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MANAGEMENT CONTROL

MANAGEMENT CONTROL. M. S. Memon Lecturer Industrial Engg & Management Department MUET, Jamshoro. MCS – AN OVERVIEW. An enterprise has to use its resources effectively and efficiently, in order to achieve its objectives and excel in its chosen domain of operations.

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MANAGEMENT CONTROL

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  1. MANAGEMENT CONTROL M. S. Memon Lecturer Industrial Engg & Management Department MUET, Jamshoro

  2. MCS – AN OVERVIEW • An enterprise has to use its resources effectively and efficiently, in order to achieve its objectives and excel in its chosen domain of operations. • A competitive edge needs to be maintained over competitors in terms of cost and quality.

  3. MCS – AN OVERVIEW • In order to survive and sustain themselves in a complex business environment, organizations are required to simultaneously meet the growing demands of their stakeholders .

  4. CONTROL • Control refers to the activities of • Establishing standards of performance, • Evaluating actual performance against these standards, and • Implementing corrective actions to accomplish organizational objectives

  5. CONTROL • In a complex and volatile business scenario, the most carefully crafted plans can go wrong. The enterprise requires control systems to monitor the developments in the external marketplace and to adapt to them.

  6. CONTROL • MCS help in not only assuring better quality but also in coping with unanticipated change and creating faster cycles to market

  7. Definition • A management control system is a set of interrelated communication structures that facilitates the processing of information for the purpose of assisting managers in coordinating the parts and attaining the purpose of an organization on a continuous basis

  8. MCS • It assists the management in • Formulating strategies, • Coordinating the activates of the organization, and in • Steering those activates toward the achievement of the overall goals and objectives.

  9. Cybernetic approach to MANAGEMENT CONTROL • Cybernetics is the study of the entire field of control and communication theory, whether in the machine or the animal.

  10. Cybernetic approach to MANAGEMENT CONTROL • When exercising the control function, a manger measures the performance of an individual, a plan, or a program against certain predetermined standards and takes corrective actions if there are any deviations

  11. Basic control process • Determining areas to control • Establishing standards • Measuring performance • Comparing actual performance against standards • Rewarding good performance • Taking corrective action when necessary • Adjusting standards when necessary

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