This article throws light upon the three main steps involved in the process of control in an organisation. The steps are: 1. Establishing Standards 2. Apprising Performance 3. Taking Corrective Action. Step # 1. Establishing Standards: A standard acts as a reference line or basis of comparison of actual performance in the organisation. Standards in enterprise should be set precisely [...]
Definition of Budgetary Control: Welsch has defined budgetary control as "the use of budgets and budgeting reports throughout the period to coordinate, evaluate and control day-to-day operations in accordance with the goals specified by the budget." According to H.S. Wheldon, "By budgetary control, every items of actual cost is so controlled by vigilant supervision as to make it conform, as [...]
This article throws light upon the four modern control techniques used in an organisation. The modern control techniques are: 1. Network Techniques-PERT, CPM 2. Responsibility Accounting 3. Management Audit 4. Human Resources Accounting. Modern Control Technique # 1. Network Techniques-PERT, CPM: PERT (Programme Evaluation and Review Technique) was developed by the social project office of the U.S. Navy in 1958. [...]