Foundations of control - What takes place as managers control?
7 important questions on Foundations of control - What takes place as managers control?
How do managers measure performance?
- Personal observation (MBWA/ management by walking around)
- Oral reports (conferences,meetings, telephone calls)
- Written reports
- Statistical reports (graphs, bars, charts of performance)
How do managers compare actual performance to planned goals?
After measuring and comparing with standards. Managers can choose among 3 possible courses of action:
- Do nothing
- Correct actual performance
- Revise standard
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If a manager want to correct actual performance, which decision must he first make?
- Immediate corrective action; corrects problems at once
- Basic corrective action; looks at how and why performance deviated before
A manager can implement controls before, during and after an activity. How are these called?
- Feedforward control
- Concurrent control
- Feedback control
What areas need to be controlled?
- Finances (budgets& financial ratios)
- Company information (MIS)
- Organizational performance (Balanced scorecard)
The balanced scorecard evaluates in four areas. Which ones?
- Financial
- Customer
- Internal processes
- People, innovation and growth assets
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