ADM 1100 Lecture Notes - Lecture 14: Financial Statement, Balanced Scorecard, List Of Fables Characters
15 Dec 2019
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Document Summary
Controlling: the process of monitoring activities to ensure that they are being accomplished as planned, correcting any significant deviations, and where necessary modifying the plan. It"s the final link in the four management functions. It is the only way managers know whether organizational goals are being met and, if not, the reason why. Planning: controls let managers know whether their goals and plans are on target and what future actions to take. Empowering employees: control systems provide managers with information and feedback on employee performance. Protecting the workplace: controls enhance physical security and help minimize workplace disruptions. (audits, training, security) Control process: a three-step process that includes measuring actual performance, comparing actual performance against a standard, and taking managerial action to correct deviations and inadequate standards. The process of control: measuring actual performance, source of information, personal observations, statistical reports, oral reports, written reports, comparing actual performance against a standard, taking actions to correct deviations or inadequate standards.
