Podcast
Questions and Answers
What is the planning-controlling link?
What is the planning-controlling link?
- It is the connection between setting goals and monitoring progress towards them (correct)
- It is the relationship between organizing and directing activities
- It is the integration of decision-making and problem-solving processes
- It refers to the coordination between staffing and leading in an organization
Why is what is measured more critical than how it’s measured in the control process?
Why is what is measured more critical than how it’s measured in the control process?
- Because the choice of metrics directly influences the effectiveness of control (correct)
- Because the method of measurement has no impact on the control outcomes
- Because the frequency of measurement is the primary determinant of success
- Because the accuracy of measurement is the only significant factor
What are the three most frequently used measures of organizational performance?
What are the three most frequently used measures of organizational performance?
- Market share, profitability, and innovation metrics
- Productivity, quality, and employee turnover
- Financial performance, customer satisfaction, and employee engagement (correct)
- Efficiency, effectiveness, and adaptability
What are the three courses of action managers can take in controlling?
What are the three courses of action managers can take in controlling?
What are feedforward, concurrent, and feedback controls used for?
What are feedforward, concurrent, and feedback controls used for?
Flashcards
Planning-Controlling Link
Planning-Controlling Link
The connection between setting goals and monitoring progress towards them. It ensures that actions align with the plan.
What Matters Most in Control?
What Matters Most in Control?
The choice of metrics used to measure performance is more important than the specific methods used to measure them.
Common Performance Measures
Common Performance Measures
Financial performance, customer satisfaction, and employee engagement are the most frequently used metrics to assess organizational success.
Managerial Control Options
Managerial Control Options
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Feedforward, Concurrent, and Feedback Controls
Feedforward, Concurrent, and Feedback Controls
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Study Notes
Planning-Controlling Link
- Planning and controlling are interrelated managerial functions; effective planning sets performance standards while controlling ensures adherence to those standards.
- Feedback from the control process can inform and refine future planning efforts, creating an iterative cycle to improve organizational performance.
Importance of Measurement in Control Process
- It is crucial to emphasize what is measured rather than how it is measured to ensure that organizational goals and objectives are effectively aligned with performance assessment.
- Focusing on the right metrics leads to better decision-making, resource allocation, and strategic adjustments rather than getting bogged down by measurement methods.
Measures of Organizational Performance
- Financial Performance: Evaluates profitability, revenue growth, and return on investment (ROI).
- Operational Performance: Assesses efficiency, production quality, and process optimization.
- Customer Satisfaction: Gauges customer loyalty, retention rates, and feedback on service or product quality.
Courses of Action in Controlling
- Take corrective action by addressing deviations from performance standards to align actual results with desired outcomes.
- Adjust standards or goals if they are deemed unrealistic or inadequate based on performance data.
- Maintain the current course of action when performance is in line with expectations, affirming successful strategies and procedures.
Types of Controls
- Feedforward Controls: Anticipate potential problems by evaluating processes before they are executed; focus on proactive measures.
- Concurrent Controls: Monitor ongoing activities to ensure they are aligned with performance standards, allowing for real-time corrections.
- Feedback Controls: Analyze past performance after a process or activity is completed to guide future actions and improve decision-making.
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