The document discusses the topic of controlling in management. It provides a 4-step controlling process: 1) establishing objectives and standards, 2) measuring actual performance, 3) comparing actual performance to standards, and 4) taking corrective actions. It also discusses different tools that can be used for organizational control, such as budgetary control, financial ratio analysis, PERT/CPM methods, and balanced scorecards. Contemporary issues in control mentioned include workplace privacy vs monitoring, employee theft, workplace violence, and corporate governance.
Controlling-The Last Management function after Planning,Organising,Directing & Staffing.
'Controlling' is a part of subject Organisation Structure & Process(OSP).Its also a part of subject Principles of Business Management(PBM).
Introduction to Management - Meaning, Nature, Scope, Levels of ManagementSumit Sharaf
Introduction & Definition of Management
Components of Management
Features of Management
Functions of Management
Level of Management
Management and Administration
Management as Profession
Significance of Management from the point of view of Modern Business Operations.
Controlling-The Last Management function after Planning,Organising,Directing & Staffing.
'Controlling' is a part of subject Organisation Structure & Process(OSP).Its also a part of subject Principles of Business Management(PBM).
Introduction to Management - Meaning, Nature, Scope, Levels of ManagementSumit Sharaf
Introduction & Definition of Management
Components of Management
Features of Management
Functions of Management
Level of Management
Management and Administration
Management as Profession
Significance of Management from the point of view of Modern Business Operations.
the importance of controlling,the link between controlling and planning. types of control methods. steps in control process and characteristics of effective control system.
A fantastic PPT on organising. The PPT contains a detailed description about the concept of organising. It discusses the meaning, features and various aspects of organising.
This provides an overview of management approaches. Much of this work relied heavily on Bhavin Aswani's Evolution of Management Thought, Management 2's, The Evolution of Management Study and Management Yesterday and Today. Many other sources were also used in the slides.
the importance of controlling,the link between controlling and planning. types of control methods. steps in control process and characteristics of effective control system.
A fantastic PPT on organising. The PPT contains a detailed description about the concept of organising. It discusses the meaning, features and various aspects of organising.
This provides an overview of management approaches. Much of this work relied heavily on Bhavin Aswani's Evolution of Management Thought, Management 2's, The Evolution of Management Study and Management Yesterday and Today. Many other sources were also used in the slides.
Internal audit means a continuous critical review of financial and operating matters of a business. In other words, we can say that the audit of a business conducted by the business for a continuous basis. Internal audit is done by the internal staff appointed particularly for the audit purposes. These are called internal auditors.
Production and Operations Management
Product Vs Service
Concept of Production and OM
Functions /Scope of POM
Operation Strategy
Transformation Process
Product Design & Product Process
History of POM
Issues in POM
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Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
2. CONTENTS:
What is controlling??
Why is control important??
Planning and controlling: Parallel Functions…
Controlling process…
Tools for controlling organizational performance…
Contemporary issues in control!!!
3.
4.
5.
6.
7.
8. A four-step process including establishment of objectives and
standards, measuring actual performance, comparing actual
performance against a standard, and taking managerial
action to correct deviations or inadequate standards.
9. 1.Establishment of standards:
3 questions arises:
⇒WHERE
⇒WHAT
⇒WHEN
What are STANDARDS????
TYPES OF STANDARDS:
i) Measurable/ Tangible standards:
Eg. In the form of cost, output, expenditure, time, profit etc.
ii) Non Measurable/ Intangible standards:
Eg. Performance of a manager, deviation of workers, their attitude
towards a concern
10. 2. Measuring actual performance:
2 questions arises:
⇒ How we measure??
⇒ What we measure??
i) HOW WE MEASURE ??
It can be done through various sources:
⇒Personal observation,
⇒ statistical reports,
⇒ oral reports,
⇒ written reports etc..
11. ii) WHAT WE MEASURE??
What people in the organization will attempt to excel at?
⇒ Tangible Standards: measurement is easy
Eg. Budgets
Costs
Output
Sales
⇒ Intangible Standards: measurement through subjective measures
Eg. Employees
Performance
Satisfaction
Measurements must be accurate enough to spot deviations or variances
between what really occurs and what is most desired.
Without measurement, effective control is not possible.
12. 3. Comparing actual performance
against standards:
The comparison of actual performance with desired
performance establishes the need for action.
3 things need to be find out:
⇒ Range of variation
⇒ Extent of deviation
⇒ Cause of deviation
13. i)
Range of variation :
ii)
Extent of Deviation :
⇒
⇒
Minor Deviations
Major Deviations
14. iii) Cause of Deviation :
⇒ Planning
⇒ Coordination
⇒ Implementation
⇒ Supervision
⇒ Communication
15. 4. Taking managerial actions:
3 Courses of Action:
⇒ Doing Nothing
⇒ Correcting actual (current) performance
⇒ Revising the standard
i) Doing nothing
Only if deviation is judged to be insignificant.
ii) Correcting actual (current) performance
Immediate corrective action
Basic corrective action
iii) Revising the standard
Examining the standard to ascertain whether or not the standard is
realistic, fair, and achievable:
Upholding
Resetting
19. •Budgetary control
•Financial ratio
analysis
•Break even analysis
•Audits
•Report and personal
observations
•PERT & CPM methods
•Human resource
accounting
•Economic value
added(EVA)
•Market value added(MVA)
•Balanced scorecard
•Benchmarking
•Management information
system(MIS)
20. BUDGETARY CONTROL
BUDGET:
A budget is a financially expressed statement of anticipated
results during a designated time period(usually 1 year).
