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Control, finance and budgets (Raising capital (limited liability, apoint…
Control, finance and budgets
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Cycle of control
measuring performance
personal observation
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dis; subject to personal bias, time consuming
oral reports
adv: quick way to get information, allows for verbal and non verbal feedback
dis - information filtered, no permanent record
written reports
adv - comprehensive, show trends and relationships, easy to store and retrieve
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setting targets
standard of performance is the defined level of performance to be achieve against what actual performance is compared to
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Strategies for control
organisation structure
mechanistic - top down authority, emphasis on position power, detailed job descriptions
dispersed authority, emphasis on expert power, flexible job descriptions
rules and procedures
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organic - broad, as few topics as practicable
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Balanced scorecard
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internal - what must we excel at - IS, new products
Financial - how look to shareholders - cash flow, return on capital employed
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Controls and human needs
Maslow
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controls may limit initiative, autonomy
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physiological - highlights poor performance, threaten job
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measuring performance
subjectivity
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apart from cash, most elements measure subjectively
pension liabilities, intangible assets
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