What are the five stages of controlling?

The control function can be viewed as a five-step process: (1) establish standards, (2) measure performance, (3) compare actual performance with standards and identify any deviations, (4) determine the reason for deviations, and (5) take corrective action if needed.

open.lib.umn.edu - 6.5 Controlling – Exploring Business - Publishing Services

What are 3 ways to develop a growth mindset?

10 ways to develop a growth mindset Identify your own mindset. ... Look at your own improvements. ... Review the success of others. ... Seek...

Last updated Jan 17, 2019

Does the Pope use condoms?

The Roman pontiff admitted that condom use is "one of the methods" which could prevent the spread of HIV, while talking to journalists aboard the...

Last updated Jun 6, 2019

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

Let’s pause for a minute and reflect on the management functions that we’ve discussed so far—planning, organizing, and directing. As founder of Notes-4-You, you began by establishing plans for your new company. You defined its mission and set objectives, or performance targets, which you needed to meet in order to achieve your mission. Then, you organized your company by allocating the people and resources required to carry out your plans. Finally, you provided focus and direction to your employees and motivated them to achieve organizational objectives. Is your job finished? Can you take a well-earned vacation? Unfortunately, the answer is no: your work has just begun. Now that things are rolling along, you need to monitor your operations to see whether everything is going according to plan. If it’s not, you’ll need to take corrective action. This process of comparing actual to planned performance and taking necessary corrective action is called controlling.

A Five-Step Control Process

You can think of the control function as the five-step process outlined in Figure 6.10 “Five-Step Control Process”. Let’s see how this process might work at Notes-4-You. Let’s assume that, after evaluating class enrollments, you estimate that you can sell one hundred notes packages per month to students taking the sophomore-level geology course popularly known as “Rocks for Jocks.” So you set your standard at a hundred units. At the end of the month, however, you look over your records and find that you sold only eighty. Comparing your actual performance with your planned performance, you realize that you came up twenty packages short. In talking with your salespeople, you learn why: it turns out that the copy machine broke down so often that packages frequently weren’t ready on time. You immediately take corrective action by increasing maintenance on the copy machine. Now, let’s try a slightly different scenario. Let’s say that you still have the same standard (one hundred packages) and that actual sales are still eighty packages. In investigating the reason for the shortfall, you find that you overestimated the number of students taking “Rocks for Jocks.” Calculating a more accurate number of students, you see that your original standard—estimated sales—was too high by twenty packages. In this case, you should adjust your standards to reflect expected sales of eighty packages. In both situations, your control process has been helpful. In the first instance, you were alerted to a problem that cut into your sales. Correcting this problem would undoubtedly increase sales and, therefore, profits. In the second case, you encountered a defect in your planning and learned a good managerial lesson: plan more carefully. Key Takeaway The process of comparing actual to planned performance and taking corrective action is called controlling. The control function can be viewed as a five-step process: (1) establish standards, (2) measure performance, (3) compare actual performance with standards and identify any deviations, (4) determine the reason for deviations, and (5) take corrective action if needed.

Can I buy my parents house for less than it's worth?

Currently in the US (at the time of writing the year is 2022), the maximum limit for a gift is $16,000 per individual or $32,000 for a couple. If...

Last updated Apr 7, 2022

What color calms babies?

Neutral shades can be great for creating a warm, grounding atmosphere. Gentle, earthy neutrals like light beige, light tan and taupe will ensure...

Last updated Jan 19, 2019

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

What is the weakest form of control?

Directive is shown as being the weakest form of control; preventative is shown as the strongest form of control. If there is a detective control there must be a corrective element.

open.edu - Risk management: Session 5: 5.2 - OpenLearn - The Open University

5.2 Different types of control

Let’s look at the different types of controls that can be used for risk treatment. View larger image Figure 5 Types of control Show description|Hide description A simple diagram of 4 boxes showing there are 4 types of control directive, preventative, detective and corrective. Directive is shown as being the weakest form of control; preventative is shown as the strongest form of control. If there is a detective control there must be a corrective element. An arrow shows the linkage between detective and corrective controls. Figure 5 Types of control Directive controls give direction. These are the weakest controls. Things like policies are directive controls; they state the practice to be followed but do not stop bad practice from occurring. The Highway Code is an example of a directive control. Detective controls aim to identify a breach after the event, an example being a financial review or audit after activity has taken place. They will often lead to corrective action being taken. Preventative controls act to nullify the root cause and thus prevent the event. These are often the strongest controls. Common preventative controls include segregation of duties and IT passwords.

Can banks take your money in a depression?

If you have money in a checking, saving or other depository account, it is protected from financial downturns by the FDIC. Jul 7, 2022

Last updated Dec 4, 2019

Who is the god of face?

Janus Other names Ianuspater ("Janus Father"), Ianus Quadrifrons ("Janus Fourfaced"), Ianus Bifrons ("Two-faced Janus") Abode at the limits of...

Last updated Sep 20, 2022

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

Does listening to affirmations in your sleep work?

Listening to affirmations while sleeping reaches our brains as subliminal messages. Due to the reason that only the subconscious mind is being...

Last updated Nov 12, 2021

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

How often should you clean house?

Determining how often to clean a house depends on size, how often rooms are used, and the types of furniture and surfaces you have. Some things...

Last updated Dec 16, 2019