CAIB 4 Ch 10 Monitoring Training PDF

CAIB 4: Chapter 10 Monitoring CAIB  CAIB 4 Section 1 Monitoring Overview of Monitoring Process Monitoring evaluates results, perpetuates positive outcomes, and corrects deviations. Involves more than inspection; it influences activiti...

CAIB 4: Chapter 10 Monitoring CAIB  CAIB 4 Section 1 Monitoring Overview of Monitoring Process Monitoring evaluates results, perpetuates positive outcomes, and corrects deviations. Involves more than inspection; it influences activities and ensures effective management. Components of monitoring: 1.Management Information System 2.Standards & Benchmarks 3.Results 4.Corrective Actions CAIB Component 1: Management Information System (MIS) MIS gathers and presents data to measure performance. Effective MIS must have: a) Simplicity b) Accessibility c) Merge Capability d) Adaptability CAIB MIS Characteristics Breakdown Simplicity: Focus on Accessibility: Ensure easy-to-compare, information is quick non-complex and easy to retrieve. systems. Adaptability: Flexible Merge Capability: enough to handle Combine internal & changes in strategy external data for or market complete analysis. conditions. CAIB Component 2: Standards & Benchmarks Standards measure performance, established during planning and organizing. Two types of standards: a) Historical Standards b) Engineered Standards CAIB Historical Standards Historical standards come from internal or external sources. Advantages: Readily available and based on past performance. Disadvantages: Can perpetuate outdated practices. Industry benchmarks remove internal bias and offer objectivity. CAIB  Engineered Standards Based on a quantitative Example: Premium Engineered standards help analysis of work situations. transactions per employee assess individual or for monitoring administrative departmental output. efficiency. CAIB  Compare actual performance against standards. Component 3: Results Areas to measure: a) Financial Data b) Sales Data CAIB Sales Data Breakdown Sales data measures important standards such as: i) Sales volume ii) Product mix iii) Commission income iv) Net profit v) Individual performance CAIB Component 4: Corrective Action Corrective action realigns performance with strategic goals. Types of corrective actions include: a) Staffing adjustments b) Marketing efforts c) Client account upgrades CAIB  Analyzing results identifies where corrective action is needed. Corrective Rapid application of Action solutions ensures alignment with the Process strategic plan. Purpose: Keep performance as close to strategic goals as possible. CAIB