Flashcards
Management Studies Chapter 10 Learning Objectives
Cards in this deck (15)
- 1Define control.Control is the influence a manager exerts over their subordinates in order to ensure the end results are achieved. It makes sure the right things are done at the right time in the right way.
- 2Give 2 examples of the dire consequences to organisations when control is lax.1. Can lead to a downward spiral of financial losses from ambitious employees.
2. Products may not meet required standards, resulting in backlash. - 3Define the 4 components of a basic control system.1. Setting performance standards
2. Measuring actual performance
3. Comparing the actual performance with the standards
4. Taking action to reduce significant discrepancies between standards and performance - 4Describe how targets and standards are set.They are originally set by the maximum quality and quantity that is thought to be reasonable. From there, standards are modified depending on external and internal environments of an organisation, and through experience of whether they should be raised or lowered.
- 5Describe the following concepts: Hard Outcomes Soft Outcomes Distance TraveledHard Outcomes - Qualifications and jobs, achievements that are tangible and visible.
Soft Outcomes - Training, support and guidance, achievements that aren't visible.
Distance Traveled - How much progress has been made. - 6Describe the characteristics of good standards of performance.They should be:
Clear
Easy to understand
Precise
Reasonable
Acceptable - 7Describe the following concepts: Control Variety Law of Requisite varietyControl Variety - The number of activities, processes and items an organisation needs to control.
Law of Requisite Variety - The rule that there must be as many standards of performance as there are components to be controlled. - 8Describe the four main requirements of measures of performance.1. What is to be controlled
2. Accuracy
3. Reporting
4. Costs - 9Explain how actual performance is compared with standards.First it must be found if there is a deviation or not between the two. When this is done it must be decided whether or not it justifies action. One of the best ways to do this is using a control chart, as they sow both the actual performance and the standards side by side.
- 10Explain how corrective action can be taken to remedy any variance between standard and performance.After the situation has been analysed, corrective action (either long- or short-term depending on scenario) can be taken. This focuses directly on the discrepancy between standard and performance, and what action must be taken to remove it.
- 11Describe a Feed-Forward control system.It anticipates problems and attempts to prevent deviations from performance standards before they occur.
- 12Describe a Concurrent control system.This takes place at the same time as resources are transformed, with constant monitoring of the production process. This means that faults are never given the chance to 'build up' as they are seen and dealt with immediately.
- 13Describe a Feedback control system.Evaluates the products after they've been transformed. Focuses on the end results, and uses the information garnered from this to improve future products.
- 14Explain the concept of a balanced scorecard.When an organisation has obtained balanced control. This includes financially, customer and supplier images, well-being of workers and innovation.
- 15Evaluate the dangers of control systems.1. It can remove serendipity (good fortune) and this can greatly hinder any creative industry, or even regular organisations.
2. Control systems can cost more than the errors they prevent.
3. They may not be adaptable to business environments, and become more of a hindrance than an aide.
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- Business/Economics Flashcards on Management Studies Chapter 10 Learning Objectives, created by Aaron Thain on 30/11/2018.
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- Aaron Thain
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