In The Final Step In The Control Process Managers

Question: Management Control

(Part of control in organizations)

Answer: -Def: Includes all activities an organization undertakes to ensure that its actions lead to achievement of its objectives.

Question: Management Control System

(Part of control in organizations)

Answer: -Def: A planned, ordered scheme of management control that allows managers to readily assess where the firm actually is at a point in time relative to where it wants or expects to be.

Question: Internal Controls

(Part of control in organizations)

Answer: -Def: Processes that are developed to provide assurance that an organization reaches its objectives relating to operational efficiency.

Question: The Importance of Control

Answer:

Question: Adapting to Changing Conditions

(Part of the importance of control)

Answer:

Question: Limiting the Magnification of Errors

(Part of the importance of control)

Answer: -Generally, a small error or mistake does not adversely (prevent success or harmful) affect organizational operations. However, a small error or mistake left uncorrected is perhaps one undetected as a result of a lack of control and may be magnified with the passage of time which would eventually harm the whole company.

Question: Dealing with Organizational Complexity

(Part of the importance of control)

Answer: -Today’s businesses must contend (face the difficulty) not only with an increasingly complex external environment, but with increasing internal complexity as well, particularly in highly diversified or rapidly growing organizations.

Question: Minimizing Costs

(Part of the importance of control)

Answer: -A properly designed system of control can often allow a firm to enjoy considerable cost reductions.

-Minimizing your costs will help you have more control.

Question: The Link Between Planning and Controlling

Answer:

Question: The Control Process

Answer: -Consists of 4 basic steps: establishing performance standards, measuring performance, comparing performance against standards, and evaluation and corrective action.