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6April 2018

Detailed Information about 4 Steps of Control Process in Business Management

Every person wants to grow the business, succeed as well as survive for long. Controlling is a main function of business management that helps to grow the business completely. The main benefits of the controlling are providing the correct information which in necessary for effective decision-making process and also maintaining the effective functioning state of a business. To get the detailed information students are finding the best assignment writing help service provider. We are also receiving many requests for the best quality assignment.

We are defining the main four steps of the control process via our Business Management assignment help section:

  • Maintain a Standard: we can define the standards are criteria which results are measured. Basically, these are rules to achieve the desired goal. These standards are measure in terms of result. You can easily measure in non-monetary terms like loyalty, customer attraction etc. Here we are defining some standards:
    1. Time standard: This is mainly used to set the goal on the basis of time. You need to achieve the goal in particular given time.
    2. Cost standard: This includes the combine expenditure like material cost, labour cost etc.
    3. Income Standard: In this category financial rewards comes that based on the particular activity like sales volume of the month.
    4. Market share: This standard based on the value of the company’s product in the market.
    5. Productivity: We can measure this standard on the basis of the per unit production.
    6. Profitability: All the goals set on the basis of the market share.
  • Measuring Performance: It involves comparison between what is accomplished and what was intended to be accomplished. In this section, we need to check the actual performance and target. You can measure the performance in these steps:
    1. Planning control points: You cannot check each and every thing of the employee’s performance. You need to make some points for measurement. Like:
      • Income
      • Expenses
      • Inventory
      • Quality of the product
      • Absenteeism
    2. Measuring Devices: In this category you need to use various kinds of measuring devices to check the machine operations, product quality for size and used ingredients, various processes that used to make a product. You can use the instruments like mechanical, electronic or chemical in mature.
    3. Ratio Analysis: This is one of the most important management tool and very useful for the business growth. It is manly used to define the relationship of one business to another. These are some main ratios:
      • Total salary to inventory
      • Total sales to working capital
      • Current ratio type
      • Accurate profit to complete sale
  • Comparing the actual performance with expected performance: This is the main rule of the business. This is the main task of the management to compare the profit with expenses. Here they need to check the correct profit against the expenditure. There are main four comparison comes in this rule.
    1. Receiving the raw data
    2. Gathering, arrangement and recording of this information
    3. Periodic evaluation of completed action to date
    4. Reporting the status of accomplishment to higher line authority
  • Correcting Deviations: The last as well as final element of the controlling process is the taking corrective action. In which we need to compare performance, detect the shortcomings and derivations according to plan. You need to check all the parameters in this stage.

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