BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The control function can be viewed as a five-step process: (1) establish standards, (2) measure performance, (3) compare actual performance with standards and identify any deviations, (4) determine the reason for deviations, and (5) take corrective action if needed.

Detailed explanation-2: -Controlling is the activity of evaluating real to expected progress and taking corrective action. Cost control is the process of establishing criteria and comparing the actual performance to those standards in order to keep costs under control.

Detailed explanation-3: -Establishment of Standards: The first step in the process of control is the establishment of control standards. Standards indicate the criteria against which actual performance is measured. They reflect the desired results or acceptable level of performance.

Detailed explanation-4: -The term used to indicate the difference between standard performance and actual performance is ‘Deviation’. On comparing Actual performance with Standard performance, the ‘deviations’ are revealed.