Management Control Process Quiz
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Questions and Answers

What is the definition of control?

  • The process of measuring progress towards planned performance
  • The process of setting performance standards
  • The process of supervising employees
  • The process of ensuring the effective and efficient achievement of organisational goals (correct)

    • What are the sources of performance standards?

  • Quality standards, safety standards, production standards
  • Financial standards, market standards, operational standards
  • Internal standards, external standards, industry standards
  • Historical standards, comparative standards, engineering standards (correct)

    • What are the possible sources of performance data?

  • Production logs, inventory records, sales data
  • Written reports, oral reports, personal observation (correct)
  • Market research, competitor analysis, industry trends
  • Financial statements, customer feedback, employee surveys

    • What is feedforward control aimed at?

    <p>Preventing mistakes before they occur</p> Signup and view all the answers

    Who can take corrective action in the control process?

    <p>Top management, a specialist, operators themselves</p> Signup and view all the answers

    What is concurrent control focused on?

    <p>Monitoring mistakes while they occur</p> Signup and view all the answers

    Which type of control focuses on the transformation of inputs into outputs in real time?

    <p>Concurrent Control</p> Signup and view all the answers

    What is the primary focus of feedback control?

    <p>Monitoring outputs to ensure they meet standards</p> Signup and view all the answers

    What method of control involves the calculation of fixed and variable costs to analyze the point at which it becomes profitable to produce a good or service?

    <p>Break even analysis</p> Signup and view all the answers

    Which type of budget includes projections of hours, space, and material to be used?

    <p>$Time$, $space$, $material$, and $production$ Budget</p> Signup and view all the answers

    Which type of control is exemplified by a Gantt chart?

    <p>$Non-Financial$ Project Control</p> Signup and view all the answers

    'Identification of need to improve' is associated with which aspect of overall controls' impact?

    <p>$Identification$ of need to improve</p> Signup and view all the answers

    What is the main focus of financial control through budgetary analysis?

    <p>Comparing actual revenues, expenses, and sales to expected values</p> Signup and view all the answers

    Which type of control involves developing a quality manual and engaging in inspection?

    <p>Quality control</p> Signup and view all the answers

    What does Total Quality Management involve in relation to suppliers and customers?

    <p>Involving both suppliers and customers in quality processes</p> Signup and view all the answers

    What is the main purpose of project controls like Gantt charts?

    <p>Monitoring outputs after project completion</p> Signup and view all the answers

    What does break-even analysis help determine?

    <p>Volume needed to reach break-even point for a product or service</p> Signup and view all the answers

    What does concurrent control cope with?

    <p>Contingencies not anticipated during work execution</p> Signup and view all the answers

    What is the primary focus of feedforward control?

    <p>Identifying and preventing mistakes before they occur</p> Signup and view all the answers

    What are the possible sources of performance standards?

    <p>Historical standards, comparative standards, engineering standards</p> Signup and view all the answers

    What does concurrent control cope with?

    <p>Transformation of inputs into outputs in real time</p> Signup and view all the answers

    Who can take corrective action in the control process?

    <p>Top management, specialists, operators themselves</p> Signup and view all the answers

    'Identification of need to improve' is associated with which aspect of overall controls' impact?

    <p>'Feedback' as an essential part of the architecture of control</p> Signup and view all the answers

    Which type of control involves developing a quality manual and engaging in inspection?

    <p>Feedback control</p> Signup and view all the answers

    What method of control involves the calculation of fixed and variable costs to analyze the point at which it becomes profitable to produce a good or service?

    <p>Financial control</p> Signup and view all the answers

    What is the main focus of financial control through budgetary analysis?

    <p>Analyzing costs and profits to ensure financial efficiency</p> Signup and view all the answers

    'Setting performance standards' involves which types of sources?

    <p>Historical standards, comparative standards, engineering standards</p> Signup and view all the answers

    'Taking corrective action' can be performed by which entities?

    <p>Top management, specialists, operators themselves</p> Signup and view all the answers

    'Feedforward Control' is aimed at which objective?

    <p>Identifying and preventing mistakes before they occur</p> Signup and view all the answers

    Which type of control involves developing a quality manual and engaging in inspection?

