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Foundations of Control (3 steps in control process (Measuring (Management…
Foundations of Control
Nature & Importance of Control
Control
involves monitoring activities to ensure that they're being accomplished
Values
Empowering Employees
provide information & feedback
Protecting the workplace
protect the organization and its assets
Planning
follows up to ensure what employees are supposed to do
3 steps in control process
Control Process
3 steps measuring actual performance, and compare against standard
Measuring
Management by Walking Around
is out in the work area interacting with employees
managers measure is more critical than how they measure
Taking managerial action
Immediate corrective action
addresses problems at once
Basic Corrective action
look at how and why before correcting
Comparing
range of variation
acceptable parameters of variance
between actual performance & standard
Contemporary Issues
Is employee theft on rise?
any unauthorized taking company property
What can managers do about workplace violence?
Is my work computer really mine?
managers need to monitor what employees are doing
Types of controls organizations & managers use
When?
Feedforward control
takes place before a work activity is done
Concurrent Control
takes place while work activity in progress
Keeping Track
Organization's Information
managers need right information at the right time and in right amount
Management Information System
Employee Performance
employee counseling/discipline
Organization's Finances
Ratio Analysis
calculated using selected info from balance sheet and income statement