Functional Managerial Information
- The functional information is defined as a set of information required by the functional head in conducting the administration and management of the function.
- Functional information is largely factual, statistical and detailed in multi-dimensions of the function. Such information is used for planning, budgeting and controlling the operations of the function.
- If u take sales information, it can be processed in several ways such as product, product groups, market segment, geographic zone, locations etc.
- The functional information can be assessed on the following three parameters:
- The work design
- The responsibility
- The functional objectives.
For example, for the customer order scrutiny the available stock, the price, the terms of payment and the probable delivery is an information set evolved out of the work design of customer order processing. The procedure of the order processing requires this information.
The managers in the functional areas of management are responsible for achieving the targets and accomplishing the goals and objectives. So important to inform and update the information on target at regular intervals.
Each function has its own objectives which is derived out of the corporate goals.
Some of the business plan objectives are given below based on which each function is the organization derives its objectives
- The total sales per month is Rs. 10 million
- The finished goods inventory not to exceed Rs. 1 million
- The outstanding more than six months not to exceed Rs. 0.2 million
- The employee attendance per month should be 90 percent