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ADMS 4570 (9)
Lois King (5)
Lecture

Chapter 10.docx

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Department
Administrative Studies
Course
ADMS 4570
Professor
Lois King
Semester
Fall

Description
Chapter 10 firms need to have effective strategic controls in place if they want to develop and implement their strategiesthey need systems that allow to respond to environmental changes and they need to balance and align the firms culture rewards and boundaries shareholders and the board of directors will make sure that the management team fulfills their fiduciary duty and maximizes the value of the firmcontrols to put in placeoeffective corporate governance that aligns managerial and shareholder interestsoinformational controls that ensure that the firm is informed and that its strategies and goals remain aligned with the firms environment that the firm does the right thingsobehavioural controls that ensure that all members of the firm behave consistently and in coordination to achieve desirable outcomes the firm does things right ofinancial and operating controlsquantitative measures that ensure the firm meets established targetsshould look at financial measures market based measures operating performance measures and benchmarks against competitors Feedback control systemsperformance should be measured against targetsofinancial ROI ROA or ROE budgetsomarket based sales quotas market share figures customers satisfactionooperating production schedules tolerance levels utilization and productivitytargets allowofor everyone to know what is expected of them and the time frame to accomplish themit communicates what people are accountable for oyou to compare what happened and what went wrong and allows you to take corrective actionthese targets are good becauseothey are easy to measure with a high level of certaintyothe firm can move forward in the environmentothere is a connection between plans and outcomes still you should be able to modify strategies if there is a need especially in changing environmentsneed to be flexible because there is no point in going ahead with a strategy if it will not work in current conditions Informational controlit deals with whether the firm is doing the right thingsit is therefore important to assess the internal environment and the external onedo the goals and strategies still fit within the context of the current strategic environmentA firm must monitor test and review their goals and strategies in place Benefits of doing sooTime lags are shortened
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