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Controlling (Importance (Making efficient use of resources, Facilitating…
Controlling
Importance
Making efficient use of resources
Facilitating coordination in action
Judging accuracy of standards
Ensuring order and disclipline
Accomplishing organizational goals
Improving employee motivation
Controlling Process
Comparison of actual performance with standards
Analyzing deviations
Critical Point Control (KRAs)
Management by Exception
Measuring actual performance
Taking corrective action
Setting performance standards
Features
All-pervasive function
Continuous process
Goal-oriented process
Both forward and backward looking
Limitations
Difficulty in setting quantitative standards
Little control on external factors
Resistance from employees
Costly affair
Techniques of Managerial Control
Modern Techniques
PERT and CPM
Management Information System (MIS)
Management Audit
Responsibility Accounting
Cost Centre
Revenue Centre
Profit Centre
Investment Centre
Ratio Analysis
Liquidity Ratio
Solvency Ratio
Profitability Ratio
Return on Investment (RoI)
Traditional Techniques
Budgetary control
Breakeven analysis
Statistical Reports
Personal observation