BUAD 200 Lecture 14: Chapter 14 Notes
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Learning objections: know what is meant by organizational control, recognize that controls have costs, understand the benefits of controls. Learning objectives: know the difference between strategic and operational controls, understand the different types of controls, be able to differentiate between financial and nonfinancial controls. Concurrent control hands-on management supervision during a project. The real time speed of a production line. Feedforward controls proactively address what can be done ahead of time to help plan succeed: concurrent controls involve the real time process of monitoring and adjusting ongoing activities and processes. Feedback controls involve the gathering of information about a completed activity, evaluating that information, and taking steps to improve the similar activities in the future. Control as a feedback loop: organizing --> leading --> controlling --> planning. Learn how a balance sheet works: understand the nature of financial controls, know how an income profit and loss statement works.