THEME ONE: Known as the critical thinking phase of the process its function is to evaluate the goals to see what and who works and doesn’t and why? In the traditional definition controlling involves ensuring that performance does not deviate from standards. Controlling consists of three steps, which include (1) establishing performance standards, (2) comparing actual performance against standards, and (3) taking corrective action when necessary. Performance standards are often stated in monetary terms such as revenue, costs, or profits but may also be stated in other terms, such as units produced, number of defective products, or levels of quality or customer service.
The measurement of performance can be done in several ways, depending on the performance standards, including financial statements, sales reports, production results, customer satisfaction, and formal performance appraisals. Managers at all levels engage in the managerial function of controlling to some degree.
Effective controlling requires the existence of plans, since planning provides the necessary performance standards or objectives. Controlling also requires a clear understanding of where responsibility for deviations from standards lies. Two traditional control techniques are budget and performance audits. An audit involves an examination and verification of records and supporting documents. A budget audit provides information about where the organization is with respect to what was planned or budgeted for, whereas a performance audit might try to determine whether the figures reported are a reflection of actual performance. Although controlling is often thought of in terms of financial criteria, managers must also control production and operations processes, procedures for delivery of services, compliance with company policies, and many other activities within the organization.
Read: Principles of Management 1.1
LA1 – (Per the instructions, my name ends in S)
I will add the the post to be graded in another assignment worth $5 at a later time…
Below are five questions that are set to challenge your understanding of the control process management function. If your last name begins with A-M answer the questions AND EXPLAIN WHY YOU CHOSE THAT ANSWER. Be sure to reference the class material to prove your selection is correct. If you last name begins with N-Z, Grade at least one main post (if you notice over the week that some answers haven’t been graded be sure to grade them so that everyone has peer feedback) and explain how you arrived at your answers. Be sure to reference the class material to prove your selection is correct. Answer each question and explain how you arrived at your answer.
1) Taking corrective action is required when the process is:
A. Unpredictable and risky.
B. a new leadership team is required.
C. measured and the results don’t meet company standards.
D. in its early stag
2) In measuring ____________, it is useful to evaluate internal operations and core processes against benchmarks such as past performance, industry standards, and legal expectations.
A cost effectiveness
B control processes
C best practices
D organizational impact
3) ________ define how a business should act, while ________ underline what actions should be taken operationally.
A Strategy; goals
B Standards; objectives
C Controls; management
D Objectives; standards
4) Utilizing specific performance metrics, such as ________, organizations can control processes through measuring the relative effectiveness of internal processes.
5) Coca-Cola is thinking about entering a new industry, creating their own branch of convenience stores. As a result, they should conduct:
A internal research of operational efficiency.
B financial objectives research for their R&D department.
C industry process standards research.
D competitor research in soft drinks.
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