This article throws light upon the eight major characteristics of effective control system. The characteristics are: 1. Integration with Planning 2. Flexibility 3. Acceptance by Members of the Organisation 4. Focus on Critical Activities 5. Timeliness 6. Economic Feasibility 7. Accuracy 8. Ease of Understanding. Characteristic # 1. Integration with Planning: First, to be effective, control systems should be integrated [...]
Plans can be classified in following categories: 1. Standing or Repeated Use Plans 2. Single-Use Plans 3. Enterprise Plans 4. Time Plans. Type # 1. Standing or Repeated-Use Plans: These plans are used again and again and repetitive in nature. These are formulated by managers at different levels meant for repeated use as and when the situation demands. Such plans [...]
After reading this article you will learn about unlimited and limited liability of an organisation. Unlimited Liability: In this system, there is no maximum limit of capital which can be collected from debtors in the case of failure of business. The creditors may collect money even from the personal property of the owner. Because of the risk involved in this [...]