Final answer:
The Basic Management Functions of Planning, Decision Making, Organizing, Leading, and Controlling are crucial for effective business management and are often interrelated, each supporting the others.
Step-by-step explanation:
The Basic Management Functions cited are part of the fundamental framework of management theory used in various businesses and organizations. These functions are:
- Planning: Outlining objectives and strategies for achieving them.
- Decision Making: Choosing a course of action from a set of alternatives.
- Organizing: Arranging resources and tasks to achieve objectives.
- Leading: Directing and motivating people to follow the plan.
- Controlling: Monitoring performance and making necessary adjustments.
Each of these functions is crucial for effective management and they are often interrelated, each playing a role in supporting the others. Together, they provide a comprehensive approach to managing a business or organization effectively