Best Interview Tips, How To Summarize Passage ? Disclaimer 9. What is Corporate Finance? It keeps the employees under check and brings discipline among them. Was that person meant to do that or was that machine supposed to be used instead of this one are probable questions that this process answers. Controlling also ensures efficient and effective use of organisational resources for achieving the goals. 7 Steps To Open Bank Account. Management control refers to setting of predetermined standards, comparing actual performance with these standards and, if required, taking corrective actions to ensure the achievement of organisational goals. Introduction, Definition and Features of Bank. Management can then integrate the factors of production and the available … Management… Controlling is an important function of management which all the managers are required to perform. Thus, it is a pervasive function. Controlling is one of the managerial functions while management control can be defined as a process which managers follow to perform the controlling function. It is important activity in any business enterprise. Controlling Function of Management Controlling means validating if the activities occurring are in confirmation with the actual plans prepared and accepted, instructions issued and principles established. All the errors and lacking within the organization can be defined with controlling, and goals can be attained more quickly. This step would probably involve ensuring that the architect newly hired is giving regular updates, the newly reorganized funding campaign is working in the earnest etc. The creation and the prior establishment of standards is the first step involved in the process of controlling. Through management, the factors of production can be arranged together, and resources can be organized and assembled (Kochan & Schmalensee, 2003). This helps the expansion of span of control at all levels. Controlling is facilitated through the formation of such standards because controlling is practiced only on the basis of such standards. Controlling is thus a very important and integral part of everyday management. The benefit of answering such questions is that the people using such resources will be more careful in its usage and this leads to a optimum use of resources. Control helps to fix responsibility of a particular job on a particular person or a particular department. (iii) Making efficient use of resources: By exercising control, a manager seeks to reduce wastage and spoilage of resources. The control process helps to reveal the defects in the standards established leading to revision in plans, setting of new goals, changes in organisational structure and improvement in staffing and techniques of direction. These are called as intangible standards. The disadvantages and advantages of each control system must also be considered when choosing a system for business management. The size of modern business enterprises is increasing. The significance of the controlling function in an organisation is as follows: Controlling helps in comparing the actual performance with the predetermined standards, finding out deviation and taking corrective measures to ensure that the activities are performed according to plans. © 2020 . A good control system helps an organization in … In the same way in case of companies some control is needed to ensure that company’s plans are implemented properly, controlling is an integral part of any company because with proper control no plan of action can be successful. (ii) Judging accuracy of standards: A good control system enables management to verify whether the standards set are accurate and objective. Control is an indispensable function of management. Content Guidelines 2. The controlling function compares the actual performance with predetermined standards, finds out deviation and attempts to take corrective measures. In the same way, if controlling is done properly than minor deviation can be easily corrected on time by the management thus ensuring that minor deviation does not become major and puts the whole company in the jeopardy. Disclaimer 8. 2. Eventually, this process helps in formulation of future plans too. Without control the best of plans can go awry. Qualitative assessment becomes a challenge, especially while the performance of manager needs to be measured. A good control system helps an organization in the following ways: (i) Accomplishing organizational goals: The controlling process is implemented to take care of the plans. Hence, it is a goal oriented function. When the employees understand the goals and are kept goal oriented their efforts will be directed towards achieving it.

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