George & Jerry identified four fundamental functions of management namely planning, organizing, actuating and controlling; but Luther Gullick has proposed eight functions represented by the keyword ’POSDCORB’ where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting; whereas KOONTZ and O’DONNEL has given five functions of management i.e. Planning, Organizing, Staffing, Directing and Controlling (Management Study Guide).