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jen davis

on 14 January 2013

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Transcript of BUSINESS

Break-Even Analysis Criteria of a good performance objective The Control Process By. Jen, Nicole, JD, Antonio, & Gabe Managers should be to identify the following Operations management & control Performance objective for a given time period Feed forward control Concurrent Control Internal and external control All managers have two wide options with respect to control Importance of Controlling Results Information & Financial Controls Controlling is a process of measuring performance and taking action to make sure that plans are achieved Integrated Planning & Controlling Three types of objectives that take in place in MBO Contracts 1. Improvement Objective: Documenting intentions for improving performance Steps in the control process Step 1: Establish Objectives & Standards The control process begins with planning, when performance objectives and standards for measuring them are set. Performance objectives should represent key results that one wants to accomplish Step 2: Measure Actual Performance The second step in the control process is to measure actual performance. The goal is to accurately measure the performance results (output standards) and or/ the performance efforts (input standards) Step 3: Compare Results with Objectives and standards The third step in the control process is to compare objectives with results. This step can be expressed as the following equation:
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
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