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Transcript of BUSINESS
Need for action = Desired Performance - Actual Performance Step 4: Take Corrective Action The final step in the control process is to take any action necessary to correct problems or make improvements Management by exception is the practice of giving attention to situations that show the greatest need for action Plans through which they will be accomplished The actual agreement consists of: 2. Personal Development: Objectives pertains to personal growth activities, often these resulting in expanded job knowledge or skills 3. Maintenance Objectives: formally expressing intentions to maintain performance at an existing MBO: is a process of joint objective setting between a superior and subordinate 1. Specific- 2. Time defined 3. Challenging A break-even analysis calculates the point at which sales revenue cover costs A Break- even point is where ones losses end and one begins to make a profit Managers use break-even analysis in many ways. i.e. When introducing a new product or service, before approval the higher managers often ask "What is the Break-Even point?" Establish performance objectives and standards Take necessary action Measure actual performance Compare actual performance with objectives and standards Three main types of control Also called preliminary controls which is usually always the first step that occurs before your work occupation starts Second control The process is to fix issues that are happening at the exact moment. The main question is "What can we do to improve things right now?" Feedback Control Last control Takes place when the work is fully done Fix problems after they happen and to avoid future ones Considered internal control which allows driven people and groups to practice self- discipline in completing jobs External control which happens through personal supervision and the use of formal administrative systems A successful control usually has a combination of both internal and external control Types of control Liquidity
Profitability Can be assessed using a variety of finanical ratios