Final answer:
Budgeting is not one of the four functions of management; while important, it is known as a component of planning. The four functions are planning, organizing, leading, and controlling.
Step-by-step explanation:
The question relates to the functions of management, which are commonly understood in the business and management literature. There are traditionally four main functions of management that have been identified: planning, organizing, leading (or leadership), and controlling. Budgeting, while a crucial activity within organizations, is considered part of the planning phase rather than a standalone function of management. It is a tool used by managers during the planning process to allocate resources effectively, ensure financial efficiency, and support the strategic vision of the organization.
Therefore, option 4) Budgeting is NOT one of the four functions of management. The four core functions - planning, organizing, leading, and controlling - work together to facilitate the effective management of resources and the achievement of organizational goals. These functions are distinct yet interrelated, with each playing a crucial role in the management process.