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Transcript of Controlling
- Lucia Villa
- Jessica Zapata
- Cassie Wells
Types of Standards - Cost Standard
Measure of failure or success.
Most businesses pay more attention to cost controls.
Controlling Costs - Credit
Controlling Costs - Theft
Controlling Costs - Health & Safety
Measuring and Comparing Performance
Managers gather all information on all parts of a business.
Variance (positive & negative).
Difference between current performance and the standard.
Review the process for developing standards.
May not make expected performance level.
Problems from planning and implementing.
Taking Corrective Action
When performance doesn't meet standards managers can take three possible actions:
1. Take steps to improve performance.
2. Change policies and procedures.
3. Revise the standard.
1. Establishing standards for each of the company’s goals.
2. Measuring and comparing performance against the established standards to see if performance met the goals.
3. Taking corrective action when performance falls short of the standards.
Types of Standards - Time Standard
Closely related to quantity and quality.
Most business activities can be measured by time.
Time has an effect on costs.
Top standard for some businesses.
Controlling Costs - Inventory
Whole sellers & retailers.
What are the three basic steps of the controlling function?
What are the major types of standards used in business?
Which standard do you feel is most important to most businesses?
What is Variance?
What actions can managers take if performance does not meet standards?
What areas of business operations should managers monitor to control costs?
What are some examples of business activities where perfection is the only acceptable standard of performance?
Types of Standards - Quantity Standards
Different forms depending on tasks.
Managers of Administrative services.
Types of Standards - Quality Standards
Not enough to judge.