-Any process that directs the activities of individuals toward the achievement of organizational goals.
*Out of Control Company:
*The Control Process:
*Characteristics of Control:
*The Control Cycle:
1. Setting performance standards.
2. Measuring performance.
3. Comparing performance against the standards and determining deviations.
4. Taking action to correct problems and reinforce successes.
*Budgeting Controls:
-The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences
also called budgetary controlling.
*Sales Expense Budget:
*Budget Types:
*Financial Controls:
-Balance Sheet:
A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders’ equity.
*Profit and Loss Statement:
-An itemized financial statement of the income and expenses of a company’s operations.
*Financial Controls:
-Assets: The values of the various items the corporation owns.
-Liabilities: The amounts a corporation owes to various creditors.
-Stockholders’ equity: The amount accruing to the corporation’s owners.
*Designing Effective Control Systems:
1. Establish valid performance standards.
2. Provide adequate information to employees.
3. Ensure acceptability to employees.
4. Maintain open communication.
5. Use multiple approaches.
*Market Control:
*Management Control in an Empowered Setting:
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