Controlling

Front 1

Define what is control, and its importance?

Back 1

Controlling is the process of monitoring performance and taking corrective action as needed.

Without measurement, effective control is not possible.

Front 2

Explain the planning-controlling link.

Back 2

The control process starts with planning, when performance objectives and standards for measuring them are set. Control can't begin without planning.

Front 3

What are the four steps in the control process?

Back 3

The management control process contains four steps:

1. establish objectives and standards
2. measure actual performance
3. compare results with objectives and standards
4. take corrective action as needed

Front 4

What three courses of action managers can take in controlling

Back 4

1. Feedforward control - Input phase

2. Concurrent Control - throughput phase

3. Feedback control - output phase

Front 5

identify what control systems are used in an organisation?

Back 5

• Internal control - self discipline and self control
• External controls : -
• Beaucratic control - influenced by rules and procedures
• Clan control - influenced by the majority of others
• Market control - influenced by market conditions

Front 6

Types of financial and information controls.

Back 6

• Liquidity - generate cash to pay bills
• Leverage - earn more in returns than cost of debt
• Asset management - use resources efficiently and operate a minimum cost
• Profitability - earn revenues greater than cost

Front 7

What is a balanced scorecard?

Back 7

Tallies organisational performance in financial customer service, internal process, and innovation and learning areas

• How should we appear to our shareholders?
• How should we appear to our customers?
• At what internal business processes should we excel?
• How will we sustain our ability to change and improve?

Front 8

Key theory to controlling (MBO)

Back 8

Management by Objectives (MBO) is a process where supervisors work with their subordinates to 'jointly' set performance objectives and review performance results.