There is a very close link between planning and controlling. This is shown in Fig. 17.2. This is usually the first part of the management process. In the next stage, the organising and leading functions get the actual work of the organisation done, and the controlling function is directly tied back into planning. Fig 17.2 : The Link Between Planning [...]
This article throws light upon the three main aids used in managerial control. The aids are: 1. Management by Exception (MBE) 2. Management Information Systems (MIS) 3. Key Indicator Management. Aid # 1. Management by Exception (MBE): Management by exception, or the exception principle enables managers to direct attention to the most critical areas of control and permits employees or [...]
This article throws light upon the three important key functions of organisational control process. The functions are: 1. Financial Control 2. Inventory Control 3. Quality Control. Function # 1. Financial Control: Financial controls are important for various reasons. The most important reason is that financial data are the index of a firm's success and prestige. Financial results give a broad [...]