    <p>Total Quality Control</p> Signup and view all the answers

    What is the primary focus of feedforward control?

    <p>Coping with contingencies which are not anticipated</p> Signup and view all the answers

    What does break-even analysis help determine?

    <p>Point at which it becomes profitable to produce a good or service</p> Signup and view all the answers

    'Identification of need to improve' is associated with which aspect of overall controls' impact?

    <p>Identification of need to improve</p> Signup and view all the answers

    'Implementation of desired practices' is associated with which aspect of overall controls' impact?

    <p>Implementation of desired practices</p> Signup and view all the answers

    What method of control involves the calculation of fixed and variable costs to analyze the point at which it becomes profitable to produce a good or service?

    <p>Financial Control: Budgetary</p> Signup and view all the answers

    Which type of budget includes projections for expenditure on plant and machinery?

    <p>Capital Expenditure Budget</p> Signup and view all the answers

    What does Total Quality Management involve in relation to suppliers and customers?

    <p>Involves Suppliers and Customers</p> Signup and view all the answers

    Which type of control focuses on the transformation of inputs into outputs in real time?

    <p>Concurrent Control</p> Signup and view all the answers

    What are the sources of performance standards?

    <p>Both Financial and Non-Financial Controls</p> Signup and view all the answers

    'Identification of best practice' is associated with which aspect of overall controls' impact?

    <p>Identification of best practice</p> Signup and view all the answers

    Which type of control is future-directed and aimed at preventing mistakes before they occur?

    <p>Feedforward control</p> Signup and view all the answers

    What is the primary focus of concurrent control?

    <p>Transformation of inputs into outputs in real time</p> Signup and view all the answers

    What does break-even analysis help determine?

    <p>Fixed and variable costs</p> Signup and view all the answers

    'Identification of need to improve' is associated with which aspect of overall controls' impact?

    <p>'Identification of best practice'</p> Signup and view all the answers

    'Setting performance standards' involves which types of sources?

    <p>Historical standards, comparative standards, and financial standards</p> Signup and view all the answers

    Who can take corrective action in the control process?

    <p>Any of the above</p> Signup and view all the answers

    What method of control involves the calculation of fixed and variable costs to analyze the point at which it becomes profitable to produce a good or service?

    <p>Financial control</p> Signup and view all the answers

    'Implementation of desired practices' is associated with which aspect of overall controls' impact?

    <p>'Identification of best practice'</p> Signup and view all the answers

    What are the possible sources of performance standards?

    <p>Historical standards, comparative standards, and financial standards</p> Signup and view all the answers

    Which type of budget includes projections for expenditure on plant and machinery?

    <p>Capital budget</p> Signup and view all the answers

    What does Total Quality Management involve in relation to suppliers and customers?

    <p>Including both suppliers and customers in quality considerations</p> Signup and view all the answers

    What is the main purpose of project controls like Gantt charts?

    <p>To allocate resources effectively throughout the project timeline</p> Signup and view all the answers

    Which of the following is an example of a non-financial control method?

    <p>Gantt chart</p> Signup and view all the answers

    What is the primary focus of concurrent control?

    <p>Control of the transformation of inputs into outputs in real time</p> Signup and view all the answers

    Which type of budget includes projections for expenditure on plant and machinery?

    <p>Capital Expenditure Budget</p> Signup and view all the answers

    'Taking corrective action' can be performed by which entities?

    <p>Managers and employees</p> Signup and view all the answers

    'Identification of best practice' is associated with which aspect of overall controls' impact?

    <p>'Implementation of desired practices'</p> Signup and view all the answers

    'Feedforward Control' is aimed at which objective?

    <p>Anticipating and preventing problems before they occur</p> Signup and view all the answers

    What does break-even analysis help determine?

    <p>The point at which it becomes profitable to produce a good or service</p> Signup and view all the answers

    What method of control involves developing a quality manual and engaging in inspection?

    <p>Total Quality Management</p> Signup and view all the answers

    What does Total Quality Management involve in relation to suppliers and customers?

