as follows (Hasan, 2004):

1. According to George R. Terry

Decision making is the selection of alternative behavior (behavior) of certain of two or more alternatives.

2. According S.P. Siagian

Decision making is a systematic approach to the nature of the alternatives they face and take appropriate action according to the calculations is the most appropriate action.

3. According to James A.F. Stoner

Decision making is a process used to choose an action as a way of solving the problem.

Notions of the above decision, it can be concluded that decision making is a process of selecting the best alternative from several alternatives systematically to follow up (used) as a way of solving the problem

According Sondang P. Siagian was quoted as saying by the GK. Manila

in his book Management Practices in State Government, there

four models of decision making that is:

a. Model optimization. Decision-making in order to obtain results

which can be achieved and can not be separated from the limited resources

no. This model is based on the maximum criteria, probability, and

benefits.

b. Models satisfying. Decision making is not solely

through rationality and logic approach procedure but in reality,

so that decision makers are satisfied with and proud when

decisions taken are adequate to fruition.

c. Mixed scanning models. Decision-making that incorporates

Among high rationality approach with a pragmatic approach.

d. Heuristic models. Decision making based on concepts entirely

ynag held by decision makers that is based on

his own views on the problem at hand.

While Bedjo Siswanto in his book Modern Management

said there are two models of decision making that often there

within the organization, namely:

a. Normative model, which is a model of decision making

embody the manager about how he should take

a group decision. These models have generally been developed by

economists and other management scientists. One example of this model

in educational institutions is about financial budgeting.

b. Descriptive models, ie models that explain the decision-making

concrete behavior and this model has been developed by behavioral scientists

Opinion for this article : I think the decision-making must consider what will be decided to achieve maximum results as what is already planned and could possibly reduce the risk of the impact of the decision-making

Steps In Decisions Process


Following are the important steps of the decision making process. Each step maybe supported by different tools and techniques.

Step 1: Identification of the purpose of the decision:

In this step, the problem is thoroughly analysed. There are a couple of questions one should ask when it comes to identifying the purpose of the decision.

• What exactly is the problem?
• Why the problem should be solved?
• Who are the affected parties of the problem?
• Does the problem have a deadline or a specific time-line?

Step 2: Information gathering:

A problem of an organization will have many stakeholders. In addition, there can be dozens of factors involved and affected by the problem.
In the process of solving the problem, you will have to gather as much as information related to the factors and stakeholders involved in the problem. For the process of information gathering, tools such as 'Check Sheets' can be effectively used.

Step 3: Principles for judging the alternatives:

In this step, the baseline criteria for judging the alternatives should be setup. When it comes to defining the criteria, organizational goals as well as the corporate culture should be taken it to consideration.
As an example, profit is one of the main concerns in every decision making process. Companies usually do not make decisions that reduce profits, unless it is an exceptional case. Likewise, baseline principles should be identified related to the problem in hand.

Step 4: Brainstorm and analyse the different choices:

For this step, brainstorming to list down all the ideas is the best option. Before the idea generation step, it is vital to understand the causes of the problem and prioritization of causes.
For this, you can make use of Cause-and-Effect diagrams and Pareto Chart tool. Cause-and-Effect diagram helps you to identify all possible causes of the problem and Pareto chart helps you to prioritize and identify the causes with highest affect.
Then, you can move on generating all possible solutions (alternatives) for the problem in hand.

Step 5: Evaluation of alternatives:

Use your judgement principles and decision-making criteria to evaluate each alternative. In this step, experience, and effectiveness of the judgement principles come into play. You need to compare each alternative for their positives and negatives.

Step 6: Select the best alternative:

Once you go through from Step 1 to Step 5, this step is easy. In addition, the selection of the best alternative is an informed decision since you have already followed a methodology to derive and select the best alternative.

Step 7: Execute the decision:

Convert your decision into a plan or a sequence of activities. Execute your plan by yourself or with the help of subordinates.

