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Five Factors

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Submitted By Drannix99
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Five Factors

August 2, 2015

XMGT/230

Elaine McCarty

It is generally understood that there exists four primary functions of management. Those functions are planning, organizing, leading, and controlling. These factors are the most important of the functions that a manager uses in order to complete his or her job. However, simply implementing the use of these factors is not enough to obtain true success as a manager. A truly skilled manager must be able to adjust with changes in that are brought about by various internal and external factors which can have a direct effect on the managerial process. These external and internal factors are unique to each individual company, and thus affect the different managerial factors in different ways. External factors such as competition and and government regulation have the potential to force adjustments in a managing personnel's planning and controlling procedures or processes, so that they are able to remain operational. The same goes for internal affecting factors as well. Growth, company culture, and an overall resistance to change to new ideas leads to adjustments that have to be made by managers with functions such as leading an controlling. Of course, these are not the only factors that can have an effect on the four functions of management.

One of the factors that can have an effect on the four factors of the managing process is globalization. Globalization is defined by the Merriam-Webster dictionary is defined as the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets. Globalization has allowed for companies around the world to communicate with one another, work together, and for partnerships that would have otherwise not been possible. While this can be a good thing,

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