Summary Introduction to Business Management, ISBN: 9780195992519 MNB 1501-Business Management 1A
Summary Introduction to Business Management, ISBN: 9780195992519 MNB 1501Business Management
Summary Introduction to Business Management, ISBN: 9780195992519 MNB 1501Business Management
All for this textbook (17)
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University of South Africa (Unisa)
MNB 1501Business Management
All documents for this subject (17)
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1.Controlling the management
process
1.1.Key concepts
Task of control Control process Standards
Control of physical resources Quantity control Material requirements
planning
Just-in-time system (JIT) Budgets quality control Accuracy
Unnecessary Flexibility Timeliness
Deviation Corrective action Focus of control
Economic order Financial resources Information resources
Characteristics of a control Complexity Actual performance
system
Inventory
1.2.Introduction to control
• Narrow gap between planned and actual achievement
• Was organisational goals met?
• If not, which corrective action needs to be taken?
• Used to ensure that organisation’s goals & objectives are met and resources are used
as productively & effectively as possible.
1.3.Purpose of control
LO1: Analyse control as a management task by:
• Explaining the task of control and its purpose,
o Without control, effective planning cannot take place
o Enable companies to adapt to environmental change & cope with
uncertainty
o Limit accumulation of errors due to poor decision making
o Minimise cost & increases output
o Identify areas of weak performance
o Identify problems before becoming critical
o Determine whether delegated tasks were carried out satisfactory
o Results in better quality
o Identify resources being wasted or misapplied
• Describing how a control process should function.
1.4.Control process
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