INTRODUCTION TO MANAGEMENT AND DECISION MAKINGIntroduction to Management and Decision MakingName:Course:Institution:Professor:Date:1INTRODUCTION TO MANAGEMENT AND DECISION MAKING2IntroductionManagement is an organizational process that entails the utilization of a companysresources, together with people's guidance to attain specific organizational goals. Also,management incorporates the achievement of a firm's objectives and fulfillment of its purposesthrough effective economic planning and regulation. In essence, it comprises four primaryfunctions: planning, organizing, leading, and controlling (P-O-L-C).PlanningPlanning in an organization entails developing and organizing activities that will be usedto achieve set objectives. Planning involves the managers role in enhancing the companysvision and mission. Goals for the company's future are defined, and missions and resourcesrequired to achieve the objectives are determined. Managers develop organizational plans whichmay include a marketing plan or a business plan, which will help in attaining future goals andobjectives. Planning can either be strategic, tactical, or operational (Carpenter et al., 2010).Managerial participation in the three types of plans is fundamental to ensure the achievement ofcompany goals. Strategic planning involves the determination of a company's direction orstrategy, followed by decision-making to allocate the necessary resources for the pursuit of thegiven ...
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