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Fundamentals of Controlling (Why is control needed? (Reducing costs,…
Fundamentals of Controlling
Why is control needed?
Reducing costs, increasing productivity or adding value
Identifying opportunities
Detecting irregularities and errors
Dealing with complexities
Adapting to change and uncertainty
Decentralising decision-making and facilitating teamwork
Levels of Control
Tactical Control
Operational Control
Strategic Control
Scopes of Control (Areas)
Human Resource Control
Information Resources Control
Physical Resource Control
Financial Resources Control
Types of Control Methods (Timing Controls)
Concurrent Controls
Feedforward Controls (pre-control)
Feedback Controls
Styles of Implementing Controls
Bureaucratic (Traditional)
Involves certain administrative and system elements, and other formal mechanisms to monitor and evaluate performance
Elements include: Rules & Procedures, Hierarchy of Authority, Management Control Systems, and Technology
Decentralised
Based on a philosophy which relies on values, beliefs, traditions, corporate culture, shared norms, informal relationships, and trust, to generate compliance with Org Goals
Elements include: Corporate Culture, Peer Group Control, Self-control, Technology
Controlling Process
Establish Performance Standards > Measure Performance > Compare Performance Against Standards > Take Corrective Action