13 Questions
What are the five steps involved in the control process?
Setting standards, measuring performance, comparing actual performance to the standard, determining reasons for deviations, and taking corrective action.
What is the definition of controlling in management?
Controlling is a management function that involves monitoring operations and taking corrective action if necessary.
What is the main purpose of benchmarking?
To improve overall performance of a firm
What was the standard set for in the example provided in the text?
100 note packages sold per month to students in a geology course
How do universities and colleges use benchmarking?
By using published rankings tables
What are the five steps involved in the control process?
The five steps involved in the control process are setting standards, measuring performance, comparing actual performance to the standard, determining reasons for deviations, and taking corrective action.
What was the reason for the shortfall in note package sales in the example provided?
The copy machine frequently broke down, causing packages to not be ready on time
What was the standard set in the example provided?
The standard set in the example provided was 100 note packages sold per month to students in a geology course.
How is data collected in benchmarking consortiums?
An outside consultant collects data from all participants and anonymizes it
What should be done to adjust the standards according to the text?
Adjustments to the standards should be made based on accurate information.
What was the reason for the shortfall in actual sales in the example provided?
The reason for the shortfall in actual sales in the example provided was that the copy machine frequently broke down, causing packages to not be ready on time.
Why is it important to make adjustments to the standards based on accurate information?
It is important to make adjustments to the standards based on accurate information to ensure that they are realistic and achievable, and to avoid setting unattainable goals that can lead to frustration and demotivation.
Why is controlling an ongoing process?
Because it helps identify problems and improve planning.
Study Notes
- Benchmarking aims to improve overall performance of a firm.
- It involves comparing practices and processes with other organizations.
- Benchmarking can be done through monitoring publicly available information.
- Universities and colleges use published rankings tables for benchmarking.
- Companies can work with unrelated industries to exchange ideas and improve efficiency.
- Benchmarking consortiums can be used to directly compare with competition.
- An outside consultant collects data from all participants and anonymizes it.
- Participants can then gauge their performance compared to others in the industry.
- Benchmarking can improve both efficiency and effectiveness.
- It is a specialized kind of control activity.
Challenge your knowledge on benchmarking with this informative quiz! Test your understanding of the process, the different types of benchmarking, and how it can be used to improve overall performance. Learn about benchmarking consortiums, how to monitor publicly available information, and how to compare practices and processes with other organizations. Explore the benefits of benchmarking and discover how it can improve efficiency and effectiveness in any industry. Take this quiz now and become an expert in this specialized kind of control activity!
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