These are as following;
1. Planning: It is the ongoing process of developing the business' mission and objectives and determining how they will be accomplished. Planning is the initiating function of management and also embodies the other functions. It is the function of management, with which, management ensures directing employee efforts towards group and attainment of organizational goals. For the long-term success of an organization, it is necessary to set immediate and long- term goals, and to choose strategies of their achievement. This function is directly related to the arising of many questions; like, where are we now What do we want to accomplish How are we going to do it Who will do it When will we do it Why will we do it Etc. For example, Bill Gates - the founder of Microsoft Corporation - does the necessary planning by establishing missions and challenges for Microsoft management to accomplish, such as planning for the introduction of Windows Vista and its date for international launching.
2. Organizing: This function is related with allocating and configuring resources to accomplish and establish the preferred goals and objectives during the planning processes. In this function, steps are taken out in order to translate the planned steps into reality while assigning the necessary tasks, setting up deadlines, allocating resources, and deciding what structures are yet to be created and to whom additional responsibilities should be delegated, etc; In the Microsoft, Bill Gates effectively organizes the use of company's resources while making sure that the company successfully achieves its objectives and long-term goals. For example, Bill Gates visits various countries across the world and hires top class I.T professionals so as to make sure that the final product is a world class one while making sure that the concurrent ongoing projects at Microsoft smoothly get inch to inch closer towards their successful completion. Bill Gates achieves this all by configuring Microsoft policies over the time and by allocating the financial resources for every single step forward.
3. Leading: It is the function which is directly related to the management tasks of establishing direction and influencing people to follow that direction (Carter McNamara, 2002). This function, perhaps, can be broken down into further three sub-categories of motivating, coordinating and directing. Directing is the way with which managers guide their subordinates while showing them the way with which some task is to be accomplished. Motivating is the set of managerial activities with the aim of causing proper employee performance while involving the finding out of employee needs and creating reward systems for quality and timely work. Coordinating is related with who informs whom about what. It also integrates details and/of events, and ensures coherent action. At Microsoft, Bill Gates leads the way out to success by setting his own example. His superior methodologies for motivating, coordinating and directing make sure that the company has the right leadership to carry it forward in the future with success. Rewarding the Windows XP team for coming up with such high quality software in due amount of time was an