The functions of management uniquely describe managers’ jobs. The most commonly cited functions of management are planning, organizing, leading, and controlling, although some identify additional functions. The functions of management define the process of management as distinct from accounting, finance, marketing, and other business functions. These functions provide a useful way of classifying information about management, and most basic management texts since the 1950’s have been organized around a functional framework.
The Principles of Management are the essential, underlying factors that form the foundations of successful management. According to Henri Fayol in his book General and Industrial Management (1916), there are fourteen ‘Principles of Management’.