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Fayol's definition of management functions and actions differentiates between Five Elements:
1. Prevoyance. (Forecast & Plan). Investigating the future and making up a plan of action.
2. To organize. To make up the structure, both human and material, of the undertaking.
3. To command. Continue the activity between the personnel.
4. To coordinate. Binding mutually, unifying and harmonizing all activities and efforts.
5. To control. Observing that everything takes place in conformity with recognized rule and expressed command.
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Full Costs Full costs include all variable and fixed costs and costs at all activity stages in a corporation. It is the total cost of producing and selling products.
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