Podcast
Questions and Answers
Why is it important to have criteria to measure standards in a workplace?
Why is it important to have criteria to measure standards in a workplace?
What types of standards are mentioned in the text?
What types of standards are mentioned in the text?
Which of the following is considered a tangible standard in the text?
Which of the following is considered a tangible standard in the text?
What is the purpose of setting up rules to measure performance in a workplace?
What is the purpose of setting up rules to measure performance in a workplace?
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Why do tangible standards play a crucial role in evaluating work performance?
Why do tangible standards play a crucial role in evaluating work performance?
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What is the purpose of the controlling process in business management?
What is the purpose of the controlling process in business management?
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Why is the controlling process considered critical in business management?
Why is the controlling process considered critical in business management?
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What can the controlling process help a company determine?
What can the controlling process help a company determine?
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Why is setting performance standards crucial in the controlling process?
Why is setting performance standards crucial in the controlling process?
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What happens if a company does not apply a controlling process?
What happens if a company does not apply a controlling process?
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How can the five-step procedure for controlling processes benefit a business?
How can the five-step procedure for controlling processes benefit a business?
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Study Notes
Importance of Standards in Business Management
- To achieve business goals, cooperation, teamwork, and a collaborative effort are essential, and standards are necessary to measure performance.
- Standards help management understand how production is progressing and make adjustments when necessary.
Types of Standards
- There are two groups of standards: tangible (specific) and intangible (abstract).
- Tangible standards are measurable, such as time, cost, profit, expenditure, and output.
- Intangible standards are not measurable, such as a manager's performance, worker's attitude, etc.
The Controlling Process in Business Management
- The controlling process is crucial in business management, enabling companies to navigate changes in the supply chain, customer demand, and other variables.
- It allows companies to determine if plans are on track and make adjustments when necessary.
Controlling Process Steps in Business Management
- The five-step procedure for controlling processes includes:
- Setting performance standards to guide teams towards business goals
- Measuring and refining business activities to ensure they align with goals
- Identifying and addressing deviations from set standards
- Taking corrective action to get back on track
- Reviewing and updating standards to maintain effectiveness
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Description
Learn about the controlling process in business management, where managers set, measure and refine business operations to manage cost control and navigate changes in the supply chain and customer demand. Discover how this critical task helps in keeping a business solvent and ensures plans are moving in the right direction.
