Some of the essential steps of controlling process as studied under Business Management are : 1. Setting Performance Standards 2. Measurement of Actual Performance 3. Comparing Actual Performance with Standards 4. Analysing Deviations 5. Taking Corrective Action. […]
New scientific techniques of management are: (i) Just in Time Manufacturing (ii) Lean Manufacturing (iii) Kaizen (iv) Six Sigma (v) Operations Research! (i) Just in Time Manufacturing: It is a strategy of inventory management which is concerned with reducing the stock of work in progress and its associated costs and thus improving return on investment. […]
For the smooth functioning of a business, each manager is required to perform the primary functions of management viz planning, organising, directing, staffing and controlling! 1. Planning: Planning is the basic function of the management and involves deciding in advance what is to be done, how, where, and by whom. Planning is futuristic in nature. It is a continuous process [...]