Managerial processes are all those processes that are assigned to the managers working on key posts of an organization and they are handed over strategic tasks to carry forward for the betterment and overall profitability of the organization. Managerial processes involve planning, organizing, communicating, coordinating and commanding, all these are tasks that have immense importance. Although managers mainly delegate the tasks to their subordinates and manage the tasks that are being carried forward but it’s the manager’s vision and the strategic analysis that is translated by the manager and executed by his or her subordinates (Gray and Larson, 2008).
Time and Cost Estimation
Managers are often engaged in project management and the two most important aspects in project management is estimating the time required to complete the project and the resources that would be needed in order to complete that particular project. In terms of time estimation, managers have a clear view and direction about when the project will be entering its final phase and reach towards end. For this purpose, managers break the entire project into different phases and prescribe the time required to complete those phases. By dividing the project into various phases, managers are able to foresee the time span that would be required to complete the project. Due to this estimation of time, the project managers were able to give the estimated time frame required for the completion of the project to the investors and the other stakeholders (Nicholos and Steyn, 2008).
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