INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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taking corrective action
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establishment of standards
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measuring and comparing actual performance with standards
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none of the above
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Detailed explanation-1: -The first step in the controlling process is fixation of standards because standards are the criteria against which actual performance would be measured. Standards serve as benchmarks towards which an organisation strives to work. It can be set in both quantitative and qualitative terms.
Detailed explanation-2: -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-3: -4 Steps of the Control Process are; Establishing Standards and Methods for Measuring Performance. Measuring the Performance. Determining whether Performance Matches the Standard. Taking Corrective Action.
Detailed explanation-4: -Establishing standards. Measuring and comparing actual results against standards. Taking corrective action.