Principles and Functions of Management

Vocabulary flashcards covering key definitions and functions of management, including principle, planning, organizing, and definitions by Wilkinson and Inigo.

Principle

A basic idea or rule that explains or controls how something happens or works, or approving a moral rule and standard of good.

Management (Wilkinson)

The art of organizing people and events in a structured way.

Management (Inigo)

The performance of conceiving and achieving desired results by means of group effort consisting of utilizing human talents and resources, as cited in Management for Filipinos.

Planning

A logical and systematic approach of formulating the objectives, programs, policies, procedures, budgets, rules and regulation, and other types of plans. It is considered as the most basic of all managerial functions.

Organizing

The process of grouping together of men and establishing relationships among them, defining the authority and responsibility of personnel by using the company's other basic resources to attain predetermined goals or objectives. It involves setting up departments and job description.