What managerial function involves setting objectives and identifying means for achieving them?

The managerial function that involves setting objectives and identifying means for achieving them is planning. This function is fundamental to effective management because it establishes a clear direction for the organization. In the planning phase, managers consider the organization's goals, assess the current situation, and develop strategies to reach these objectives. This might include determining what resources are needed, evaluating potential obstacles, and outlining the steps required to achieve the desired outcomes.

By focusing on planning, managers can create a roadmap that guides the organization toward its goals, ensuring that all team members understand their roles and responsibilities in the process. Planning also allows for proactive decision-making and helps anticipate future challenges, making it a crucial aspect of successful management practices.