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Unit 5 Controlling MF

Controlling is checking current performance against predetermined standards to ensure adequate progress and satisfactory performance. It helps take corrective action, dissolve deviations, reduce mistakes, achieve goals, improve motivation, make efficient use of resources, ensure order and discipline, and facilitate coordination. The control process involves setting objectives, establishing performance standards, establishing predictors of objectives, evaluating results against standards, and providing feedback. Types of control include precontrol, concurrent control, and feedback control. Financial control aims to achieve organizational objectives through planning, evaluating, and coordinating financial activities. Informational control gathers, organizes, maintains, and researches knowledge to provide insights for better decision-making and execution. Benchmarking continuously compares business processes and metrics to industry best practices

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17 views

Unit 5 Controlling MF

Controlling is checking current performance against predetermined standards to ensure adequate progress and satisfactory performance. It helps take corrective action, dissolve deviations, reduce mistakes, achieve goals, improve motivation, make efficient use of resources, ensure order and discipline, and facilitate coordination. The control process involves setting objectives, establishing performance standards, establishing predictors of objectives, evaluating results against standards, and providing feedback. Types of control include precontrol, concurrent control, and feedback control. Financial control aims to achieve organizational objectives through planning, evaluating, and coordinating financial activities. Informational control gathers, organizes, maintains, and researches knowledge to provide insights for better decision-making and execution. Benchmarking continuously compares business processes and metrics to industry best practices

Uploaded by

pragyatiwari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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CONTROLLING By: Pragya Tiwari

MBA Department
CONTROLLING
“Control is checking current performance against
predetermined standards constrained in the plans,
with a view to ensuring adequate progress and
satisfactory performance.”
-F.F.L. Breach
IMPORTANCE
OF
CONTROLLING
1) Helps in taking corrective action to meet the standard.
2)It dissolves the deviation and takes the corrective
measures.
3)It reduces the chances of mistakes being repeated in
the future by providing preventive steps.
4) Helps in achieving organizational goals.
5) Improving employee motivation
6) Making efficient use of resources.
7) Ensuring order and discipline
8) Facilitate co-ordination
CONTROL
PROCESS
Control is an on going process which may be defined
in terms of its sub-parts, as shown below –
Establishing
predictor Establishing Evaluating
Setting the s of the standards of results against
objectives objectives performance standards

Feedback action to reinforce the positive and correct


negative results
TYPES OF
CONTROL
S
Precontrol methods help Organization acquire
Managers control the acquisition of human, material, capital
resources and financial resources
from their environment

Concurrent control methods help Organizations transform


managers control the transformation of resources through
resources production/operation,
activities and processes

Feedback control methods help managers Organization create


control the creation of resources resources in the form of
products and services
FINANCIAL
CONTROL
• Financial control aims at planning, evaluation,
and coordination of financial activities in order to
achieve the objective of the firm.
• Financial control also provides a set of rules
and regulations with regard to the financial
management systems followed in an
organization.
• Information Controls - The right to
have control over your personal information.
INFORMATIONAL
CONTROL
Information control is the
gathering, group, upkeep and
research of knowledge to supply
insights that permit higher
decision-making and execution.
• Benchmarking is the continuous process of
comparing one's business processes and
performance metrics to industry bests
and/or best practices from other industries.
Dimensions typically measured are quality,
time, and cost. Improvements from learning
mean doing things better, faster, and
cheaper.

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