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Control Process   The process of measuring actual performance, comparing it against a standard, and taking managerial action to correct deviation or inadequate standard
Expected performance Measuring actual performance Corrective action
Control Process-Steps Establish Standards - Standard: criteria of performance Comparing Actual Performance -Range of variation Taking Managerial Action -Immediate corrective action  -Basic corrective action Revise the standards -Unrealistic standard -Goal too high
Types of control Feedforward - Most desirable Concurrent   -Direct supervision Feedback   - Most popular
Feed forward control   Control that focuses on human, material, and financial resources flowing into the organization also called pre-action or preventive control
Feed back Control   Control that focuses on the organization’s output also called post-action or output control
Concurrent Control   Control that consists of monitoring ongoing employee activities to ensure their consistency with established standards
Approaches to control Market Bureaucratic Clan Organizational
Market control Control systems that emphasize the use of external market mechanisms to establish the standards used for controlling
Bureaucratic Control   The use of rules, policies-hierarchy of authority, rewards systems, and other formal devices to influence employee behavior and assess performance
Clan Control   The use of social values, traditions, common beliefs, and trust to generate compliance with organization standards
Organizational Control The  systematic process through which managers regulate organizational activities to make them consistent with expectations established in plans, targets and standard of performance.
Standards Standards are yardsticks against which actual or expected performance in measured
Types of Standards Physical  Capital Cost Revenue Intangible Goals Strategic
Physical Standards They reflect quantities such as labour hours per unit of production, units of production per machine-hour, durability of a fabric, fastness of colour, rate of climb of an airplane etc
Cost Standards Cost Standards are monetary measurements such as cost per unit produced, labour cost per hour, material cost per unit, machine operating cost per hour, cost of per foot of of well drilled etc.
Capital Standards Reflect Capital invested in the factory rather than operating costs and reflect ratios of current assets to current Liabilities, debt to net worth, cash & receivables to payables, the size and turnover of inventous.
Revenue Standards Revenue standards reflect monetary values of sales, such as revenue per passenger-mile, average sale per customer, sales per capital in given market area.
Intangible Standard Standards not expressed in either physical or monetary measurements such as competence of sales manager, effectiveness of advertising campaign, success of public relations department, morale of employees etc
Goal Standards Reflects performance or output (production) against targets such as production of cars against a target of 300 cars per month, actual production of cloth against a target of 15,000 yards per month, actual visits to clients by sales people against a target of 10 per week etc
Strategic Standards Comprises of comparison of actual performances & results against overall objectives of an organization over a period of time (usually one year), such as annual profits, growth, market share, stock value, etc
Requirements of Effective Control Tailoring controls to plans and position Tailoring controls to individual Managers Provisions for exceptions Seeking objectivity  Ensuring flexibility Matching with Organizational Culture Achieving economy
Qualities of Effective Control System Accuracy Reasonable Criteria Timeliness  Economy Flexibility Understandability Emphasis on Exception Multiple Criteria Corrective action
Dysfunctional Control Regulation Fixation System Imperfections Emphasis of Procedures Rigid Control Techniques
Control Tools & Techniques Information Tools Financial Tools Analytical Tools Traditional Tools
Information Tools Organizational Communication MIS
Financial Tools Budget Ratio analyses
Analytical Tools Gnatt Chart PERT Milestone budgeting
Traditional Tools Statistical data Special reports & analysis Operational data Personal observations
Budget A numerical plan for allocating resources to specific activities
Types of Budgets Revenue Expense Time, space, material & product Capital expenditure Cash
Popular Financial Ratios Objective   Ratio Calculation Liquidity Test   Current Ration Current Assets Current Liabilities    Acid Test   Current assets less inventories  Current Liabilities Operation Test  Inventory turnover    Sales Inventory   Total asset turnover Sales Total assets Profitability   Profit margin Net profit after Taxes Total Sales   Return on Investment Net profit after taxes Total assets

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Principles of Management

