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controlling

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controlling

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  1. CONTROLLING The long-term existence of many companies are placed in jeopardy because of difficulties caused by problems which could have been avoided in the first place.

  2. Examples of problems: • The transmission of confidential information to competitors. • The hiring of personnel way above the required number. • Unethical conduct of an employee.

  3. CONTROLLING refers to the process of ascertaining whether organizational objectives have been achieved, if not, to determined why not; and determining what activities should be taken to achieve objectives better in future. Controlling completes the cycle of management functions. • IMPORTANCE OF CONTROLLING when controlling is properly implemented, it will help the organization achieve its goal in the most efficient and effective manner possible.

  4. STEPS IN THE CONTROL PROCESS • Establishing performance objectives and standards 1. Sales target 2. Production targets 3. Worker attendance 4. Safety record 5. Supplies used  • Measuring actual performance • Comparing actual performance to objectives and standards • Taking necessary action based on the results of the comparison 1. Hire additional personnel 2. use more equipment 3. require overtime work

  5. TYPES OF CONTROL • Feedforward control-when management anticipates problems and prevents their occurences • Concurrent control-when operations are already on going and measures to detect variances are made. • Feedback control-when information is gathered about a completed activity for purposes of evaluating and deriving required steps for improving the activity. 

  6. COMPONENTS of Organizational Control System • The strategic plan • The long-range financial plan • The operating budget • Performance appraisals • Statistical reports labor efficiency rates quality control rejects accounts receivable accounts payable sales report accidents report power consumption report • Policies and procedures

  7. STRATEGIC CONTROL SYSTEM • Financial analysis • Financial ratio analysis -Liquidity ratios *Current ratio *Acid-test ratio -Efficiency ratios *Inventory turnover ratio *Fixed assets turnover - Financial Leverage Ratios *Debt to total assets ratio *Times interest earned ratio -Profitability Ratios *Profit margin ratio *Return on asset ratio *Return on equity ratio

  8. IDENTIFYING CONTROL PROBLEMS • Executive reality check • Comprehensive Internal Audit • Symptoms of Inadequate Control

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