GK
BUSINESS MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Leading
|
|
|
Managerial Roles
|
|
|
Controlling
|
|
|
Management
|
Detailed explanation-1: -Set Performance Standards. Measure Performance. Compare Actual Performance Against Performance Standards. Analyze Deviations. Take Corrective Actions. 01-Dec-2021
Detailed explanation-2: -The managerial control process involves tracking, measuring, and correcting activities to ensure a compliance of actual development with the planned one. Effective managerial control process needs the existence of plans, since planning provides the necessary performance standards or objectives.
Detailed explanation-3: -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-4: -Identify a business problem. Seek information about different possible decisions and their likely effect. Evaluate the alternatives and choose one of them. Implement the decision in business operations. Monitor the situation, gather data about the decision’s impact and make changes if necessary.
Detailed explanation-5: -Establishing standards and methods or ways to measure performance. Measuring actual performance. Determining if the performance matches with the standard. Taking corrective action and re-evaluating the standard.