    <p>Involving suppliers and customers in comprehensive policies and operations</p> Signup and view all the answers

    'Identification of need to improve' is associated with which aspect of overall controls' impact?

    <p>'Identification of need to improve'</p> Signup and view all the answers

    What is the primary focus of feedback control?

    <p>Monitoring outputs after the product/service has been completed</p> Signup and view all the answers

    What is the definition of control?

    <p>The process of ensuring that outputs meet standards through real-time monitoring</p> Signup and view all the answers

    What is the main focus of concurrent control?

    <p>Ensuring material and staff are available when needed</p> Signup and view all the answers

    What method of control involves the calculation of fixed and variable costs to analyze the point at which it becomes profitable to produce a good or service?

    <p>Break even analysis</p> Signup and view all the answers

    'Setting performance standards' involves which types of sources?

    <p>Internal and external sources</p> Signup and view all the answers

    'Identification of best practice' is associated with which aspect of overall controls' impact?

    <p>Identification of best practice</p> Signup and view all the answers

    'Feedforward Control' is aimed at which objective?

    <p>Preventing mistakes before they occur</p> Signup and view all the answers

    'Implementation of desired practices' is associated with which aspect of overall controls' impact?

    <p>'Implementation of desired practices'</p> Signup and view all the answers

    What does Total Quality Management involve in relation to suppliers and customers?

    <p>Comprehensive Policies; Involves Suppliers and Customers; Applies to all Operations; Premised on Empowerment and Involvement at source.</p> Signup and view all the answers

    What are the possible sources of performance standards?

    <p>Internal and external sources</p> Signup and view all the answers

    What is feedforward control aimed at?

    <p>Preventing mistakes before they occur by setting performance standards.</p> Signup and view all the answers

    What does break-even analysis help determine?

    <p>The point at which it becomes profitable to produce a good or service by analyzing fixed and variable costs.</p> Signup and view all the answers

    'Taking corrective action' can be performed by which entities?

    <p>Both a) Managers, employees, or automated systems within the organization. b) Suppliers, customers, or regulators outside the organization.</p> Signup and view all the answers

    Which type of control focuses on the transformation of inputs into outputs in real time?

    <p>Concurrent Control</p> Signup and view all the answers

    Study Notes

    Control and Its Aspects

    • Control is the process of monitoring and correcting the actions and activities of an organization to ensure that they align with its goals and objectives.

    Sources of Performance Standards

    • Organizational goals and objectives
    • Industry benchmarks
    • Historical data
    • Expert judgment
    • External standards and regulations

    Sources of Performance Data

    • Internal reports and documents
    • External audits and assessments
    • Customer feedback
    • Financial statements and reports
    • Industry benchmarks and trends

    Feedforward Control

    • Aims to prevent mistakes and deviations from occurring in the first place
    • Focuses on anticipating and preparing for potential problems and taking proactive measures to prevent them

    Corrective Action

    • Can be taken by managers, supervisors, and employees
    • Involves identifying and correcting deviations and taking steps to prevent them from happening again

    Concurrent Control

    • Focuses on the transformation of inputs into outputs in real time
    • Involves monitoring and correcting processes as they occur

    Financial Control

    • Focuses on the financial aspects of organizational performance
    • Involves budgeting, forecasting, and analysis of financial data

    Total Quality Management (TQM)

    • Involves a comprehensive approach to quality management
    • Focuses on continuous improvement and customer satisfaction
    • Involves suppliers and customers in the quality management process

    Break-Even Analysis

    • Helps determine the point at which an organization's revenue equals its total fixed and variable costs
    • Involves calculating the break-even point to determine profitability

    Budgeting

    • Involves projecting financial resources and allocating them to various activities and departments
    • Can include projections for expenditure on plant and machinery, labor, and materials

    Gantt Charts

    • A type of project control that focuses on the scheduling and timing of tasks and activities
    • Helps managers plan and coordinate projects and activities

    Quality Control

    • Involves developing a quality manual and engaging in inspection and testing
    • Focuses on ensuring that products or services meet certain standards and specifications

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    Description

    Test your knowledge of the management control process with this quiz. Learn about setting performance standards, sources of standards, and the importance of feedback in achieving organizational goals.

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