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7 Keeping Things in Check Controls and the Control Process Learning Objectives After Studying This Chapter, Students Should Be Able To · Understand the elements of control, measurement tools, and corrective steps · Differentiate among the types of controls utilized within an organization · Employ control strategies for effective management · Identify which control processes are effective in an operational setting · Describe an integrated planning process Chapter Summary Chapter 7 focuses on maintaining control by becoming adept at utilizing various control techniques and processes. Components of the Control Process There are four basic components of the control process: 1. Planning: Sets the directions and allocates resources. 2. Organizing: Brings people and material resources together in working combinations. 3. Leading: Inspires people to best utilize these resources. 4. Controlling: Checks that the right things happen, in the right way, and at the right time. Objectives and Standards · Objectives provide the performance targets. · Output standards measure results in terms of performance quantity, quality, cost, or time. · Input standards measure effort in terms of the amount of work expended in task performance. Measurement Tools Managers are able to not only adopt measurement tools by which success can be determined, but they also can use historical comparison (historical information), relative comparison (comparing to performances of others), or engineering comparison (comparing to scientific standards as a means of evaluating performance). Corrective Action The last step in the control process is to take any action necessary to correct or improve future performance. Management by exception can be used to direct action on problems requiring more urgent attention. Effective Controls The best managers, by contrast, are proactive and positive in applying the control process to full advantage. Effective controls in organizations share the following characteristics: · Controls are understandable: They support decision making by presenting data in understandable terms; they do not involve complex reports and hard-to-understand statistics. · Controls encourage self-control: They allow for mutual trust, good communication and participation among everyone involved. · Controls are timely and exception-oriented: They report deviations quickly, lending insight into why a performance gap exists and what you can do to correct it. · Controls are positive in nature: They emphasize their contribution to development, change, and systems improvement; they deemphasize their role in penalties and reprimands. · Controls are fair and objective: They are considered impartial and accurate by everyone; they are respected for one fundamental purpose—performance enhancement. · Controls are flexible: They leave room for individual judgment and can be modified to fit new circumstances as they arise. Types of Control A variety of control strat.
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Insurance IoT is a social good! Because: 🔵 Expected losses can be reduced structured programs with both real-time mitigation actions to solve a specific situation, and behavioral change mechanisms to promote safer behaviors (both in personal and commercial lines) 🔵 Rate can be matched to risks better: - Smaller and more accurate pricing clusters allow a large part of profiles to receive a lower rate - Even with the ability to price the individual probability of loss (cluster of one) the insurance foundation isn’t canceled (The risk of each policy will contribute to the expected losses of the portfolio; The premiums paid by many lucky policyholders will be used to pay the claims of the few unlucky policyholders who had an accident in a period of coverage) 🔵 IoT data can be used to increase the effectiveness and efficiency of the claim process, so improving the combined ratio ceteris paribus ⏩ Large part of the policyholders will pay less (and portfolios currently difficult to insure will become more insurable) Insurance IoT (and telematics) is not about providing a discount Insurance IoT (and telematics) is about creating economic value using the data and sharing part of this value with policyholders (and agents & brokers) An integrated holistic adoption of the IoT paradigm is a game changer for your insurance business and a social good: ◾ it allows to improve the availability and affordability of insurance coverages ◾while allowing the sector to write a profitable business Below you can enjoy a selection of best practices in both personal and commercial lines - written with some of the IoT Insurance Observatory members - that have already started to obtain results from their IoT business transformation journeys
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usage
Matteo Carbone
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Value Proposition canvas- Customer needs and pains
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The RSA Conference serves as a significant platform for cybersecurity experts and vendors, to explore cutting-edge innovations in the cybersecurity field. Reach out to your target audience with our RSA Conference Exhibitor List 2024!
RSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors Data
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Dr. Admir Softic_ presentation_Green Club_ENG.pdf
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Falcon Invoice Discounting platform in india
Falcon Invoice Discounting platform in india
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The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
Aggregage
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Uneak White's Personal Brand Exploration Presentation
Uneak White's Personal Brand Exploration Presentation
uneakwhite
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How to Get Started in Social Media for Art League City
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Organisational success today depends on effective communication and collaboration with individuals from cultures with varying beliefs and practices. Indeed, with the workforce increasingly comprised of people of varying cultural backgrounds, leaders must now prioritise the significance of cultural competence in the workplace. Ensuring cultural competence at every level of your organisation cannot be understated. While cultural disparities can manifest in different ways, as a leader, you must build deep and nuanced cultural competence skills and education to accurately spot, address and alleviate the various scenarios that can arise. Failing to recognise the importance of cultural competence or not acting to improve it can lead to cultural negligence. There are a few things to consider to ensure your organisation is on the right track. In this deck, you'll understand the importance of building cultural competence in the workplace. You'll also learn • The three (3) dimensions of Cultural Competence in the workplace • Key strategies to build a culturally competent workforce • Major benefits you stand to gain by having a culturally competent team.
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
Workforce Group
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Falcon's Invoice Discounting: Your Path to Prosperity
Falcon's Invoice Discounting: Your Path to Prosperity
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Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usage
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Value Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and pains
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RSA Conference Exhibitor List 2024 - Exhibitors Data
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Dr. Admir Softic_ presentation_Green Club_ENG.pdf
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The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
Uneak White's Personal Brand Exploration Presentation
Uneak White's Personal Brand Exploration Presentation
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How to Get Started in Social Media for Art League City
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Cracking the Cultural Competence Code.pptx
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Falcon's Invoice Discounting: Your Path to Prosperity
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Controlling ppt
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![Controlling as a Management Function ,[object Object],[object Object],[object Object]](https://image.slidesharecdn.com/controllingppt-101002102657-phpapp02/85/Controlling-ppt-1-320.jpg)
![Controlling as a Management Function ,[object Object],[object Object],[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)