MGMT Final Ch. 14 Flashcards
Controlling
The process of monitoring progress and taking corrective action when needed to ensure objectives are achieved
Why is control needed?
To help achieve objectives through control to monitor and measure performance
Control Systems Process
Inputs: preliminary control (gets feedback)
Transformation process: concurrent control (gives and gets feedback)
Outputs: rework control (gives and gets feedback)
customer/stakeholder satisfaction: damage control (gives feedback)
Keys to successful control systems and barriers to control
Strategic and results oriented
Timely, accurate, and objective
Realistic, positive, and understandable & encourage self-control
Flexible
Barriers to control
Too much control
Too little employee participation
Overemphasis on means
Feedforward control
identifying and preventing problems in an organization before they occur
Concurrent Control
Action taken to ensure that standards are met as inputs are transformed into outputs
Feedback Control
help to use customers opinions as how to improve
Rework control
action taken to fix an output
Damage Control
action taken to minimize negative impacts on customers/stakeholders due to faulty outputs
Constant Control
self, clan, standing plans, and machine monitoring
Periodic Control
regular meetings and reports
Occasional Control
observation, exception principle, special reports, project
Financial Control- Budget
a planned quantitative allocation of resources for specific activities
Financial Control- financial statement
the income statement, balance sheet, and cash flow statement
Financial Control- Audits
An official inspection of an individual’s or organization’s accounts, typically by an independent body