Chapter 10 - Monitoring

Question 1

4 components of monitoring process

Answer 1

1. Management Information System.
2. Standards and Benchmarks.
3. Results.
4. Corrective Actions.

Question 2

To be effective, management information system should have these characteristics.

Answer 2

1. Simplicity.
2. Accessibility.
3. Merge Capability.
4. Adaptability.

Question 3

Components of sales data

Answer 3

1. Sales volume.
2. Product mix.
3. Commission income.
4. Net profit.
5. Individual performance.

Question 4

Historical Standards

Answer 4

• Compare last year to this year.

- Using industry standards instead of internal standards allows for a greater understand of where the brokerage is.

Question 5

Engineered Standards

Answer 5

Measure the potential output of workers.

-example, premiums per employee.

Question 6

Results

Answer 6

• financial data

- sales data