Explain the four functional areas of management.

1.	Explain the four functional areas of management.
Answer» (i) Research and Development Management : This branch of management is related with development, expansion, innovation, technology advancements related to production, distribution and marketing of goods and services. (ii) Import and Export Management : The main function of import and export management is to plan, organise, direct and control the activities related to exporting and importing of goods and services. (iii) Accounting Management : This is concerned with maintaining records, book-keeping, ledger accounting, preparing cost accounts, making payments, managing cash flows, making final accounts, keeping record of assets, etc. (iv) Transportation Management : It is concerned with transfer of man and material safely from one place to another at less cost and in less time.

Answer»

(i) Research and Development Management :

This branch of management is related with development, expansion, innovation, technology advancements related to production, distribution and marketing of goods and services.

(ii) Import and Export Management :

The main function of import and export management is to plan, organise, direct and control the activities related to exporting and importing of goods and services.

(iii) Accounting Management :

This is concerned with maintaining records, book-keeping, ledger accounting, preparing cost accounts, making payments, managing cash flows, making final accounts, keeping record of assets, etc.

(iv) Transportation Management :

It is concerned with transfer of man and material safely from one place to another at less cost and in less time.

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