Summary FUNCTIONS OF A BUSINESS MYP 5 FUNCTIONS OF A BUSINESS Class Summary MYP5 003-14-09-17 WHAT ARE THE FUNCTIONAL AREAS OF A BUSINESS? A business, in order to operate effectively, supports it operation on FOUR functions. These are HUMAN RESOURCES, FINANCE, MARKETING, and OPERATIONS MANAGEMENT or sometimes called PRODUCTION. The 4 functions must work together in order to achieve organizational goals. Human Resources (deals with people) – main focus: managing personnel. Most important tasks are: workforce planning (anticipating and meeting the company’s current and future needs of employees), recruitment (selecting the right person for a job), training (developing employees, not only professionally but also personally), appraisals (evaluating a workers job performance), termination or dismissal (managing when an employee leaves the company voluntarily or involuntarily), redundancies (dealing with the worker when a job ceases to exist), outsourcing (having another company or...