POSDCORB has 7 steps as like Planning, Organizing, Staffing, Directing, Co-ordinating, Reporting and Budgeting. Importance of POSDCORB & example of POSDCORB
A memo prepared while he was a member of the Brownlow Committee, in his piece "Notes on the Theory of Organization". Luther Gulick is asked verbally "What is the work of the chief executive? and What does he do?" POSDCORB is the answer of these questions, "considered to call devotion to the numerous functional elements of the work of a chief executive because 'management' and 'administration' have lost all exact content." According to Gulick, the elements are:
P = Planning
O = Organizing
S = Staffing
D = Directing
CO = Co-ordinating
R = Reporting
B = Budgeting
Details: http://higherstudy.org/posdcorb-steps-importance-example/