Example Of Essay On Steps Of Control / Change In Management

Type of paper: Essay

Topic: Leadership, Control, Performance, Management, Development, Function, Style, Decade

Pages: 2

Words: 550

Published: 2020/10/19

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Introduction

The controlling is the step of the management function that involves regulation of the activities so that the actual performance within an organization confirms to the standards that are established, and the targets are met. Even though, all the functions of the management are interrelated, a special relationship exists between the controlling and planning function. Planning involves setting the goals and targets, whereas controlling involves assessing that the established standards are met, and the progress is right on track. A well-designed plan helps to provide the benchmarks that can be easily used in the control process (Yazdani, 2011).

Steps of Control

The four main steps involved in the controlling function are:
Establishment of standards: This is one of the most important and basic step in the controlling function because it is imperative that an organization establishes its business standards, targets and goals that are required to be achieved.

Measuring performance: Once the standards are set, it becomes easier to identify any deviations from the standards set.

Comparison of actual performance with the standard performance: This is important as the actual performance can be compared with the standard performance, and any deviation can be identified by the manager. This deviation can be negative or positive or in line with the goals established. For example, if there is an increase in the administrative charges of 5 to 10 percent this can be ignored, but if the production targets are persistently declining this can be a cause of major concern for the company (Yazdani, 2011).

Correcting deviations: Once the comparison is completed the deviations must be rectified.

These steps are important because they involve the ways through which company can establish the standards and compare the actual performance with the standards set and correct if any deviations exist. Until this is done, it is difficult to assess the success and productivity of the company. It is important that managers and accountants should have a good understanding of the various ratios because the controlling function of management involved measurement of the quantitative techniques which includes, expenses, profit, loss, production details etc. These details can only be generated with the help of different financial ratios and help in the establishment of standards for example, setting standards for current ratio of 2:1 which means that the current assets should be double than the current liabilities (Yazdani, 2011).

Changes in Management

The five main functions of management are planning, staffing, organizing, controlling and leading. The function of management that will experience the most dramatic change in the next decade will be “leading.” The leadership style has been persistently changing according to the needs of the organization. It is expected that the next decade will prefer and initiate more advances and progress in globalization (Reilly, 2011). The technological advancements and return on investment will influence the leaders to innovate and develop new ways of leadership with the creative mind-set and to think the leadership development. Currently, the transformational leadership is in practice. The role of this leadership style will also change drastically in the coming years and will enforce that the leadership create visions of an improved business that is able to cope the changing business dynamics. The involvement of the five main forces will also help to change the leadership style in the next decade. The need for structured teams, flexible organizations, employee requirements, developing information technology, rising competition will challenge and compel the leadership style to change (Reilly,2011).

References

Reilly, M., Minnick, C., & Baack, D. (2011). The Five Functions of Effective Management. San Diego: Bridgepoint Education Inc.
Yazdani, B. O., Yaghoubi, N. M., & Giri, E. S., (2011). Factors affecting the Empowerment of Employees. European Journal of Social Sciences, 20 (2), 267-274.

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WePapers. (2020, October, 19) Example Of Essay On Steps Of Control / Change In Management. Retrieved October 18, 2021, from https://www.wepapers.com/samples/example-of-essay-on-steps-of-control-change-in-management/
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"Example Of Essay On Steps Of Control / Change In Management." WePapers, Oct 19, 2020. Accessed October 18, 2021. https://www.wepapers.com/samples/example-of-essay-on-steps-of-control-change-in-management/
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"Example Of Essay On Steps Of Control / Change In Management," Free Essay Examples - WePapers.com, 19-Oct-2020. [Online]. Available: https://www.wepapers.com/samples/example-of-essay-on-steps-of-control-change-in-management/. [Accessed: 18-Oct-2021].
Example Of Essay On Steps Of Control / Change In Management. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/example-of-essay-on-steps-of-control-change-in-management/. Published Oct 19, 2020. Accessed October 18, 2021.
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