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Chapter 14. Foundations of Control (ratio analysis (leverage ratios,…
Chapter 14.
Foundations of Control
control in three special areas
empowering employees
protecting the workplace
planning
control process
comparing actual performance against a standard
taking managerial action to correct deviations or to address inadequate standards
measuring actual performance
three possible courses of action
correct actual performance
immediate corrective action
basic corrective action
revise the standards
do nothing (self-explanatory)
control takes place
concurrent control
feedback control
feedforward control
ratio analysis
leverage ratios
activity ratios
liquidity ratios
profitability ratios
budget analysis
planning tool
controlling tool
balanced scorecard
customer
internal processes
financial
people/innovation/growth assets