After reading this article you will learn about:- 1. Meaning of Control 2. Nature of Control 3. Principles 4. Factors 5. Aims 6. Benefits 7. Limitations. Meaning of Controlling: Controlling is one of the managerial functions and it is an important element of the management process. After the planning, organising, staffing and directing have been carried out, the final managerial [...]
This article throws light upon the ten main types of budget used in an organisation. The types are: 1. Sales Budget 2. Cash Budget 3. Production Budget 4. Materials Budget 5. Labor Budget 6. Factory Overhead Budget 7. Distribution Overhead Budget 8. Administrative Overhead Budget 9. Master Budget 10. Fixed and Flexible Budget. Type # 1. Sales Budget: It includes [...]
This article throws light upon the three main steps involved in the process of control in an organisation. The steps are: 1. Establishing Standards 2. Apprising Performance 3. Taking Corrective Action. Step # 1. Establishing Standards: A standard acts as a reference line or basis of comparison of actual performance in the organisation. Standards in enterprise should be set precisely [...]