Step 8: Evaluate the results:

Evaluate the outcome of your decision. See whether there is anything you should learn and then correct in future decision making. This is one of the best practices that will improve your decision-making skills.

Conclusion

When it comes to making decisions, one should always weigh the positive and negative business consequences and should favour the positive outcomes.
This avoids the possible losses to the organization and keeps the company running with a sustained growth. Sometimes, avoiding decision-making seems easier; specially, when you get into a lot of confrontation after making the tough decision.
But, making the decisions and accepting its consequences is the only way to stay in control of your corporate life and time.

Management And Human Resources Development

Mangers perform various functions, but one of the most important and least understood aspects of their job is proper utilization of people. Research reveals that worker performance is closely related to motivation; thus keeping employees motivated is an essential component of good management in a business context, motivation refers to the stimulus that direct the behavior of workers toward the company goals. In order to motivated workers to achieve company goals, managers must beware of their needs.

Many managers believe workers will be motivated to achieve organizational goals by satisfying their fundamental needs for material survival. These needs include a good salary, safe working conditions and job security. While absence of these factors results in poor morale and dissatisfaction, studies have shown that their presence result only in maintenance of existing attitudes and work performance. Although important, salary, working conditions, and job security do not provide the primary motivation for many workers in highly industrialized societies, especially at the professional or technical levels.

Increased motivation is more likely to occur when work meets the needs of individuals for learning, self-realization, and personal growth. By responding to personal needs-the desire for responsibility, recognition, growth, promotion, and more interesting work-managers have altered conditions in the workplace and, consequently, many employees are motivated to perform more effectively.

In an attempt to appeal to both the fundamental and personal needs of workers, innovative management approaches, such as job enrichment and job enlargement, have been adopted in many organizations. Job enrichment gives workers more authority in making decisions related to planning and doing their work. A worker might assume responsibility for scheduling work flow, checking quality of work produced, or making sure deadlines are met. Job enlargement increases the number of tasks workers perform by allowing them to rotate positions or by giving them responsibility for doing several jobs. Rather than assembling just one component of an automobile, factory workers might be grouped together and given responsibility for assembling the entire fuel system.

By improving the quality of work life through satisfaction of fundamental and personal employee needs, managers attempt to direct the behavior of workers toward the company goals.

Management Function


Management has been described as a social process involving responsibility for economical and effective planning & regulation of operation of an enterprise in the fulfillment of given purposes. It is a dynamic process consisting of various elements and activities. These activities are different from operative functions like marketing, finance, purchase etc. Rather these activities are common to each and every manger irrespective of his level or status.
Different experts have classified functions of management. According to George & Jerry, “There are four fundamental functions of management i.e. planning, organizing, actuating and controlling”. According to Henry Fayol, “To manage is to forecast and plan, to organize, to command, & to control”. Whereas Luther Gullick has given a keyword ’POSDCORB’ where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting. But the most widely accepted are functions of management given by KOONTZ and O’DONNEL i.e. Planning, Organizing, Staffing, Directing and Controlling.
For theoretical purposes, it may be convenient to separate the function of management but practically these functions are overlapping in nature i.e. they are highly inseparable. Each function blends into the other & each affects the performance of others.

1. Planning 
   
   It is the basic function of management. It deals with chalking out a future course of action & deciding in advance the most appropriate course of actions for achievement of pre-determined goals. According to KOONTZ, “Planning is deciding in advance - what to do, when to do & how to do. It bridges the gap from where we are & where we want to be”. A plan is a future course of actions. It is an exercise in problem solving & decision making. Planning is determination of courses of action to achieve desired goals. Thus, planning is a systematic thinking about ways & means for accomplishment of pre-determined goals. Planning is necessary to ensure proper utilization of human & non-human resources. It is all pervasive, it is an intellectual activity and it also helps in avoiding confusion, uncertainties, risks, wastages etc.
   
