SummaryFor a business to be successful, management must be effective and efficient. It depends on the concepts used by management. Four basic management concepts are used in most businesses to help achieve goals and objectives within the organization. Despite the implementation of solid management concepts, mistakes are made. Management should strive to learn from mistakes made, focusing on improving management skills. Management Functions Many forms of management exist such as resource management, people management, time management, large group management, and small group management. This author is employed in a large organization in which there are many levels of management, starting with territory managers, who manage a given geographic area, and then middle managers in which individuals manage other individuals. The final level of management consists of the “upper crust” of management, the CFO, vice presidents, senior vice presidents, and the president. The key to any form of management is establishing goals and objectives to manage effectively and efficiently. How to manage effectively and efficiently? Four main functions provide the fundamentals of management. These four functions are: planning, organizing, directing and controlling (Bateman & Snell, 2009). The basis of any management program is planning. Planning is the process by which goals and objectives are determined. This can be as simple as deciding what needs to be accomplished in the coming week versus what the company hopes to accomplish over the next five years. This author's employer uses performance workbooks as a form of planning. Every employee, from the bottom up, must complete a Per...... middle of paper ......dual throughout their termination. The termination resulted in a lawsuit in which the employee received an award of approximately $100 million (Knight Ridder/Tribune Business News, 1998). Learning from these mistakes is crucial to the development of a manager's capabilities. One must be able to learn and adapt to refine individual management talents. ReferencesBateman, TS and Snell, SA (2009). Management: leading and collaborating in a competitive world (8th ed.). New York: McGraw-Hill/Irwin. Erven, B. (2008). The five functions of management. Department of Agricultural Economics Ohio State University Extension. Retrieved October 17, 2008 from http://ohioline.osu.eduKnight Ridder/Tribune Business News. (1998). Disney Chairman's Autobiography Reveals Details of Management Incidents. Retrieved October 17, 2008 from http://www.accessmylibrary.com