  • 1. Control Process The process of measuring actual performance, comparing it against a standard, and taking managerial action to correct deviation or inadequate standard
  • 2. Expected performance Measuring actual performance Corrective action
  • 3. Control Process-Steps Establish Standards - Standard: criteria of performance Comparing Actual Performance -Range of variation Taking Managerial Action -Immediate corrective action -Basic corrective action Revise the standards -Unrealistic standard -Goal too high
  • 4. Types of control Feedforward - Most desirable Concurrent -Direct supervision Feedback - Most popular
  • 5. Feed forward control Control that focuses on human, material, and financial resources flowing into the organization also called pre-action or preventive control
  • 6. Feed back Control Control that focuses on the organization’s output also called post-action or output control
  • 7. Concurrent Control Control that consists of monitoring ongoing employee activities to ensure their consistency with established standards
  • 8. Approaches to control Market Bureaucratic Clan Organizational
  • 9. Market control Control systems that emphasize the use of external market mechanisms to establish the standards used for controlling
  • 10. Bureaucratic Control The use of rules, policies-hierarchy of authority, rewards systems, and other formal devices to influence employee behavior and assess performance
  • 11. Clan Control The use of social values, traditions, common beliefs, and trust to generate compliance with organization standards
  • 12. Organizational Control The systematic process through which managers regulate organizational activities to make them consistent with expectations established in plans, targets and standard of performance.
  • 13. Standards Standards are yardsticks against which actual or expected performance in measured
  • 14. Types of Standards Physical Capital Cost Revenue Intangible Goals Strategic
  • 15. Physical Standards They reflect quantities such as labour hours per unit of production, units of production per machine-hour, durability of a fabric, fastness of colour, rate of climb of an airplane etc
  • 16. Cost Standards Cost Standards are monetary measurements such as cost per unit produced, labour cost per hour, material cost per unit, machine operating cost per hour, cost of per foot of of well drilled etc.
  • 17. Capital Standards Reflect Capital invested in the factory rather than operating costs and reflect ratios of current assets to current Liabilities, debt to net worth, cash & receivables to payables, the size and turnover of inventous.
  • 18. Revenue Standards Revenue standards reflect monetary values of sales, such as revenue per passenger-mile, average sale per customer, sales per capital in given market area.
  • 19. Intangible Standard Standards not expressed in either physical or monetary measurements such as competence of sales manager, effectiveness of advertising campaign, success of public relations department, morale of employees etc
  • 20. Goal Standards Reflects performance or output (production) against targets such as production of cars against a target of 300 cars per month, actual production of cloth against a target of 15,000 yards per month, actual visits to clients by sales people against a target of 10 per week etc
  • 21. Strategic Standards Comprises of comparison of actual performances & results against overall objectives of an organization over a period of time (usually one year), such as annual profits, growth, market share, stock value, etc
  • 22. Requirements of Effective Control Tailoring controls to plans and position Tailoring controls to individual Managers Provisions for exceptions Seeking objectivity Ensuring flexibility Matching with Organizational Culture Achieving economy
  • 23. Qualities of Effective Control System Accuracy Reasonable Criteria Timeliness Economy Flexibility Understandability Emphasis on Exception Multiple Criteria Corrective action
  • 24. Dysfunctional Control Regulation Fixation System Imperfections Emphasis of Procedures Rigid Control Techniques
  • 25. Control Tools & Techniques Information Tools Financial Tools Analytical Tools Traditional Tools
  • 26. Information Tools Organizational Communication MIS
  • 27. Financial Tools Budget Ratio analyses
  • 28. Analytical Tools Gnatt Chart PERT Milestone budgeting
  • 29. Traditional Tools Statistical data Special reports & analysis Operational data Personal observations
  • 30. Budget A numerical plan for allocating resources to specific activities
  • 31. Types of Budgets Revenue Expense Time, space, material & product Capital expenditure Cash
  • 32. Popular Financial Ratios Objective Ratio Calculation Liquidity Test Current Ration Current Assets Current Liabilities Acid Test Current assets less inventories Current Liabilities Operation Test Inventory turnover Sales Inventory Total asset turnover Sales Total assets Profitability Profit margin Net profit after Taxes Total Sales Return on Investment Net profit after taxes Total assets