ME 213: Module 7 - Part 2 Flashcards
It is the process of ascertaining whether organizational objectives have been achieved; if not why not; and determining what activities should then be taken to achieve objectives better in the future.
CONTROLLING
This completes the cycle of management functions.
CONTROLLING
are set at the planning
stage are verified as to achievement or completion at any given point in the organizing and implementing stages
Objectives and goals
It will help the organization achieve its goal in the most efficient and effective manner possible.
controlling
These measures minimize the ill effects of such negative occurrences
Proper control measures
This minimizes, if not totally eliminates losses in inventory
effective inventory control system
4 Steps of the Control Process
- Establishing performance objectives and standards
- Measuring actual performance
- Comparing actual performance to objectives and standards
- Taking necessary action based on the results of the comparisons
5 Examples of Objectives and Standards
- Sales Targets
- Production targets
- Worker attendance
- Safety record
- Supplies used
which are expressed in quantity or monetary terms
Sales Targets
which are expressed in quantity or quality
Production targets
which are expressed in terms of rate of absences
Worker attendance
which is expressed in number of accidents for given periods
Safety record
which are expressed in quantity or monetary terms for given periods
Supplies used
In construction firms, these are useful standards.
project completion dates
In chemical manufacturing firms, these certain pollution measures form the basis for standard requirement.
certain pollution measures
This is needed so that when shortcomings occur adjustments could be made. The adjustments will depend on the actual findings.
measure actual performance
Once actual performance has been determined, this will be compared with what the organization seeks to achieve. Actual production output, for instance, will be compared with the ________________.
target output
What is the purpose of comparing actual performance with the desired result?
to provide management with the opportunity to take corrective action when necessary.
It is when management anticipates problems and prevents their occurrence.
feedforward control
This type of control provides the assurance that the required human and non-human resources are in place before operations begin
Feedforward Control
The manager of a chemical manufacturing firm makes sure that the best people are selected and hired to fill jobs. Materials required in the production process are carefully checked to detect defects. The foregoing control measures are designed to prevent wasting valuable resources. If these measures are not undertaken, the likelihood that problems will occur is always present.
Which type of control supports this example?
Feedforward Control
It is when operations is already on going and activities to detect variances are made.
Concurrent Control
It is always possible that deviations from standards will happen in the production process. When such deviations occur, adjustments are made to ensure compliance with requirements.
Concurrent Control
The manager of a construction firm constantly monitors the progress of the company’s projects. When construction is behind schedule, corrective measures like the hiring of additional manpower are made.
Which type of control supports this example?
Concurrent Control
It is when information is gathered about completed activity and in order that evaluation and steps for improvement are derived.
Feedback Control
These are aimed at improving future activities are features of feedback control.
Corrective actions
This validates objectives and standards. If accomplishments consist only of a percentage of standard requirements, the standard may be too high or inappropriate.
Feedback control
The supervisor who discovers that continuous overtime work for factory workers lowers the quality of output. The feedback information obtained leads to some adjustments in the overtime schedule.
Which type of control supports this example?
Feedback Control
Is an important management responsibility that deals with the “procurement and administration of funds with the view of achieving the objectives of business”.
finance function
Is one of the three basic management functions. The other two are production and marketing.
finance function
It is oftentimes unavoidable for firms to extend this to customers.
credit
The maintenance of adequate __________ is crucial to many firms. Raw materials, supplies, and parts are needed to be kept in storage so they will be available when needed
inventory
6 Sources of Funds (CLOSAC)
- Cash Sales
- Loans and Credits
- Ownership contributions
- Sales of assets
- Advance from customers
- Collection of Accounts Receivables
Cash is derived when the firm sells its products or services
Cash Sales
Some engineering firms extend credit to customers. When these are settled,
cash is made available.
Collection of Accounts Receivables
When other sources of financing are not enough, the firm will have to resort to borrowing
Loans and Credits