BUDGETARY CONTROL:
It is a system of controlling costs which includes
the preparation of budgets, coordinating the
departmentsand establishing responsibility, comparing the
actual performance with budgeted and acting upon resultsto
achieve maximum profitability.
21.
22. FINANCIAL RATIO ANALYSIS
It examines the relationship between specific figures on the
financial statements and helps explain the significance of those
figures:
LIQUIDITY RATIOS:It measure an organization's ability to
generate cash.
PROFITABILITY RATIOS:It measures an organization‘s
ability to generate profits.
DEBT RATIOS: It measure an organization's ability to pay its
debts.
ACTIVITY RATIOS: It measure an organization's efficiency in
operations and use of assets
23. PERT: PERT stands for Program Evaluation Review Technique. A PERT
chart is a project management tool used to schedule, organize, and
coordinate tasks within a project. A PERT chart presents a graphic
illustration of a project as a network diagram consisting of
numbered nodes (either circles or rectangles) representing events, or
milestones in the project linked by labeled vectors (directional lines)
representing tasks in the project. The direction of the arrows on the lines
indicates the sequence of tasks.
PERT identifies and controls the many separate events in complex projects.
24. CPM: The Critical Path Method (CPM) is one of several related
techniques for doing project planning. CPM is for projects that are
made up of a number of individual "activities." If some of the activities
require other activities to finish before they can start, then the project
becomes a complex web of activities.CPM can help you figure out:
i) how long your complex project will take to complete
ii) which activities are "critical," meaning that they have to be done on
time or else the whole project will take longer
25.
26. HRA: Human Resource Accounting may be defined as the
measurement and reporting of the cost and value of people as
organizational resources. It involves accounting for investment in
people and their replacement costs, as well as accounting for the
economic values of people to an organization.
Other Measures:
Economic Value Added (EVA): How much value is created by what a
company does with its assets, less any capital investments in those
assets: the rate of return earned over and above the cost of capital.
Market Value Added (MVA): The value that the stock market places
on a firm’s past and expected capital investment projects
Balanced Scorecard: A measurement tool that uses goals set by
managers in four areas to measure a company’s performance:
Financial, customer, internal processes, and
people/innovation/growth assets
27. Benchmarking: The search for the best practices among competitors or
non competitors that lead to their superior performance.
Information Controls: Management Information Systems (MIS) : A
system used to provide management with needed information on a
regular basis.
31. Ques > How to control this interaction??
Answer > Service profit chain
The service sequence from employees to customers to profit:
service capability affects service value which impacts on
customer satisfaction that, in turn, leads to customer loyalty in
the form of repeat business (profit).
32.
33. 1.Workplace privacy versus workplace
monitoring
Workplace privacy
Not to read Personal or Confidential e-mails
Not to tap telephone
Not to monitor an employee in dressing room
workplace monitoring
Employees are hired to work (productivity)
To avoid risk of hostile workplace environment
To maintain secrecy of company
intellectual property protection
2. Employee Theft
The unauthorized taking of company property by employees for their
personal use.
34. 3. Workplace violence
Anger, rage, and violence in the workplace is affecting employee
productivity.
Factors contributing to workplace violence:
4. Corporate Governance
The system used to govern a corporation so that the interests of
the corporate owners are protected.
Editor's Notes
IN THE WORDS OF HENRY FAYOL
"Control consists in verifying whether everything occurs in conformity with the plan
adopted, the instructions issued and the principles established. Its object is to find out
the weakness and errors in order to rectify them and prevent recurrence. It operates on
everything, i.e., things, people and actions".
From the above definitions it is clear that the managerial function of control consists
in a comparison of the actual performance with the planned performance with the
object of discovering whether all is going on well according to plans and if not why.
Remedial action arising from a study of deviations of the actual performance with the
standard or planned performance will serve to correct the plans and make suitable
changes. Controlling is the nature of follow-up to the other three fundamental
functions of management. There can, in fact, be not controlling without previous
planning, organizing and directing.
Controlling cannot take place in a vacuum.
Planning
Controls let managers know whether their goals and plans are on target and what future actions to take.
Empowering employees
Control systems provide managers with information and feedback on employee performance.
Protecting the workplace
Controls enhance physical security and help minimize workplace disruptions
Planning and Controlling might be thought of as a Siamese Twins because they are so closely related. Planning sets the ship’s course and controlling keeps it on course. When the ship begins to veer off the course, the navigator notices it and recommends a new heading designed to return the ship to its proper course. Essentially, management control works the same way. Management set goals and seek information on whether they are being reached as planned. If not, management make adjustments.
Range of variation
the acceptable parameters of variance between actual performance and the standard.
Corrective Actions
Change strategy, structure, compensation scheme, or training programs; redesign jobs; or fire employees
Immediate corrective action to correct the problem at once.
Basic corrective action to locate and to correct the source of the deviation.
http://www.egyankosh.ac.in/bitstream/123456789/38723/1/new%20%20Unit-5.pdf
To conclude, we can say that human resource accounting aims at: (1) increased
managerial awareness of the values of human resources, (2) better decisions about.
people, based on improved information systems, (3) greater accountability on the part of
management for its human resources,. (4) developing new measures of effective
manpower utilisation, (5) enabling a longer time horizon for planning and budgeting,
and (6) better human resource planning.
i) Less direct control by the home office:
The use of technology to increase direct corporate control of local operations
ii) Legal constraints on corrective actions in foreign countries
iii) Difficulty with the comparability of data collected from operations in different countries