2. Organizing
   It is the process of bringing together physical, financial and human resources and developing productive relationship amongst them for achievement of organizational goals. According to Henry Fayol, “To organize a business is to provide it with everything useful or its functioning i.e. raw material, tools, capital and personnel’s”. To organize a business involves determining & providing human and non-human resources to the organizational structure. Organizing as a process involves:
   
   
   • Identification of activities.
   • Classification of grouping of activities.
   • Assignment of duties.
   • Delegation of authority and creation of responsibility.
   • Coordinating authority and responsibility relationships.
3. Staffing
   It is the function of manning the organization structure and keeping it manned. Staffing has assumed greater importance in the recent years due to advancement of technology, increase in size of business, complexity of human behavior etc. The main purpose o staffing is to put right man on right job i.e. square pegs in square holes and round pegs in round holes. According to Kootz & O’Donell, “Managerial function of staffing involves manning the organization structure through proper and effective selection, appraisal & development of personnel to fill the roles designed un the structure”. Staffing involves:
   
   
   • Manpower Planning (estimating man power in terms of searching, choose the person and giving the right place).
   • Recruitment, selection & placement.
   • Training & development.
   • Remuneration.
   • Performance appraisal.
   • Promotions & transfer.
4. Directing
   It is that part of managerial function which actuates the organizational methods to work efficiently for achievement of organizational purposes. It is considered life-spark of the enterprise which sets it in motion the action of people because planning, organizing and staffing are the mere preparations for doing the work. Direction is that inert-personnel aspect of management which deals directly with influencing, guiding, supervising, motivating sub-ordinate for the achievement of organizational goals. Direction has following elements:
   
   
   • Supervision
   • Motivation
   • Leadership
   • Communication
   
   Supervision- implies overseeing the work of subordinates by their superiors. It is the act of watching & directing work & workers.
   
   Motivation- means inspiring, stimulating or encouraging the sub-ordinates with zeal to work. Positive, negative, monetary, non-monetary incentives may be used for this purpose.
   
   Leadership- may be defined as a process by which manager guides and influences the work of subordinates in desired direction.
   
   Communications- is the process of passing information, experience, opinion etc from one person to another. It is a bridge of understanding.
   
5. Controlling
   It implies measurement of accomplishment against the standards and correction of deviation if any to ensure achievement of organizational goals. The purpose of controlling is to ensure that everything occurs in conformities with the standards. An efficient system of control helps to predict deviations before they actually occur. According to Theo Haimann, “Controlling is the process of checking whether or not proper progress is being made towards the objectives and goals and acting if necessary, to correct any deviation”. According to Koontz & O’Donell “Controlling is the measurement & correction of performance activities of subordinates in order to make sure that the enterprise objectives and plans desired to obtain them as being accomplished”. Therefore controlling has following steps:
   
   
   1. Establishment of standard performance.
   2. Measurement of actual performance.
   3. Comparison of actual performance with the standards and finding out deviation if any.
   4. Corrective action.

Like In The Movies by 2PM


As if we were in an old movie
We look so happy in there
At a place we don't remember, are a stranger to,
Looking for our memories

Tears fell - no
Tears are still falling
Just when I think of you, when I look at you

Even if I were to go back
Looking at you again and again
I miss you more and more
I can't forget you

I know I won't love another person
Cause I don't wanna let you go
In my memory

Just like if I was watching the main character of a movie,
Please be the person who once loved me
Unknowingly
Come back to my side
As if we were in an old movie (Thinking about it now)
Although we seemed so young then (Thinking about it again)
The place at which time stopped for me
Stopped where we were in love

I remember, yes
I remember when I sent you off
When I let you go

Even if I were to go back, even if I were to erase it,
I miss you more and more
I can't forget you

I know I won't love another person,
Cause I don't wanna let you go
In my memory

Just like if I was watching the main character of a movie,
Please be the person who once loved me
If you hear me

In the past, we were like two lovers like, romantic comedy
left right on the screen, just quietly
Playback again, do you remember
We had countless kiss scenes
Missing each other while walking like two main characters babe
Walking on different roads, meeting each other coincidentally
Like a drama, even more dramatic than a drama
Come back to me, you know I need you back
You know I won't love anyone else