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Foundations of Control (How do manages measure? (2.Statistical reports, 3…
Foundations of Control
A lack of employee turnover is a sign of a good manager.
The value of the control function can be seen in three specific areas:
2.Empowering employees
3.Protecting the workplace
1.Planning
How do manages measure?
2.Statistical reports
3.Oral reports
Management by walking around (MBWA)
4.Written reports
1.Personal observation
Keeping track of Organization's "Finances"
Ratio analysis
Activity ratios
Profitability ratios
Leverage ratios
Liquidity ratios
Budget analysis
Planning tool
Controlling tool
Keeping Track Using a "Balanced Scorecard" Approach
2.Customers
3.Internal processes
1.Financial
4.People
/innovation
/growth assets
What should managers control?
Concurrent control
Feedback control
Feedforward control